The Daily Chase: Dye & Durham makes a $3.2B splash; Calgary arena deal falls apart
BNN Bloomberg
Futures are pointing to a flat open after yesterday’s gains snapped three-day skids for all of the major North American equity markets.
Well, it was nice while it lasted (if you’re long the market). Futures are pointing to a flat open after yesterday’s gains snapped three-day skids for all of the major North American equity markets. The S&P/TSX Composite rallied the most since the start of February yesterday and at one point in the session was up more than two per cent, a feat that hadn’t been seen since Feb. 1. And the buyers were buying just about everything: only 16 stocks closed lower in yesterday’s session on Bay Street.
DYE & DURHAM’S BIG DEAL
The Canadian cloud-based software firm that’s best known for its legal and real estate offerings has announced the largest acquisition in its history. The $3.2-billion takeover of Australia-based Link Administration Holdings will make Dye & Durham a major player in that country’s pension administration industry and significantly pad the company’s top line. Link reported A$1.2 billion ($1.1 billion) in annual revenue, compared to the $208.9 million that Dye & Durham reported in its most recent fiscal year. We’ll dig into the rationale for the deal, and the financing – which includes significant backing from Ares Capital Corp.
BNN BLOOMBERG NEWSMAKER OF THE YEAR
This is one of my favourite events of the year. Our staff has voted on what they consider to be the most incredible story of the year (or is it the most important story? That was a separate conversation that we had in the newsroom). We’ll count down the stories that garnered votes and do the big reveal this morning from 10:30-11 a.m.
COVID WATCH
