12 LEXPERT MAGAZINE
|
Q3 2019
DEALS
ANALYSIS
Corporate Finance
21
Mergers and Acquisitions
21
Cross-border Transactions
21
Oil & Gas Oil & Gas
CANADIAN NATURAL
COMPLETES $3.775-BILLION
ACQUISITION OF DEVON
CANADA ASSETS
TRANSACTION VITALS
Effective: Jan. 1, 2019
Closed: June 27, 2019
Technique: Asset purchase
Total Value: $3.775 billion
PATRICK MAGUIRE
BENNETT JONES LLP
(FOR DEVON
CANADA CORP.)
SHERRI FOUNTAIN
CASSELS BROCK
& BLACKWELL LLP
(FOR CANADIAN
NATURAL
RESOURCES)
On June 27, 2019, Canadian Natural Re-
sources Limited ("Canadian National")
— Canada's largest oil and gas producer —
completed its acquisition of substantially
all of the assets of Devon Canada Corpora-
tion ("Devon") for a cash purchase price of
$3.775 billion, with an effective date of Jan.
1, 2019. is is the second largest upstream
oil and gas M&A event in North America
to date this year.
e acquired production, infrastructure
and land will add to Canadian Natural's
existing thermal in situ and primary heavy
oil areas providing synergies to more ef-
fectively and efficiently operate, upon full
integration of the employees and the assets.
Cassels Brock & Blackwell LLP acted
for Canadian Natural with a deal team that
included Sherri Fountain (Business Law),
Doug Richardson (Tax), Chris Hersh
(Competition), Kristin Taylor (Employ-
ment & Labour), Robert Hamilton (Busi-
ness Law) and Corinne Grigoriu (Tax).
Bennett Jones LLP acted for Devon
with a deal team that included Patrick
Maguire, Jana Prete, John Piasta, Kevin
Myson, Christopher Yang and Emerson
Frostad (Corporate), Beth Riley (Compe-
tition), Anu Nijhawan, Jared Mackey and
Derrick Hosanna (Tax), Chris Simard (Re-
structuring), Carl Cunningham (Employ-
ment), Susan Seller (Pensions) and Sebas-
tien Gittens (IP).
YAMANA GOLD COMPLETES
US$1-BILLION SALE
OF ITS CHAPADA MINE
CLOSING DATE: JULY 5, 2019
On July 5, 2019, Yamana Gold Inc.
("Yamana") completed the sale of its
wholly-owned Chapada mine to Lundin
Mining Corporation ("Lundin") for total
consideration of more than US$1 billion.
e Chapada mine, located in the State of
Goiás, Brazil, is a copper mine with addi-
tional gold production that was developed
by Yamana and began production in 2007.
Pursuant to the sale transaction, Yamana
received cash consideration of US$800 mil-
lion at closing and is entitled to receive addi-
tional consideration of up to US$125 mil-
lion based on the price of gold over a five-
year period, a US$100-million payment
contingent on the development of a pyrite
roaster at the project by Lundin Mining,
and a 2% net smelter return royalty on gold
production from the Suruca gold project.
Yamana was represented internally by
Sofia Tsakos, Senior Vice President, Gener-
al Counsel and Corporate Secretary, Kath-
leen Caughey, Assistant General Counsel,
and Andrea Moens, Senior Legal Counsel.
Cassels Brock & Blackwell LLP act-
ed as Canadian counsel to Yamana with a
team comprised of Mark Bennett, Cathy
Mercer, Jamie Litchen, Alexander Pizale
and David Singh (Securities, Mining and
M&A) and Jennifer Wasylyk and David
Budd (Financial Services).
Pinheiro Neto Advogados acted as
Brazilian counsel to Yamana with a team
that included Carlos Vilhena and Adriano
Drummond Trindade (Corporate).
Heussen acted as Dutch counsel to
Yamana with a team that included Tim
Schreuders, Martijn Koot, Juliette Schuel-
er and ijs Butter (Corporate).
Lundin was represented internally by An-
drew Hastings, Senior Vice President and
General Counsel. Stikeman Elliott LLP
acted as Canadian counsel to Lundin with
a team that included Jay Kellerman, Ivan
Grbesic, Kim Le, Christian Vieira (Cor-
porate), Susan Hutton and Michael Kilby
(Competition) and Dean Kraus (Tax).
Veirano Advogados acted as Brazilian
counsel to Lundin with a team that includ-
ed Andre Carvalho, Pedro Garcia, Cintia
Andrade, Carolina Bastos, Pedro Katz and
Maria Cecilia Vieira (Corporate).
Loyens & Loeff acted as Dutch counsel
to Lundin with a team that included Char-
lotte Rozendaal, Roel Fluit, Carola van
den Bruinhorst, Amit Havenaar and Stijn
Werdmolder (Corporate).
MCINNIS CEMENT
COMPLETES FINANCING
FOR $1.5-B CEMENT PLANT
AND MARINE
TERMINALS PROJECT
CLOSING DATE: JULY 2, 2019
On July 2, 2019, McInnis Cement closed
a $500-million private capital refinan-
cing $1.5-billion project to build a cement
plant and several marine terminals and
BIG DEALS CORPORATE TRANSACTIONS OF IMPORTANCE
15
Total Deals Published
