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☆ German media empire Axel Springer to split in deal with KKR
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +3 min

Passers-by walk in front of the main entrance to the Axel Springer high-rise. The two sides had reached a deal in the summer to split Axel Springer, a source told Reuters on Saturday. KKR and its partner CPP Investments currently hold a 35.6% and 12.9% stake in Axel Springer, respectively, while Doepfner and Friede Springer hold 21.9% and 22.5%. Axel Springer had been preparing to float Stepstone but the planned initial public offering was shelved when war broke out in Ukraine in 2022. KKR and CPP Investments are now likely to target an IPO in the second half of 2025, according to an industry source.

Persons: Axel Springer, Mathias Doepfner, Axel Springer's, Springer, Friede Springer, Axel's, Doepfner, Friede Organizations: Politico, KKR, Reuters, Investments, Friede Springer, Springer Locations: Hamburg, North America, Aviv, Ukraine

If General Atlantic decided to sell its stake, a deal could now garner more interest from investors, the sources said. A deal could value the company, which assesses global oil prices and provides industry news, at north of 4 billion pounds ($5.08 billion), Reuters previously reported. Deliberations remain at an early stage and General Atlantic and Hg may decide not to proceed with a transaction, two of the people said. Argus Media, Hg and General Atlantic declined to comment. Hg bought half of General Atlantic's 50% stake in Argus in 2019, valuing the business at more than 2 billion pounds then.

Persons: Adrian Binks, Amy, Jo Crowley, Victoria Farr, Mark Porter Organizations: Argus Media, Reuters, Private, Investments, Atlantic, Atlantic's, Argus, Astorg, Thomson Locations: GIC, London, Argus, Frankfurt

☆ Activist fund Anson takes Twilio stake, urges board to sell
▼ + stars: | 2023-11-28 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Activist investor Anson Funds has built a stake in Twilio and sent a letter to the enterprise software company's board pushing for the sale of the entire business, a person familiar with the matter told CNBC. The letter to the board urges Twilio to either sell itself or at a minimum, divest its data and applications business, the person familiar said. "Twilio regularly engages with shareholders and appreciates constructive input that furthers our goal of creating sustainable long-term value," a Twilio spokesperson told CNBC in a statement. The continued activist attention caps off a challenging year for Twilio, which makes software that helps businesses engage with their customers. In March, Silver Lake and CPP Investments announced a deal to take survey software company Qualtrics private in a $12.5 billion deal.

Persons: Jeff Lawson, Anson, Twilio, Sagar Gupta, Gupta Organizations: Twilio Inc, New York Stock Exchange, CNBC, Legion Partners, The, Twilio, Communications, Tech, Investments, IBM, Cisco, CNBC PRO Locations: New York, Twilio, Silver

☆ Explainer: What's at stake as Alberta seeks to split from Canada Pension Plan
▼ + stars: | 2023-11-01 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

TORONTO, Nov 1 (Reuters) - Canadian Finance Minister Chrystia Freeland will seek to challenge Alberta Premier Danielle Smith's plan to pull her province out of the Canada Pension Plan (CPP), in a meeting with provincial and territorial counterparts on Friday. A nationwide pension scheme called CPP that took contributions from paychecks began in the late 1960s. CPP Investments - an entity to manage its assets - was created in 1997 by the Canada Pension Plan Investment Board Act. AIMCo has not been considered a vehicle for a new Alberta pension plan. If Alberta walks away with more than 22.5% of assets, CPP contributions from everywhere else in the country would have to increase, Tombe estimates.

Persons: Chrystia Freeland, Danielle Smith's, Justin Trudeau, Pierre Poilievre, paychecks, AIMCo, SMITH, Smith, Patrik Marier, Trevor Tombe, Tombe, Maiya Keidan, Deepa Babington Organizations: TORONTO, Canadian Finance, Canada, Conservative Party, CPP Investments, Plan Investment, Investments, Alberta Investment Management Corp, Concordia University, University of Calgary, British Columbia, Thomson Locations: Quebec, Alberta, Ottawa, ALBERTA, Western, Ontario

The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Oct 11 - Goldman Sachs (GS.N) has agreed to sell GreenSky, its home improvement lender, and associated loans to a consortium led by investment firm Sixth Street Partners, it said on Wednesday. The charge on earnings equates to about $62 million, according to Reuters calculations based on Goldman Sachs' outstanding shares. Goldman Sachs declined to comment on the price. "We plan to continue the company's legacy of driving growth through enhanced technology and great user experiences," said Alan Waxman, co-founder and CEO of Sixth Street.

