Lexpert magazine features articles and columns on developments in legal practice management, deals and lawsuits of interest in Canada, the law and business issues of interest to legal professionals and businesses that purchase legal services.
Issue link: https://digital.carswellmedia.com/i/1480511
www.lexpert.ca 21 and Joe McGrade (Competition); Anthony Lanouette-Marier, Michael Checchin, Evan Krakower, Louis-Philippe Lacasse, and Elykia Makwanda (Corporate/M&A); Rebecca Dawe, Fabien Lanteri-Massa, and Gregory Morrison (Financial Services); Marc-Philippe Gagnon and John Leopardi (Tax); Patrick Gordon (Real Estate); Lindsay McLeod and Jessica Silverman (Pensions); Wendy Mee (Privacy); and Renee Tousignant (IP). IDEMITSU SELLS 25.97 PERCENT EQUITY SHARE IN PETROGAS FOR $285 MILLION TO ALTAGAS CLOSING DATE: JULY 5, 2022 On July 5, 2022, Idemitsu Canada Corporation, a subsidiary of Idemitsu Kosan Co., Ltd., closed the $285-million acquisition of Idemitsu's 25.97 percent equity ownership in Petrogas Energy Corp. by AltaGas Ltd., a Calgary-based energy infrastructure firm. Petrogas is now wholly owned by AltaGas. Idemitsu and AltaGas will continue to assess the potential for future collaborations on prospective energy transition projects. Idemitsu engages in petroleum products, lubricants, asphalt, oil and gas develop- ment, renewable energy, coal, petrochem- icals, and electronic materials. AltaGas is a North American energy infrastructure company that connects customers and markets to affordable and reliable sources of energy. McCarthy Tétrault LLP advised Idemitsu with a team led by Kerri L. Howard that included Ashley Urch and Jamie Gibb (Business). Burnet Duckworth and Palmer LLP advised AltaGas with a team led by Bronwyn Inkster that included Colleen Konkin (Securities) and Kirk Lamb (Tax). POWER SUSTAINABLE MANAGES $300-MILLION CAPITAL COMMITMENT OF LIOS FUND I LP CLOSING DATE: JUNE 10, 2022 Power Sustainable Lios Inc., as manager, announced the initial closing of Lios Fund I LP, an agri-food private equity fund that will invest in mid-market companies oper- ating across the food value chain in North America, partnering with owners and oper- ators to accelerate growth. Lios Fund I LP is the latest investment platform of Power Sustainable, a global multi-platform alternative asset manager investing in sustainable strategies. Lios Fund I LP has closed an initial $210 million of aggregate capital commitments and is expected to close $300 million in total capital commitments in the third quarter of 2022. McCarthy Tétrault LLP advised Power Sustainable Lios in connection with the formation of Lios Fund I LP and the negoti- ation with Lios Fund I LP's major investors – e Canada Life Assurance Company, Farm Credit Canada, Export Development Canada, Fonds de solidarité des travailleurs du Québec (F.T.Q.), BMO Capital Partners, and CIBC, as well as other investors. McCarthy Tétrault assisted Power Sustainable Lios with a team led by Mathieu Laflamme that included Alexandre Saulnier- Marceau, Jamie Becker, Isabelle Chouinard, and Ahmed Kisserli (Private Equity); Sonia Struthers (Securities); and Fred Purkey, Randy Schwartz, Christian Meighen, Marie- Soleil Landry, Jesse Waslowski, and Julien Leblanc (Tax). Davies Ward Phillips & Vineberg LLP, Fasken Martineau DuMoulin LLP, and Osler Hoskin & Harcourt LLP served as opposing counsel. Fasken advised Fonds de solidarité des travailleurs du Québec (F.T.Q.) and Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l'emploi in connection with their investment in the Lios Fund I LP with a team led by Anabel Quessy and that included Victor Bac and Bianca Arrelle-Petit (Investment Funds), and Ryan Rabinovitch and Andrew Haikal (Tax). SEACLIFF SELLS ARCTIC ARROW TO JAVA HOLDINGS CLOSING DATE: JUNE 1, 2022 On June 1, 2022, Seacliff Holdings Ltd. completed the sale of Arctic Arrow Holdings Ltd. and its subsidiaries to Java Holdings Ltd. e Arctic Arrow is a group of powerline contracting companies with operations in British Columbia and Alberta. McCarthy Tétrault LLP advised Seacliff Holdings with a team led by Robin Mahood that included Leisa Hickey (Corporate) and Jeremy Ho (Tax). RAZOR ENERGY COMPLETES $5-MILLION FLOW-THROUGH SHARE RIGHTS OFFERING CLOSING DATE: MAY 11, 2022 On May 11, 2022, Razor Energy Corp., in conjunction with FutEra Power Corp., a wholly owned subsidiary of Razor, completed its previously announced flow- through share rights offering to eligible holders of Razor's common shares. Razor issued approximately 1.96-million common shares at a price of $2.55 per common share for gross aggregate proceeds of approximately $5 million. e gross proceeds from the offering will be used by Razor to incur "Canadian renewable and conversation expenses" within the