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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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Does the Hong Kong Dollar Have a Future?

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Despite the Hong Kong dollar straddling within the upper echelons of being a highly-traded currency, its existence could be in doubt in the future. The Hong Kong dollar is the official currency of Hong Kong and the governmental currency board is the Hong Kong Monetary Authority (HKMA). The HKMA is tasked to oversee the stability of the local currency with its massive pool of government reserves. Before the Hong Kong colonial government named the silver dollar as legal tender in 1863, the global trading post utilized the British sterling, Indian rupees, Spanish silver coins, and Chinese cash coins. There were decades of set exchange rates with the British pound. Fast forward years, eventually in 1983, the Hong Kong dollar was pegged to the U.S. dollar. In 1997, Hong Kong moved from English rule to Chinese control.

Could the Hong Kong Dollar End?

The Hong Kong dollar will soon go into the dustbin of history, according to local and international experts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Invests in Series B in Primer

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San Francisco-based Primer raised US$ 40 million in a Series B round that was led by Lux Capital. Other investors in the round include Mubadala Investment Company and Section 32. Return backers include Amplify Ventures, DCVC (Data Collective, and In-Q-Tel, an investment form supported by the Central Intelligence Agency (CIA). Primer is an artificial intelligence platform that analyzes large datasets, competing with firms like Peter Thiel’s Palantir Technologies Inc. Primer raised US4 14.7 million in its Series A round from In-Q-Tel, Lux Capital, Amplify Partners, and Data Collective.

Primer was founded by New Zealander Sean Gourley, the co-founder & CTO of Quid, an augmented-intelligence company.

Palantir

This is in the midst of the financial backers of Palantir who are trying to value their stake in the company. Morgan Stanley’s mutual funds owns shares in Palantir and have lowered their valuation in the company. Morgan Stanley believes Palantir is worth around US$ 4.4 billion as of September 30, 2018. Palantir attempted to buyback all of the stock held by Morgan Stanley’s mutual funds, which amounts to just around US$ 3 million as of the middle of 2018.

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HSBC and CIC Hold Talks on Bilateral Investment Fund

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Taking a page from the Goldman Sachs cooperative fund deal, banking giant HSBC and the China Investment Corporation (CIC) are in talks to form a £1 billion fund to invest in U.K. companies that have linkages to the Chinese economy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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