Latest news with #GIC
Reuters
5 days ago
- Business
- Reuters
Germany's Techem still seeking deal after TPG withdraws as buyer, CEO says
FRANKFURT, May 28 (Reuters) - German energy firm Techem continues to work towards a deal after its sale to U.S. financial investor TPG (TPG.O), opens new tab and sovereign wealth fund GIC fell through earlier this month, the company's CEO Matthias Hartmann said late on Tuesday. The potential buyers withdrew registration of the 6.7-billion-euro ($7.59-billion) deal with the European Union's antitrust authorities on May 7. The European Commission had announced an in-depth review of the takeover, as TPG's concessions were not deemed sufficient. Hartmann told reporters on Tuesday that efforts to reach a solution were ongoing. "All parties are keen to find a solution ... I can't say what that will look like," he said. TPG had brought Singapore's sovereign wealth fund GIC on board as a co-investor for the takeover last October. Partners Group had also considered an initial public offering (IPO) as a way to sell its shares in the company last year. "Capital markets are always an option," Hartmann said, adding that would be a decision for its shareholder to take. Hartmann declined to comment on whether Techem will continue working with the same advisers or whether it will pay a so-called "break-up fee" which is incurred when deals fall apart. As a result of TPG's withdrawal, Techem will repay in full provisional senior secured bonds amounting to 750 million euros that were issued in connection with the planned handover, the company said in a statement. ($1 = 0.8827 euros)
Hamilton Spectator
6 days ago
- Business
- Hamilton Spectator
InterRent REIT agrees to offer from executive chair Mike McGahan
OTTAWA - InterRent Real Estate Investment Trust has signed a deal to be acquired by a group including executive chair Mike McGahan and Singapore sovereign wealth fund GIC for about $2 billion. Under the agreement, CLV Group and GIC will pay InterRent unitholders $13.55 per unit in cash. The transaction is valued at a total of about $4 billion including the assumption of net debt. InterRent units were up $1.80 at $13.64 in trading on the Toronto Stock Exchange on Tuesday. In addition to his role at InterRent, which owns residential properties in B.C., Ontario and Quebec, McGahan is the chief executive and controlling shareholder of CLV Group. The deal requires approval of a two-thirds majority vote by unitholders as well as a majority vote by unitholders, excluding CLV Group, its affiliates and any other unitholders required to be excluded. It also requires court and regulatory approvals, consents and approvals from Canada Mortgage and Housing Corp. and certain existing lenders and the satisfaction of other customary closing conditions. This report by The Canadian Press was first published May 27, 2025. Companies in this story: (TSX:
CTV News
6 days ago
- Business
- CTV News
InterRent REIT agrees to offer from executive chair Mike McGahan
The logo of InterRent Real Estate Investment Trust is shown in this handout image. THE CANADIAN PRESS/HO-InterRent REIT *MANDATORY CREDIT* InterRent Real Estate Investment Trust has signed a deal to be acquired by a group including executive chair Mike McGahan and Singapore sovereign wealth fund GIC for about $2 billion. Under the agreement, CLV Group and GIC will pay InterRent unitholders $13.55 per unit in cash. The transaction is valued at a total of about $4 billion including the assumption of net debt. InterRent units were up $1.80 at $13.64 in trading on the Toronto Stock Exchange on Tuesday. In addition to his role at InterRent, which owns residential properties in B.C., Ontario and Quebec, McGahan is the chief executive and controlling shareholder of CLV Group. The deal requires approval of a two-thirds majority vote by unitholders as well as a majority vote by unitholders, excluding CLV Group, its affiliates and any other unitholders required to be excluded. It also requires court and regulatory approvals, consents and approvals from Canada Mortgage and Housing Corp. and certain existing lenders and the satisfaction of other customary closing conditions. This report by The Canadian Press was first published May 27, 2025. Companies in this story: (TSX: The Canadian Press
Yahoo
6 days ago
- Business
- Yahoo
InterRent REIT agrees to offer from executive chair Mike McGahan
OTTAWA — InterRent Real Estate Investment Trust has signed a deal to be acquired by a group including executive chair Mike McGahan and Singapore sovereign wealth fund GIC for about $2 billion. Under the agreement, CLV Group and GIC will pay InterRent unitholders $13.55 per unit in cash. The transaction is valued at a total of about $4 billion including the assumption of net debt. InterRent units were up $1.80 at $13.64 in trading on the Toronto Stock Exchange on Tuesday. In addition to his role at InterRent, which owns residential properties in B.C., Ontario and Quebec, McGahan is the chief executive and controlling shareholder of CLV Group. The deal requires approval of a two-thirds majority vote by unitholders as well as a majority vote by unitholders, excluding CLV Group, its affiliates and any other unitholders required to be excluded. It also requires court and regulatory approvals, consents and approvals from Canada Mortgage and Housing Corp. and certain existing lenders and the satisfaction of other customary closing conditions. This report by The Canadian Press was first published May 27, 2025. Companies in this story: (TSX: The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Winnipeg Free Press
6 days ago
- Business
- Winnipeg Free Press
InterRent REIT agrees to offer from executive chair Mike McGahan
OTTAWA – InterRent Real Estate Investment Trust has signed a deal to be acquired by a group including executive chair Mike McGahan and Singapore sovereign wealth fund GIC for about $2 billion. Under the agreement, CLV Group and GIC will pay InterRent unitholders $13.55 per unit in cash. The transaction is valued at a total of about $4 billion including the assumption of net debt. InterRent units were up $1.80 at $13.64 in trading on the Toronto Stock Exchange on Tuesday. In addition to his role at InterRent, which owns residential properties in B.C., Ontario and Quebec, McGahan is the chief executive and controlling shareholder of CLV Group. The deal requires approval of a two-thirds majority vote by unitholders as well as a majority vote by unitholders, excluding CLV Group, its affiliates and any other unitholders required to be excluded. It also requires court and regulatory approvals, consents and approvals from Canada Mortgage and Housing Corp. and certain existing lenders and the satisfaction of other customary closing conditions. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published May 27, 2025. Companies in this story: (TSX:
