It reported $7.64 billion in fourth-quarter revenue, slightly below analyst estimates of $7.65 billion compiled by Visible Alpha. Empire beat expectations on net income, reporting $173 million compared to the $167 million expected by analysts. The company’s stock had risen five per cent as of 3 p.m. ET. (The Logic)
Montreal-based LawZero named Sam Ramadori as co-president and executive director on Thursday. Star AI researcher Yoshua Bengio is the non-profit’s other co-president, and its scientific director. (The Logic)
Toronto-based Xatoms said Wednesday that Quantacet led the round, with participation from Genesis Ventures, BDC Thrive Lab, BoxOne Ventures, Capital Angel Network, League of Innovators Accelerator and additional angel investors. (The Logic)
Ministers of foreign affairs and trade will forever be legally forbidden to agree to reduce the tariff barriers on foods in supply-managed sectors, as soon as the Governor General signs a Bloc Québécois bill that has now been approved by both the House of Commons and the Senate. The restriction covers dairy, poultry and eggs. Quebec dominates Canadian dairy and is a major poultry and egg producer. (The Logic)
In an annual update, the Caisse de dépôt et placement du Québec said it would invest the funds over the next five years. The provincial pension, which has $473 billion in assets under management, will funnel the capital into areas like decarbonization tech, infrastructure and other products and services. (The Logic)
The San Francisco-headquartered firm has acquired DNE Resources, based in Kirkland, Que., after purchasing New York’s Broker Online Exchange (BOX) in a US$85-million deal earlier this month. AppDirect is financing the transactions with a new debt fund from Caisse de dépôt et placement du Québec. (The Logic)
The Canadian government approved the bid from Toronto-headquartered Globalive and a consortium of investors to acquire all issued and outstanding shares of Wealth One, the bank said Wednesday. Wealth One has a Schedule I license and roughly $516 million in total assets according to Canada’s banking regulator, and Globalive is an investment firm founded by Wind Mobile founder Anthony Lacavera. The deal’s terms were not disclosed. (The Logic)
The Metals Company said the Korean firm, a global metals refiner, will take a US$85.2 million equity stake, acquiring 19.6 million shares at $4.34 apiece. The deal also includes a three-year warrant to buy up to 6.9 million shares in The Metals Company at an exercise price of $7 each. (The Logic)
The carbon-capture and storage company will use the funds to develop its technology at a cement plant in Mississauga, Ont. Chicago’s Builders Vision led the deal, while the Business Development Bank of Canada and Oxy Low Carbon Ventures, the VC arm of U.S. oil giant Occidental, also participated. (The Logic)
The funding, a $110-million bridge loan from Export Development Canada and a $55-million loan commitment from the Canada Infrastructure Bank, comes at a “critical juncture” for Torngat Metals as trade tensions with China warp the world’s rare earths supply chain. (The Logic)