Wildeboer Dellelce also in this week's deals roundup
Davies, Goodmans, and Osler assist US-based Blackstone Inc. in its $4.7 billion (US$3.5 billion) bid to acquire Toronto-based Tricon Residential Inc. Wildeboer Dellelce is also in this week’s deals roundup.
US-based Blackstone bids $4.7 billion to buy Toronto’s Tricon Residential
Blackstone Inc., a US-based real estate investor, has made a bid to acquire Tricon Residential Inc., one of Toronto’s largest rental apartment owners, in a deal valued at approximately $4.7 billion (US$3.5 billion).
Goodmans LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as Canadian and US legal counsel, respectively, to Tricon, while Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are acting as financial advisors. Osler, Hoskin & Harcourt LLP is serving as legal counsel, and Scotiabank is acting as the independent financial advisor and independent valuator to Tricon Special Committee.
Davies Ward Phillips & Vineberg LLP and Simpson Thacher & Bartlett LLP are serving as Canadian and US legal counsel, respectively, to Blackstone, while BofA Securities, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo are acting as financial advisors.
“We are proud of the significant and immediate value that this transaction will deliver to our shareholders while allowing us to continue providing an exceptional rental experience for our residents,” said Tricon President and CEO Gary Berman. “Blackstone shares our values and our unwavering commitment to resident satisfaction, and we look forward to benefitting from their expertise and capital as we partner in building thriving communities.”
“Tricon provides access to high-quality housing, and we are fully committed to delivering an exceptional resident experience together,” said Blackstone Real Estate Global Co-Head Nadeem Meghji. “We are excited that our capital will propel Tricon’s efforts to add much-needed housing supply across the U.S. and in Toronto, Canada.”
The deal is expected to close in the second quarter of 2024, subject to customary closing conditions.
Italy’s Objectway acquires Toronto-based Nest Wealth
Objectway Group, an Italian fintech company, has acquired Nest Wealth, a Toronto-based digital wealth solutions provider. The transaction value has not been disclosed.
As part of the agreement, Objectway will also take over Nest Wealth’s client portfolio, which includes wealth management firms Raymond James and Manulife Securities, and half of Canada’s six largest banks, including National Bank of Canada and National Bank Independent Network.
Objectway was advised by Deloitte, Deloitte Legal, and Alpeggiani Avvocati Associati.
Nest Wealth was advised by Ascent Line Partners and Wildeboer Dellelce LLP.
BNL is acting as the sole lead manager and bookrunner on the associated financing which will also involve SIMEST.
“The Nest Wealth team has built a remarkable digital wealth platform with an eminent client base. We look forward to working with them to maximize our business potential,” said Objectway Founder and Group CEO Luigi Marciano. “This acquisition marks a significant milestone in our growth and global expansion strategy, enabling us to establish and broaden our market presence in North America and to offer an even more comprehensive range of innovative products and services to existing and new customers in both the EMEA and North American regions in which we operate.”
“We are thrilled to join the Objectway Group, an innovative and highly respected company with a proven track record in the industry,” said Nest Wealth Founder and CEO Randy Cass. “This will accelerate our expansion across the North American region, and open up additional market opportunities in EMEA.”
ArcTern raises $450 million for third climate tech fund
ArcTern Ventures, a Toronto-based venture capital firm, has secured approximately $450 million (US$335 million) in commitments in the final close of ArcTern Fund III, the company’s third climate technology fund aiming to invest in companies that develop and innovate solutions in renewable energy, clean transport, and other industries addressing climate change.
ArcTern Fund III is being financed by existing limited partners TD Bank Group and the Canadian Pension Plan Investment Board, new investors Allianz, Church Pension Group, OPTrust, and Credit Suisse Asset Management, and other undisclosed players.
Arctern Ventures Co-Founder and Managing Partner Murray McCaig said, “We are investing across North America and Europe in mission-driven founders who understand that if you’re not rapidly scaling revenue, you’re not having climate impact, and the world needs scaleable decarbonization solutions today, not decades into the future.”
“We are pleased to help support entrepreneurs on the front line of energy innovation through our investment in ArcTern Fund III,” said TD Securities Vice Chairman Drew MacIntyre. “This investment forms part of TD Securities' Principal Investing Strategy, established in September 2019, and is aligned with the Bank's desire to support those who are building a more sustainable tomorrow.”
