Good morning. Here’s the Canadian deal news to start your Tuesday.
RBC agrees to buy Yarra
RBC entered an agreement on November 9 to acquire Yarra Capital Management Limited, an Australian active asset manager. The proposed full ownership is subject to closing conditions including regulatory approval; RBC anticipates completion in the first quarter of 2027.
RBC’s timetable and regulatory conditions belong beside the headline. Read RBC’s announcement.
Crombie’s financing has two linked legs
Crombie REIT announced a bought-deal trust-unit offering and a concurrent private placement with ECL Developments Limited, an Empire subsidiary, on November 9. The financing closings are conditional on each other. The planned acquisitions include the remaining interest in retail properties anchored by grocery stores. The offering, however, is not conditional on either acquisition completing.
Crombie expects the offering to close on or about November 18, subject to customary conditions including approvals, with the placement expected concurrently. Proceeds are intended for part of acquisition costs, debt repayment and general trust purposes. If the acquisitions don’t complete, applicable proceeds are intended for debt repayment and general purposes.
Financing conditions and acquisition conditions are different checklists. Read Crombie’s announcement.
CF Montréal opens the search for a buyer
Joey Saputo announced the start of a structured process aimed at selling CF Montréal on November 9. The Saputo family retained BMO Marchés des capitaux as lead financial adviser and Banque Nationale du Canada Marchés des capitaux as financial adviser to identify potential buyers. The announcement says the process will be coordinated with Major League Soccer.
The club says normal operations will continue and current management and staff will remain during the process. This announcement opens a buyer search; it doesn’t announce a signed sale. Read the club’s announcement in French.
Catch up on earlier editions in the Deal Flow Canada archive.
For information and education, not advice for a specific transaction or a prediction of value.
Make deal news part of your morning. Subscribe to Deal Flow Canada, and come back every weekday for fresh Canadian deal updates.