Whitecap and Veren agree $10.4bn merger deal

BY Richard Summerfield

Whitecap Resources is to merge with Veren in an all-stock deal worth around $10.43bn, including debt. The deal will create a leading Canadian light oil and condensate producer.

The combined company will have an enterprise value of $10.4bn and 370,000 barrels of oil per day (boe/d) of production, 63 percent of which is liquids, with significant overlap across both unconventional and conventional assets. The transaction is expected to close before 30 May 2025.

The company that will result from the merger will be the largest Canadian light oil-focused producer and the seventh largest producer in the Western Canadian Sedimentary Basin, with significant natural gas growth potential. Furthermore, the combined company will become the largest producer in the high margin Kaybob Duvernay and Alberta Montney with about 220,000 boe/d of unconventional production. It will also be the largest landholder in the Alberta Montney and the second largest landholder across unconventional Montney and Duvernay fairways with 1.5 million acres in Alberta.

“We are excited to bring together two exceptionally strong asset bases to create one world-class energy producer with one of the deepest inventory growth sets of both liquids-rich Montney and Duvernay opportunities, along with conventional light oil opportunities in some of the most profitable plays in the Western Canadian basin,” said Grant Fagerheim, president and chief executive of Whitecap. “Our combined company will include exceptional technical and support personnel from the two companies in both the office and field and an experienced Board of Directors that prioritizes sustainable and profitable growth to generate strong returns for our combined shareholders. We look forward to bringing Whitecap and Veren together and providing increased value to both sets of shareholders well into the future."

“This strategic combination unlocks significant value for all shareholders and together positions us as a stronger, more resilient company,” said Craig Bryksa, president and chief executive of Veren. “With enhanced scale, deep inventory, and increased free funds flow generation, we're building a business with a differentiated competitive advantage. Our combined balance sheet reinforces our financial strength and enhanced credit profile, ensuring the long-term success in an evolving market. Together we're unlocking synergies, creating new opportunities, and setting the stage for sustainable growth."

The combined firm, which will retain the Whitecap name, will be led by Whitecap’s current management team, with four Veren directors, including Mr Bryksa, joining the Whitecap board.

Veren was born a year ago following a name change from Crescent Point Energy. The firm’s average daily production was 188,721 boe/d during the final three months of 2024, up from 162,269 a year earlier. The company has expanded its presence in northwestern Alberta through acquisitions in recent years, including $900m for Shell Canada’s Kaybob Duvernay assets in 2021, $1.7bn for Spartan Delta Corp.’s Montney assets in 2023 and $2.55bn for Hammerhead Energy Corp.’s Montney assets.

News: Canada's Whitecap, Veren in $10.4 billion merger to boost shale presence

Welltower to acquire Amica for $3.2bn

BY Richard Summerfield

Real estate income trust Welltower Inc has agreed to acquire Amica Senior Lifestyles and certain of its assets and affiliates from Ontario Teachers’ Pension Plan in a deal worth C$4.6bn ($3.2bn).

Under the terms of the deal, which is expected to close in Q4 2025, Welltower will also assume $560m of debt insured by the Canada Mortgage and Housing Corp.

The transaction will see Welltower fold Amica’s 31 income-producing properties, seven communities under construction and nine entitled development parcels located in Ontario and British Columbia into its portfolio. According to Welltower, the income-producing properties are valued at $3.2bn, while the seven sites under construction are said to be worth $1.25bn and the nine development parcels $150m. The properties under construction are scheduled to be acquired between 2025 and 2027. Welltower says the sites are in “highly affluent and supply-constrained neighbourhoods”.

Ontario Teachers’ first invested in Amica in 2010 and took the company private in a deal with management in 2015. As part of the transaction, Welltower will also acquire a minority interest in Amica’s management company with the Amica management team owning the majority interest.

