Deals
Bombardier Gets $1.5 Billion Caisse Deal, Drops Rail IPO
- Agreement adds to cash haul after Quebec's C Series rescue
- Fund manager sees itself as ``a visible, vocal partner'
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Bombardier Inc., draining cash from delays for its new jets, agreed to sell 30 percent of its rail business to Quebec’s pension fund manager for $1.5 billion instead of holding an initial public offering.
The accord with Caisse de Depot & Placement du Quebec values the train unit at $5 billion and marks the second financial injection from within the province in less than a month. It builds on a $1 billion investment from Quebec’s government in the C Series jetliner program.