CDPQ Gains Stake in GSE Environmental Through Groupe Solmax
Canadian geomembrane producer Groupe Solmax Inc. has acquired a majority stake in its Houston-based rival, GSE Environmental Inc., from Littlejohn & Co., LLC and Strategic Value Partners, LLC, under undisclosed terms. The two private investment firms, both of which are based out of Connecticut, acquired GSE after the company sought bankruptcy in 2014. Caisse de dépôt et placement du Québec (CDPQ) and development capital firm Fonds de solidarité FTQ provided financing on the transaction, earning them minority equity positions in GSE.
In 2014, GSE had received up to US$ 45 million in debtor-in-possession financing.
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Legg Mason Inc., a Baltimore-based asset manager, has announced a reduction in workforce as is prepares to streamline operations and save money. Legg Mason’s leadership commented that assets under management fell 5 % year-on-year. Legg Mason currently manages US$ 727.2 billion (as of December 31, 2018), which is down from the previous US$ 767.2 billion. CEO Joseph A. Sullivan noted that a global operating platform will centralize fund administration, IT, and other departments that work with affiliates. Sullivan did not discuss the number of layoffs expected, or specify which areas would be impacted. Legg Mason disclosed they planned to close a quarter of its exchange-traded funds in March 2019. These three ETFs include a U.S. strategy, emerging markets, and a developed markets strategy outside the U.S. However, these funds run around US$ 28 million in assets under management.
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On February 12, 2019, the Monetary Authority of Singapore (MAS) revealed the creation of a Corporate Governance Advisory Committee (CGAC). CGAC was formed to advocate for good corporate governance practices among listed companies in Singapore. Bobby Chin, Director of Singapore Telecommunications Limited, will be the Chair of CGAC. According to a MAS press release, “CGAC will identify current and potential risks to the quality of corporate governance in Singapore.”
MAS formed the Corporate Governance Council (Council) in February 2017. The Council was dissolved after it pushed out a publication of its final recommendations on August 6, 2018.
Mubadala Investment Company and Saudi Arabia Military Industries Company (SAMI), which is a defence company owned by Saudi Arabia’s Public Investment Fund (PIF), agreed to a deal to partner and co-invest in defense manufacturing. This partnership grows defence ties between Saudi Arabia and the United Arab Emirates.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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