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CDPQ Bankrolls Stingray Digital’s Acquisition of Newfoundland Capital

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Stingray Digital Group will soon be taking to the airwaves with the signing of a definitive agreement to buy out all outstanding and issued shares in Newfoundland Capital Corporation (NCC), Canada’s second largest radio broadcaster by licenses, in a transaction valued at C$ 506 million (US$ 403 million), including some C$ 112 million in debt. The Montreal-based media provider plans on financing the deal with C$ 450 million in new credit facilities and C$ 180 million in equity.

Local institutional investor Caisse de dépôt et placement du Québec (CDPQ) – which currently owns a 6.63% stake of 2,620,100 subordinate voting shares in Stingray – will participate in the fundraising effort with a C$ 40 million private placement in exchange for between 3,846,100 and 4,423,015 additional shares in the company following final closing of the deal, which still remains subject to approval of NCC shareholders and regulators.

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ADIA Seeks to Sell KIC Headquarters

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The Abu Dhabi Investment Authority (ADIA) is seeking to sell the building that houses the headquarters of the Korea Investment Corporation (KIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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BMO and OTPP Test Blockchain Canadian Dollar Debt Deal

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The Bank of Montreal (BMO) and the Ontario Teachers’ Pension Plan (OTPP) participated in a landmark blockchain Canadian-dollar debt transaction. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Just Group Acquires Corinthian Pension Consulting

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Just Group plc acquired a 75% ownership stake in the holding company of Corinthian Pension Consulting Limited (Corinthian Pension Consulting). Operating in the institutional world for over 12 years, Corinthian Pension Consulting provides advisory services to defined-benefit pension scheme trustees and scheme sponsors undertaking bulk scheme exercises. The remaining 25% will be retained by current shareholders of Corinthian Pension Consulting. Robert MacGregor will continue to lead Corinthian Pension Consulting, as its Chief Executive Officer. Furthermore, Corinthian Benefits Consulting Limited and Corinthian Affinity Solutions Limited will continue to operate as before, becoming part of a newly formed holding company, Corinthian Group Holdings Limited.

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