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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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PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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