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SWFI First Read, October 17, 2016

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OTPP Inks Deal on Canadian Wine Business of Constellation Brands

Victor, New York-based Constellation Brands Inc. inks a deal to dispose its Canadian wine business for C$1.03 billion (US$ 780 million) to the Ontario Teachers’ Pension Plan (OTPP). The transaction, which includes Canadian wine brands such as Jackson-Triggs and Inniskillin, wineries, vineyards, offices, facilities, and Wine Rack retail stores is subject to regulatory approval and is expected to close by the end of 2016. Constellation Brands will continue ownership of Black Velvet Whisky and the related production facility in Lethbridge, Alberta, Canada.

Bank Sohar and Bank Dhofar End Merger Talks

Bank Sohar and Bank Dhofar, two large Oman banks, have ended talks regarding a merger. A merger between the two lenders would have created the second largest bank in Oman behind Bank Muscat.

Uncertainty Regarding Misys Offering, Lowers Price

Financial software giant Misys has lowered its offering price by 30% to be valued around £3.2 billion and £3.5 billion, versus £4.5 billion. Vista Equity Partners took Misys private back in 2012 for £1.27 billion.

Sovereign Wealth Encircles Kerala Institute of Medical Sciences

Ascent Capital Pvt. Ltd and OrbiMed Advisors LLC are looking to sell their combined 40% stake in Thiruvananthapuram, India-based Kerala Institute of Medical Sciences, an operator of tertiary care hospitals. In addition, stock promoters plan to dilute an additional 25% to 30% of Kerala Institute of Medical Sciences. The private equity sellers are being advised by Rothschild. Interested investors in the Kerala Institute of Medical Sciences include Temasek Holdings, TPG Capital and India Value Fund Advisors Private Ltd. In 2012, Ascent Capital Pvt. Ltd and OrbiMed Advisors LLC invested Rs 170 crore into the Kerala Institute of Medical Sciences.

Arapahoe County Retirement Plan Hires Wam, Fires PIMCO on Bond Strategy

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Saudi Aramco Contemplates SABIC Stake from PIF

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Oil giant Saudi Aramco is in early discussions on whether to pursue an ownership stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF). At the moment, Saudi Aramco has no plans to buy publicly-held shares of SABIC. SABIC was founded in 1976 by Saudi royal decree to convert oil by-products into useful chemicals, polymers, and fertilizers.

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SWFI First Read, July 19, 2018

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GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations

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The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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