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
30 www.lexpert.ca Big Deals COMPILED BY ZENA OLIJNYK AND KIEZZSA CRUZ and lubricants in the oil sands region of the province. McKay Métis Contracting LP, which is beneficially owned by the Fort McKay Métis Nation, will welcome 140 Roughrider staff as part of the transaction. MLT Aikins LLP lawyer Billie Fortier was counsel to McKay Métis Contracting LP for this transaction and advised the McKay Métis Group on general corporate commercial and transactional matters, including its corporate structure, setting up new corporations and partnerships, and acquiring new companies and assets. PRAIRIESKY ROYALTY CLOSES $230.1-MILLION BOUGHT DEAL EQUITY FINANCING CLOSING DATE: DECEMBER 31, 2021 PrairieSky Royalty Ltd. has closed its previ- ously announced bought deal offering of common shares (the "offering"). Pursuant to the offering, PrairieSky Royalty issued 17,169,500 common shares (including 2,239,500 common shares issued pursuant to the exercise in full of the over-allotment option granted to the underwriters) at a price of $13.40 per common share, for aggre- gate gross proceeds of approximately $230.1 million. e syndicate of underwriters was led by TD Securities Inc. and RBC Capital Markets as joint bookrunners and co-led by CIBC Capital Markets and BMO Capital Markets. Net proceeds from the offering are expected to be used to partially fund the previously announced $728-million acqui- sition of 1.9 million acres of royalty lands across Western Canada and complementary seismic assets. On December 31, 2021, the shareholders of record were eligible to receive the dividend declared as of December 8, 2021, for the shares issued in connection with the offering. PrairieSky Royalty is a royalty-focused company, generating royalty revenues as petroleum and natural gas are produced from its properties. PrairieSky Royalty has a diverse portfolio of properties that have a long history of generating funds from oper- ations and that represent the largest and most concentrated independently owned fee simple mineral title position in Canada. McCarthy Tétrault LLP advised PrairieSky Royalty with a team led by Alyson Goldman that included Jessica Brown and Matthew Hooker (Business). Blake Cassels & Graydon LLP served as opposing counsel. ENBRIDGE COMPLETES SALE OF INTEREST IN NOVERCO CLOSING DATE: DECEMBER 30, 2021 On December 30, 2021, Enbridge Inc., a leading North American energ y infra- structure company, completed the sale of its 38.9 percent minority owner- ship interest in natural gas distributing company Noverco Inc. to Trencap L.P. for $1.14 billion in cash, net of non-recourse debt assumed by Trencap. With the deal closed, Trencap, a consor- tium led by Caisse de dépôt et placement du Québec, now owns Noverco and its subsidiary Énergir, Québec's main natural gas distributor. Davies Ward Phillips & Vineberg LLP acted as Canadian counsel to Enbridge on the transaction, with a team that included Michel Gélinas, Elise Beauregard, Charles Larose Jodoin, and Tyson Lowrie (Mergers and Acquisitions); Sébastien Roy (Capital Markets and Securities); Anita Banicevic (Competition, Antitrust, and Foreign Investment); Marie-Claude Bellemare, Alexandria Pike, and Robyn Barabash (Environmental and Indigenous); and Michael Kandev (Tax). Enbridge was also represented by Downs Rachlin Martin PLLC. Trencap was represented in the US by Mayer Brown LLP and Sheehey Furlong & Behm P.C. McCarthy Tétrault LLP acted as Canadian counsel to Trencap on the trans- action, with a team that included Patrick Boucher and Isabelle Nazon (Mergers and Acquisitions, Capital Markets, and Securities), Marjolaine Hémond-Hotte (Banking), and Marie-Soleil Landry and Fred Purkey (Tax). HYDROSTOR SECURES GROWTH FINANCING FROM GOLDMAN SACHS CLOSING DATE: DECEMBER 29, 2021 On December 29, 2021, Hydrostor Inc., a developer of Advanced Compressed Air Energy Storage (A-CAES) projects, secured a US$250-million preferred equity financing commitment from Goldman Sachs Asset Management's Private Equity and Sustainable Investing businesses. is is one of the largest investments in the emerging long-duration energy storage sector. Energy storage is becoming more important as utilities around the world begin to phase out fossil-fuel generation in favour of more renewables. Proceeds from this transformational financing will accelerate Hydrostor's 8.7 GWh A-CAES projects in Australia and California, and expand its project develop- ment pipeline globally. Davies Ward Phillips & Vineberg LLP acted for Hydrostor in securing the financing, with a team that included Brooke Jamison, Anthony Spadaro, Daniel Pearlman, Trevor Kirsh, John Aziz, Kate Szendrey, Jeffrey Nadler, and Stephen Vincelli (Corporate); Andrew Ellis, > ENERGY DEALS