Streetwise newsletter: RBC’s year of record profit; GFL plans $1-billion IPO

Royal Bank of Canada capped a year of record profit with a 12-per-cent jump in fourth-quarter earnings, but analysts are unsure the bank can sustain such rapid growth. (James Bradshaw)

DAILY DEALS

Private equity-backed Canadian waste management company GFL Environmental Inc. is seeking to raise as much as $1-billion in an initial public offering that could be filed as early as the first quarter, people familiar with the situation told Reuters on Wednesday.

CanniMed Therapeutics Inc. says it has adopted a shareholder rights plan in a bid to defend itself against a hostile takeover offer by Aurora Cannabis Inc.

Waterloo-based Dejero has raised a $32 million Series B to ramp up its product development.

Immun.io, a real-time web application security system (RASP), announced that it was acquired by Trend Micro, a cybersecurity solutions company.

Hockeystick has made its first acquisition in Waterloo-based LaunchSpot, a platform that allows accelerators and startup funders to track their startups.

Nuuvera Corp. has closed a first tranche of subscription receipts financing, raising $14.32 million in gross proceeds. GMP Securities L.P., as lead agent, Clarus Securities Inc. and Canaccord Genuity Corp. are acting as agents in connection with the private placement.

Chinese groups have shown “broad interest” in buying Potash Corp of Saskatchewan’s stake in Chilean lithium producer SQM, Potash Corp Chief Executive Jochen Tilk said on Wednesday.

Mars Inc., the privately held company best known for its confectionery brands such as M&M’s and Snickers, plans to announce on Wednesday that it will buy a minority stake in Kind LLC, the maker of wildly popular snack bars.

AT&T Inc’s proposed seven-year ban on programming blackouts to distributors of some Time Warner Inc content shows that the company is willing to offer concessions to close its $85.4-billion (U.S) bid for the programmer, AT&T’s chief executive officer said on Wednesday.

Twenty-First Century Fox would never be interested in buying CNN, Fox Executive Chair Lachlan Murdoch said on Wednesday at a conference organized by the news website Business Insider in New York.

Few private equity firms have shown an interest in the world of restaurants like Roark Capital Group, and the Atlanta-based buyout shop has opted to expand its portfolio in the sector once again. Roark portfolio company Arby’s has agreed to buy Buffalo Wild Wings for $157 per share in cash in a transaction valued at about $2.9 billion (U.S.), including debt.

ELSEWHERE IN FINANCIAL SERVICES

A bitter dispute at the London Stock Exchange Group has led to the sudden resignation of chief executive officer Xavier Rolet and left the exchange badly damaged as it confronts the challenges of Brexit. (Paul Waldie)

Equifax Canada has revised the number of Canadians caught up in a massive data breach earlier this year, saying an investigation has found that more than 19,000 were affected.

Canada Mortgage and Housing Corp. saw its mortgage insurance business continue to shrink in recent months as a result of tougher new qualification rules and declining home sales in the Toronto area. (Janet McFarland)

WHAT WE’RE READING

There is a role for government in 21st-century venture capital (Anthony Mouchantaf)

U.S. and European banks are spending a total of as much as $20 billion (U.S.) a year on technology to enable fixed-income dealers to comply with new regulations such as MiFID II, according to a report by an advisory firm.

IN CASE YOU MISSED IT

The leader of Canada’s fast-growing meal-kit delivery market is holding firm to plans to go public as early as next year, despite a choppy reception to a spate of rival offerings this year. (Sean Silcoff, for subscribers)

Courtesy: The Globe And Mail

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