Persons: Goldman Sachs, Brendan McDermid, Goldman, David Solomon, Solomon, Alan Waxman, GreenSky, Saeed Azhar, Niket, Lananh Nguyen, Leslie Adler, Diane Craft Organizations: New York Stock Exchange, REUTERS, Sixth Street Partners, Wall Street, Street Journal, Sixth, KKR, Bayview Asset Management, Pacific Investment Management Co, Investments, Thomson Locations: New York City, U.S, Bayview, Bengaluru

☆ Commodities is something we are actively looking at right now: CPP Investments CIO Edwin Cass
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommodities is something we are actively looking at right now: CPP Investments CIO Edwin CassEdwin Cass, CPP Investments CIO, Tina Byles Williams, Xponance founder and CEO, and Jase Auby, Teacher Retirement System of Texas CIO, join CNBC's Delivering Alpha 2023 conference to discuss continued market demand amid higher interest rates, where the opportunities are for investment, and more.

Persons: Edwin Cass Edwin Cass, Tina Byles Williams, Jase Auby Organizations: Commodities, Texas CIO, CNBC's, Alpha

☆ Private credit is on the upswing because of the attractive returns, says Jase Auby
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrivate credit is on the upswing because of the attractive returns, says Jase AubyEdwin Cass, CPP Investments CIO; Tina Byles Williams, Xponance founder and and CEO; and Jase Auby, Teacher Retirement System of Texas CIO, join CNBC's Delivering Alpha 2023 conference to discuss continued market demand amid higher interest rates, where the opportunities are for investment, and more.

Persons: Jase Auby Edwin Cass, Tina Byles Williams, Jase Auby Organizations: Texas CIO, CNBC's, Alpha

☆ The first victim of the $33T national debt is the U.S. dollar: Xponance CEO Tina Byles Williams
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe first victim of the $33T national debt is the U.S. dollar: Xponance CEO Tina Byles WilliamsEdwin Cass, CPP Investments CIO; Tina Byles Williams, Xponance founder and and CEO; and Jase Auby, Teacher Retirement System of Texas CIO, join CNBC's Delivering Alpha 2023 conference to discuss continued market demand amid higher interest rates, where the opportunities are for investment, and more.

Persons: Tina Byles Williams Edwin Cass, Tina Byles Williams, Jase Auby Organizations: U.S ., Texas CIO, CNBC's, Alpha Locations: U.S

☆ You have to have a long-term outlook on oil and gas: Texas Teacher Retirement System's Jase Auby
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYou have to have a long-term outlook on oil and gas: Texas Teacher Retirement System's Jase AubyEdwin Cass, CPP Investments CIO, Tina Byles Williams, Xponance founder and CEO, and Jase Auby, Teacher Retirement System of Texas CIO, join CNBC's Delivering Alpha 2023 conference to discuss continued market demand amid higher interest rates, where the opportunities are for investment, and more.

Persons: Jase Auby Edwin Cass, Tina Byles Williams, Jase Auby Organizations: Texas CIO, CNBC's, Alpha Locations: Texas

☆ Leaving Canada Pension Plan could save Albertans billions, says study
▼ + stars: | 2023-09-21 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

"I believe that an Alberta pension plan would be fairer," Premier Danielle Smith told a news conference on Thursday. However, he noted the pension respects the right of Albertans to consider withdrawing from the Canada Pension Plan. Albertans will have until spring 2024 to submit views on a provincial pension plan to a panel, which will submit a report to the Albertan government. Former Premier Jason Kenney announced in June 2020 that his government would study a recommendation from a panel to replace the CPP with a provincial plan. Any province has the right to withdraw under the Canada Pension Plan Act but written notice is required, enabling legislation has to be passed and the value of assets to be transferred must be negotiated.

Persons: Danielle Smith, Todd Korol, LifeWorks, Smith, Michel Leduc, Albertans, Chrystia Freeland, Premier Jason Kenney, Maiya Keidan, Steve Scherer, Barbara Lewis, Josie Kao Organizations: United Conservative Party, REUTERS, Rights, Canada, Global, Public Affairs, Communications, Investments, Plan . Finance, Premier, CPP, Investment Board, Thomson Locations: Calgary , Alberta, Canada, Canadian, Alberta, Ottawa, Province of Alberta, Quebec

Cinven, CPP Investments, EQT, Evercore and Morgan Stanley declined to comment. Hotelbeds' shareholders had been considering a private sale as an alternative to an IPO, the people said. Should it list in Spain, Hotelbeds' would be one of the largest IPOs the country has seen in recent years. Majorca-based Hotelbeds offers travel agencies, airlines and tour operators access to hotel rooms worldwide in what it describes as a "bedbank". Hotelbeds said it had its best fortnight ever in booking revenue earlier this year, recording a booking per second at peak times.

