Tausi Insider

Toronto Pearson International Airport saw passenger volumes rise by 135 per cent in the three months ending on Sept. 30, as the operator of Canada’s busiest airport rode a tumultuous return to travel. Toronto Pearson’s operator, the Greater Toronto Airports Authority, made a profit of $73-million in the third quarter, reversing a loss of $58-million in the same period a year ago. Revenue rose by 72 per cent to $422-million. The financial results released on Thursday underscore the size of the wave of pentup demand for travel unleashed by the easing of pandemic and related restrictions. The GTAA said the number of travellers rose by 6.5 million to 11.2 million, compared with the year-earlier quarter. This lags the prepandemic third quarter of 2019, when 14.2 million passengers travelled through Toronto Pearson. Toronto Pearson, other Canadian airports and airlines were ill-prepared for the wave of 2022, as travellers faced delays, congestion and lineups due to a lack of workers in air...

The operator of Canadian coffee chain Tim Hortons in China said on Thursday it had forged a two-year partnership with Alibaba Group’s grocery chain that will see the two launch co-branded products. E-commerce giant Alibaba’s BABA-N Freshippo will begin sales next month at its stores, of which it has more than 300, as well as through its official app, it said in a statement. Products will include drinks such as Velvet Cocoa Coffee. Tims China, whose backers include Tencent Holdings, opened its 500th outlet in China last month and has set its sights on having a “profitable network” of 2,750 stores in the country by 2026. Even so it would still lag Starbucks, the dominant foreign coffee brand in China with 6,000 stores and which also has a wide-ranging partnership with Alibaba. Tims China was founded in 2019 by Cartesian Capital Group and Canada’s Restaurant Brands International, which also owns the Burger King and Popeyes brands in addition to Tim Hortons. https://www.tausiinsider...

Canada’s Bombardier Inc BBD-B-T said on Tuesday that NetJets, operator of the world’s largest fleet of private jets, will buy four Global 8000 business jets from the plane maker in a deal valued at $312-million. The Berkshire Hathaway-owned private aircraft firm will be the fleet launch customer for the Global 8000s, and operate 24 of the new line by upgrading its entire in-service Global 7500 fleet. Montreal-based Bombardier launched the Global 8000, its new long-range business jet, in May this year to compete better at a time when private jet operators are expanding their fleet to meet growing demand from the ultra-rich. “With inventory sold out through 2023 in the U.S., we are continuing to invest in further expansion for prospective owners in North America and across the globe,” said Patrick Gallagher, NetJets’ president of sales, marketing, and service. The order for the four aircraft is valued based on 2022 list prices, Bombardier said. https://www.tausiinsider.com/bombard...

Maxar Technologies Inc MAXR-T, a provider of high-resolution satellite images of the Ukraine war, said on Friday private-equity firm Advent International will buy the satellite owner and operator for about $4-billion. Advent has offered $53 per Maxar share held, a premium of nearly 129 per cent to the stock’s last close. Maxar’s shares jumped nearly 121 per cent in early trading. Westminster, Colorado-based Maxar has more than 90 satellites in orbit that provide communications, imagery and data to customers including the U.S government, Intelsat and SiriusXM. The company is also involved with the National Aeronautics and Space Administration’s Artemis program to return to the moon. Advent has invested nearly $28-billion in defense, security and cybersecurity in the last three years, with its portfolio companies supporting many satellite and defense platforms and serving the U.S. government and its allies. The Maxar deal is valued at $6.4-billion, including debt, and is expected to cl...

Alimentation Couche-Tard Inc. ATD-T has signed a deal to buy all of the membership interests of U.S. company True Blue Car Wash LLC. Financial terms of the agreement for the operator of car wash sites under the Clean Freak and Rainstorm banners were not immediately available. Couche-Tard CEO Brian Hannasch says True Blue is an opportunity to extend the company’s brands into a very attractive industry subcategory. Founded in 2016, True Blue has 65 car washes in Arizona, Texas, Illinois and Indiana. True Blue’s management, office and operations teams are expected to join Couche-Tard once the deal is complete, while True Blue CEO Stuart Crum will continue to lead its operations. The deal is expected to close in the first half of 2023, subject to regulatory approvals and closing conditions. https://www.tausiinsider.com/alimentation-couche-tard-to-buy-membership-interests-of-u-s-company-true-blue-car-wash/?feed_id=327144&_unique_id=6411bdb8b1861

U.S. funding for clean energy projects will help energy pipeline operator Kinder Morgan KMI-N accelerate its investments in renewable natural gas and carbon sequestration, executives said on Wednesday. The $430 billion Inflation Reduction Act (IRA) signed into law last September expanded tax credits for industrial projects that capture, reuse or permanently store carbon dioxide, a gas that contributes to climate change. The funding “accelerates growth opportunities” in renewable natural gas (RNG), renewable diesel, hydrogen as well as carbon capture and storage (CCS), according to a presentation by Kinder Morgan, the largest operator of carbon dioxide pipelines in North America. Opportunities to speed up development targets for CCS projects are tied to the increase in credits – to $85 per ton from $50 per ton – for carbon sequestration. The law also provides $60 per ton for carbon used for enhanced oil recovery, used in Kinder Morgan’s oil business. Earnings before depreciation and a...