“We are delighted to announce the acquisition of the Amica portfolio, the highest quality senior housing portfolio in North America,” said Shankh Mitra, chief executive of Welltower. “These communities will join the top echelons of the Welltower portfolio, reflected by their location within the most desirable neighborhoods in all of Canada and ultra-luxe amenities and finishes. Against a backdrop of rapidly growing demand and limited new supply, we expect the portfolio to drive outsized revenue and cash flow growth in the coming years.”

“We are thrilled to announce our long-term partnership with Welltower, which shares our passion for providing the highest quality care and services to the seniors population,” said Jens Cermak, chief executive of Amica. “We also believe that we will be key beneficiaries of Welltower’s industry-leading data science capabilities which will help scale our platform. Our premium communities appeal to an affluent and sophisticated population across Canada where seniors are empowered to live with freedom, optimism and peace of mind. Our portfolio has witnessed exceptional growth in recent years, and we strongly believe that this momentum can be sustained well into the future.”

“We have been delighted to partner with and support Amica on their journey to empower seniors as they age,” said Terry Woodward, senior managing director, private capital, at Ontario Teachers. “For more than a decade, we have supported the Company’s management team as they have grown the platform. We are excited to watch the Company reach new heights in the future and wish Amica, the management team, and Welltower continued success in their next stage of growth.”

News: Welltower to acquire Amica Senior Lifestyles portfolio for $3.2 billion

Majority of banks unprepared for emerging fraud risks, reveals white paper

BY Fraser Tennant

Commercial banks are struggling to keep pace with the threat posed by fraudsters, with two-thirds unprepared for emerging fraud risks, according to a new research-based whitepaper by Themis and Bottomline.

Drawing on an industry-wide survey of commercial banking professionals across North America and the UK, the whitepaper details the most critical fraud risks they face in 2025 – identifying fraudsters’ evolving tactics and the vulnerabilities banks must address to stay ahead.

The white paper research also highlights the dynamic interplay between internal and external fraud risks, including how vulnerabilities within banks often intersect with sophisticated external threats.

The white paper examines the evolving tactics fraudsters use to exploit gaps across traditional payment methods, such as credit cards and cheques, as well as emerging payment technologies and financial services, including open banking.

By analysing these intersections, the research uncovers patterns and opportunities for enhancing fraud prevention strategies across both established and innovative financial ecosystems.

“Banks are navigating a rapidly evolving fraud landscape,” said added Dalit Amitai, head of product and technology at Bottomline.” By using the insights from this research, banks can confidently position themselves to tackle both emerging and traditional threats head-on.”

Additional findings from the survey include: (i) half of respondents identified artificial intelligence (AI)-driven fraud as a top concern for 2025; (ii) 62 percent highlighted online account opening and client onboarding as one of the top service trends with greatest potential to increase their bank’s fraud exposure; (iii) open banking (66 percent), biometric authentication (57 percent) and generative AI (48 percent) are seen as the most impactful technologies influencing fraud risk profiles.

The research also underscores the growing sophistication of fraud tactics, with deepfakes, synthetic identities and the rise of fraud as a service set to disrupt traditional fraud detection methods. Moreover, notes the white paper, automation of banking services – cited by 55 percent of respondents as a major fraud driver – exacerbates exposure to risks like unauthorised transactions and privilege misuse.

In light of the increasing overlap between insider and external fraud threats, the white paper recommends more effective industry partnerships and advanced systems integration.

Dickon Johnstone, chief executive of Themis, concluded: “Fraudsters are leveraging advanced technologies faster than ever, which means banks need to adapt rapidly to secure their systems and client trust.”  

Report: White Paper: 2025 Fraud Trends

Blackstone acquires Safe Harbor Marinas in $5.65bn deal

BY Fraser Tennant

In a transaction that expands its portfolio into the marina sector, US alternative investment management company Blackstone is to acquire marina and superyacht servicing business Safe Harbor Marinas for $5.65bn.

