20 LEXPERT MAGAZINE
|
SEPTEMBER
/
OCTOBER 2018
BIG DEALS
(HSR), Megan Rahman (government inves-
tigations) and Mark Goldsmith (tax).
e special committee of Alterra was ad-
vised by Blake, Cassels & Graydon LLP
with a team led by Bob Wooder that includ-
ed Riley Graydon.
Consumer Services Energy & Power Pipelines
Aerospace & Defence Automotive Materials
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
AXIUM INFRASTRUCTURE
AND MANULIFE ACQUIRE
MINORITY INTEREST IN 303
MW OF HYDRO FACILITIES
FROM ALTAGAS
CLOSING DATE: JUNE 22, 2018
On June 22, 2018, Axium Infrastructure
(Axium) and Manulife Financial Corpora-
tion (Manulife), through a special-purpose
acquisition vehicle Northwestern Hydro
Acquisition Co Inc., completed their acquisi-
tion of a 35% indirect equity interest in the
Northwest British Columbia Hydroelectric
Facilities (the Facilities) from AltaGas Ltd.
(AltaGas). e Facilities consist of the For-
rest Kerr hydroelectric facility (installed
capacity of 214 MW), the Volcano Creek
hydroelectric facility (installed capacity of
17 MW) and the McLymont Creek hy-
droelectric facility (installed capacity of 72
MW). e Facilities, which are located in
northwestern British Columbia, sell power
to BC Hydro pursuant to long-term power
purchase agreements.
e aggregate purchase price for the mi-
nority interest was approximately $922 mil-
lion. Royal Bank of Canada provided debt fi-
nancing to the Axium/Manulife consortium
on the transaction.
Axium and Manulife were represented in-
ternally by Julie Chabot, Vice President, Le-
gal Affairs at Axium, and by Myra Michail,
Managing Director and Counsel, North
American Investments at John Hancock,
and externally by Davies Ward Phillips &
Vineberg LLP with a team consisting of
Nick Williams, Anthony Spadaro and Marc
Pontone (corporate/M&A/finance), Gabri-
ella Lombardi and Stefanie Milner (com-
mercial real estate), Sarah Powell and Debbie
Elmhirst (environmental and Indigenous),
Anita Banicevic (competition, antitrust and
foreign investment) and Chris Anderson and
Marc André Gaudreau Duval (tax). Chris-
tine Kowbel and Edward Wilson of Lawson
Lundell LLP advised Axium and Manulife
with respect to certain British Columbia
regulatory and real property issues.
AltaGas was represented internally by
Brad Grant, Vice President and General
Counsel, and Cassandra Calder, Corporate
Counsel, and externally by Stikeman El-
liott LLP with a team consisting of Christo-
pher Nixon, Patrick McNally, Kevin Guen-
ther and Brian Campbell.
Royal Bank of Canada was represented by
McCarthy Tétrault LLP with a team con-
sisting of Gordon Baird, Heba Al-Shakarchi
and Taha Qureshi (financial services), Paul
Cassidy (environmental and Indigenous),
David Woollcombe (corporate/M&A), Joy
Ren, Madeleine Hawkins and Tiffany Misri
(real property) and Kerry Lui (energy).
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