Persons: Nacho, Evercore, Morgan Stanley, Cinven, Hotelbeds, Andres Gonzalez, Pablo Mayo, Anousha Sakoui, Nick Zieminski Organizations: REUTERS, Reuters, Investments, Pablo Mayo Cerqueiro, Thomson Locations: Santa Cruz, Canary, Spain, Madrid, Majorca, London

U.S. Commerce Secretary Gina Raimondo's trip to China last month had promised some economic and trade detente between the two superpowers now at loggerheads. And none of the 222 funds polled expected China economic growth to be any higher next year than this - mirroring a recent Reuters survey of domestic and overseas banks and investors. As these sorts of surveys go, there's an awful lot in there that could spell "peak gloom". Indeed, shorting China equities was deemed the second "most crowded trade" behind long exposure to supercharged Big Tech stocks. Even if the economy turns, political catalysts for a return to China may be slow in coming.

Persons: Aly, Gina Raimondo's, it's, Jamie Dimon, Jay Clayton, Jenny Johnson, Franklin Templeton, Willem Sels, Mike Dolan, Sharon Singleton Organizations: REUTERS, . Commerce, Bank of, Big Tech, Reuters, Reuters Graphics Reuters, JPMorgan, Investments, The Ontario Teachers, Caisse, Franklin, HSBC Private Banking, Thomson Locations: Shanghai, Shenzhen, China, loggerheads, Wall, Asia, Silicon Valley, Hong Kong, Temasek, Bridgewater, Blackrock, India, Indonesia, Washington, United States

The Chinese national flag is seen in front of the financial district Central on the Chinese National Day in Hong Kong, China October 1, 2022. Most were on the fund's private equity team and were informed early last month, according to two of the people. CPP, which employs more than 150 people in Hong Kong, its Asia hub, declined to comment. The Ontario Teachers' Pension Plan (OTPP) closed down its China equity investment team based in Hong Kong in April, Reuters has reported. There have been $3.2 billion worth of acquisitions of firms in China by private equity so far this year.

Persons: Tyrone Siu, Gina Raimondo, Canada's, Michel Leduc, Julie Zhu, Kane Wu, Edwina Gibbs Organizations: REUTERS, Investments, U.S, . Commerce, The Ontario Teachers, Reuters, Caisse, Financial Times, Thomson Locations: Central, Hong Kong, China, HONG KONG, Asia, Canada, U.S, Washington, Shanghai

☆ Canadian pension fund taps Europe's green hydrogen hopes with Dutch investment
▼ + stars: | 2023-07-11 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

LONDON, July 11 (Reuters) - Canada's biggest pension fund, CPP Investments, has made its first bet on green hydrogen playing a growing role in cutting emissions, with a 130 million euro ($143 million) investment and the purchase of a majority stake in a three-year-old Dutch firm. "Europe is generally seen as the leading industrial market or consumer for these green molecules. Power2X's current projects include a green hydrogen and ammonia development in Portugal and a solar power and green hydrogen project in Spain. Expanding green hydrogen production will require more renewable power generation, and some questions remain over its potential use cases versus other low-emission technologies. Last month Canada's Investment Management Corporation of Ontario announced a $400 million investment in Sweden's battery producer Northvolt.

Persons: Bruce Hogg, CPPI, Hogg, Occo Roelofsen, Tommy Reggiori Wilkes, Conor Humphries Organizations: Investments, Reuters, Investor, McKinsey, Investment Management Corporation of Ontario, Thomson Locations: Amsterdam, Europe, Portugal, Spain, Power2X

☆ Buyouts are getting complicated
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

The terms say that the buyer cannot be forced to close before Oct. 15 – seven months after the deal’s announcement. A Tuesday proxy filing shows that’s to give Platinum enough time to sort out its debt financing. Qualtrics, meanwhile, sold in March for $12.5 billion – but it turns out it almost got more. An unnamed bidder offered $21 per share, more than the $18.15 that Qualtrics accepted from Silver Lake and CPP Investments. Buyouts are getting done, but they’re also getting complicated.