The acquisition follows a decision by real estate investment trust Sun Communities – which purchased Safe Harbor for $2.11bn in 2020 – to cut costs and boost revenue contribution from its high-margin core units.

The deal values Safe Harbor at 21 times its estimated 2024 funds from operations – a key measure of profitability in real estate.

Founded in 2015, Safe Harbor Marinas is the largest and most diversified marina owner and operator in the world. It owns and operates 138 marinas across the US and Puerto Rico and is the industry leader in the boat storage and servicing industry. 

“We are very pleased with this transaction which further accelerates Sun’s strategy to improve the company’s leverage profile and refocus on our core segments,” says Gary Shiffman, chairman and chief executive of Sun Communities. “I would like to thank the Safe Harbor team for their dedication and hard work throughout our four-year partnership.”

This transaction – which is expected to close in the second half of 2025 – builds on Blackstone Infrastructure’s diverse portfolio, which has grown approximately 40 percent year over year since inception.

The Blackstone subsidiary specifically targets companies operating in industries experiencing sustained growth, driven by favourable market conditions such as rising consumer demand, technological advancements and demographic shifts.

“Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities,” said Heidi Boyd, senior managing director in Blackstone’s infrastructure business. “We believe Safe Harbor is the best positioned company in this sector, and we look forward to working with their team to invest behind their existing marinas and to expand their footprint.”

Safe Harbor joins a Blackstone Infrastructure portfolio that includes major industry players such as QTS, the largest data centre provider in the US, AirTrunk, the top data centre platform in the Asia-Pacific region, Carrix, North America’s largest marine terminal operator, and Invenergy, the country’s leading private renewables developer.

Mr Shiffman concluded: “We anticipate that Blackstone will further Safe Harbor’s position as the leading marina and superyacht servicing business in the US.”

News: Sun Communities to sell superyacht unit to Blackstone for $5.65 billion

Apollo to acquire Bridge Investment Group in $1.5bn deal

BY Richard Summerfield

Alternative asset manager Apollo Global Management and Bridge Investment Group Holdings announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all-stock transaction worth approximately $1.5bn.

Following closure of the deal, expected in the third quarter of 2025, Bridge will operate as a standalone platform within Apollo’s asset management business, retaining its existing brand and management team.

Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive, at closing, 0.07081 shares of Apollo stock for each share of Bridge class A common stock and each Bridge OpCo class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge class A common stock and Bridge OpCo class A common unit, respectively. The offer represents a premium of about 45 percent to Bridge’s last close before the deal was announced.

 “We are pleased to announce this transaction with Bridge, which is highly aligned with Apollo’s strategic focus on expanding our origination base in areas of our business that are growing but not yet at scale,” said David Sambur, a partner and co-head of equity at Apollo. “Led by a respected real estate team including Executive Chairman Bob Morse and CEO Jonathan Slager, Bridge brings a seasoned team with deep expertise and a strong track record in their sectors. Their business will complement and further augment our existing real estate capabilities, and we believe we can help scale Bridge’s products by leveraging the breadth of our integrated platform.”

“We are proud to be joining Apollo and its industry-leading team, who share our commitment to performance and excellence,” said Bob Morse, executive chairman of Bridge. “This transaction will allow the Bridge and Apollo teams to grow on the strong foundation that Bridge has built since 2009 as we work to pursue meaningful value and impact for our investors and communities. With Apollo’s global integrated platform, resources, innovation and established expertise, we are confident that Bridge will be positioned for the next phase of growth amid growing demand across the alternative investments space.”

Bridge, which was founded in 2009 and went public in 2021, manages about $50bn in assets and has more than 300 investment professionals who focus on real-estate investment. Apollo has set targets of managing $1 trillion of assets by 2026 and $1.5 trillion by 2029, part of a set of goals it laid out at its investor day in October 2024.

News: Apollo to buy real estate firm Bridge Investment Group for $1.5 billion