16 LEXPERT MAGAZINE
|
MARCH/APRIL 2018
BIG DEALS
DEALS ANALYSIS
30
30
Total Deals Published
22
Corporate Finance
21
8
Mergers & Acquisitions
21
12
Cross-border Transactions
21
BIG DEALS
TRANSACTION VITALS
ANNOUNCED: 10/25/2017
CLOSED: 12/20/2017
TECHNIQUE: DIVESTITURE
ACQUIRER TYPE: DOMESTIC ACQUIRER
SOUGHT: 100% VALUE: $540 MILLION
NICHOLAS WILLIAMS
DAVIES WARD PHILLIPS
& VINEBERG LLP
(FOR AXIUM
INFRASTRUCTURE INC.)
JACOB SADIKMAN
OSLER, HOSKIN
& HARCOURT LLP
(FOR TRANSCANADA
ENERGY LTD.)
STEPHEN FURLAN
MCCARTHY TÉTRAULT LLP
(FOR AN INSTITUTIONAL
LENDER)
STERLING DIETZE
STIKEMAN ELLIOTT LLP
(FOR AN INSTITUTIONAL
LENDER)
On December 20, 2017, Axium Infrastructure Inc. (Axium),
through a special-purpose acquisition vehicle Axium Infinity
Solar LP, and TransCanada Energy Ltd. (TransCanada) completed
its acquisition of TransCanada's Ontario solar portfolio, consisting of
eight facilities with a total generating capacity of 105 MW (DC). All
eight facilities operate under 20-year power purchase agreements with
the Independent Electricity System Operator. e aggregate purchase
price was approximately $540 million. e acquisition was financed
in part with credit facilities provided by institutional lenders.
Axium is an independent portfolio management firm dedicated
to generating long-term investment returns through investing in core
infrastructure assets. Axium manages dedicated infrastructure funds
having approximately $2.8 billion in assets under management as of
September 30, 2017, as well as more than $1 billion in co-investments.
TransCanada is a large independent power producer that currently
owns or has interests in approximately 6,200 megawatts of power
generation in Canada and the United States.
Axium was represented internally by Julie Chabot, Vice President,
Legal Affairs, and externally by Davies Ward Phillips & Vineberg
LLP with a team consisting of Nick Williams, Anthony Spadaro, Ga-
briella Lombardi, Sarah Powell, Emily Uza, Stefanie Milner and Deb-
bie Elmhirst. Charles Tingley and Alysha Manji-Knight of Davies
Ward Phillips & Vineberg LLP provided regulatory approval ad-
vice to Axium in connection with the transaction, and Chris Ander-
son of Davies Ward Phillips & Vineberg LLP provided tax advice
to Axium on the transaction. Dan Wolfensohn and Elise Beauregard
of Davies Ward Phillips & Vineberg LLP's Montréal office advised
with respect to Québec security issues.
TransCanada was represented internally by omas Hwang, Se-
nior Legal Counsel. TransCanada was represented externally by
Osler, Hoskin & Harcourt LLP with a team consisting of Jake Sa-
dikman, Dan Kolibar, Marissa Kirsh, Adrian Hartog, Wendy Kao,
Suzanne Herceg and Shuli Rodal.
One group of institutional lenders providing the credit facilities
was represented by McCarthy Tétrault LLP with a team consisting
of Stephen Furlan, Lynn Parsons, Mary-Jeanne Phelan, Jacob Stone,
Christopher Zawadzki, William McCullough, David Woollcombe,
Heloise Apesteguy-Reux and Joanna Rosengarten and another group
of institutional lenders was represented by Stikeman Elliott LLP
with a team consisting of Sterling Dietze and Guillaume Blais.
COMPILED BY GENA SMITH
Energy & Power Pipelines
Automotive Materials
Utilities Financials
Media & Entertainment Recreation & Leisure
AXIUM INFRASTRUCTURE ACQUIRES ONTARIO
SOLAR PORTFOLIO FROM TRANSCANADA CORP.