☆ A longtime bear is ‘creeping back’ into tech — and has some picks to play it
▼ + stars: | 2023-03-22 | by ( Zavier Ong | ) www.cnbc.com time to read: +2 min

Tech investor Paul Meeks — an unabashed longtime tech bear — is also beginning to warm to the sector. "I'm creeping back into the sector after long advocating an underweight position in it," he said in notes to CNBC on Friday. Chip makers NXP Semiconductors and STMicroelectronics also made Meeks' list, with the tech investor saying they are two stocks that he "likes very much." Outside of semiconductors, Meeks is also looking at German software firm SAP . "Keep an eye on SAP because this windfall for them could be a really nice blessing, a game-changer," he added.

☆ Silver Lake and CPP Investments to acquire Qualtrics for $12.5 billion
▼ + stars: | 2023-03-13 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Silver Lake and CPP Investments on Monday announced plans to acquire Qualtrics for $12.5 billion, marking the second time the survey software company has been bought in less than 5 years. The companies will acquire 100% of Qualtrics' outstanding shares, according to a statement released Monday. This includes the majority ownership interest of SAP, which acquired Qualtrics for $8 billion in 2018. The all-cash deal has been approved by Qualtrics' board of directors and a Qualtrics committee of independent directors, according to the statement. "I couldn't be more excited for this step in our journey," Ryan Smith, who serves as the company's Executive Chairman, said in the statement.

☆ India's Edelweiss acquires L&T-CPPIB infrastructure project for $725 million
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, Dec 17 (Reuters) - Canadian pension fund CPP Investments Board and construction firm Larsen and Toubro (LART.NS) said they have sold the entire stake in their joint venture to Indian investment firm Edelweiss for 60 billion Indian rupees ($725.46 million)The joint venture called L&T Infrastructure Development Projects Limited owned eight roads and one power transmission asset in India. The deal is subject to regulatory approval and other conditions but will give Edelweiss' platform 26 assets with a mix of power transmission, substations and highway assets across India"These assets have a proven track record of operations, are geographically dispersed and have long residual life, which is consistent with our investment strategy," said Sreekumar Chatra, Managing Director at Edelweiss' Infrastructure Yield Strategy. CPP Investments first invested in the joint venture in 2014, in what was the first direct private investment by a Canadian pension fund in an Indian infrastructure company, and later acquired a majority stake of 51% in 2019($1 = 82.7060 Indian rupees)Reporting by M. Sriram; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ Even Elon and Zuck don't have the juice to make an all-in-one 'super app' happen
▼ + stars: | 2022-12-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Mark Zuckerberg and Evan Spiegel harbor super app ambitions; Microsoft reportedly wants to build its take on a super app that would rival Google. At Facebook's parent company Meta, "super app" is a taboo word precisely because it's too abstract, Insider's Kali Hays reported last month. A newcomer super app has a tougher sell accessing this sophisticated, less trusting type of user. Silicon Valley's gatekeepers stand in the way of the super app dreamUS tech firms harboring super app ambitions will need to fend off their own regulators, overseas regulators, and Apple's App Store. As the CPP Investments white paper notes, super apps "can be thought of as operating platforms for mobile devices."

☆ Exclusive: Canada's biggest pension plan, CPPI, ends crypto investment pursuit -sources
▼ + stars: | 2022-12-07 | by ( Divya Rajagopal | ) www.reuters.com time to read: +2 min

CPPI declined to comment but said it has made no direct investments in crypto. But CPPI abandoned the pursuit this year and redeployed the team to other areas, the sources said. CPPI's move also comes as two of Canada's largest pension funds have written off their investments after the collapse of crypto exchange FTX and crypto lender Celsius this year. Canadian pension funds' exposure to crypto sector has come under scrutiny following the FTX debacle. While Canadian pension funds are not prohibited from buying cryptocurrencies, they are known for their risk-averse investing strategies to generate steady returns for pensioners.

☆ TSX falls after better-than-expected domestic jobs data, materials weigh
▼ + stars: | 2022-12-02 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Traders see a 75% chance of a 25-basis-point rate hike by the BoC next week, down from 84% before the data was published. The materials sector (.GSPTTMT) fell 1.2% tracking bullion prices that dipped after a strong U.S. jobs data rekindled worries of an aggressive Federal Reserve. This week was a cocktail of economic data iced with mixed bank earnings, as markets enter into the holiday season. The big fear and debate is all about whether the economic data is starting to point to a recession coming in 2023," Taylor added. Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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