6 www.lexpert.ca
Feature
has reduced the uncertainty keeping deal-
makers on the sidelines.
"We have a lot of people that have been
sitting on the sidelines for a long time,"
Blake adds, with "a lot of capital" to deploy.
"I think 2024 will be an improvement over
last year."
Blake's colleague in Calgary, Ashley
White, co-head of the energ y practice at
Bennett Jones, agrees. She says that while
the deal count in 2023 was slower overall,
M&A in utilities and the oil and gas sectors
picked up in Q3 and Q4.
She anticipates a year like 2023 – a rela-
tively slow start but gaining momentum
as the year progresses. White notes that
"several traditional oil and gas companies
are experiencing increased cash flows – that
gives them more opportunity to develop
strategies, including using M&A to deal
with the coming energ y transformation."
e size of the Canadian oil and gas
industry means there is limited scope for
large acquisitions compared to deals to be
made in the US. Still, White anticipates
that consolidation will continue, with small
and mid-cap companies the likely targets
for strategic acquirers and investors in
2024, particularly in light of ample fossil
fuel reserves, high commodity prices, and
improving market access.
She also says that M&A activity in the
sector will continue to balance investments
for both efficiency and decarbonization.
White says there are also significant
opportunities for M&A in the renew-
able energ y space, with increasing foreign
interest in Canadian projects. She adds
there may also be cross-sector transactions
related to renewable energ y, with Original
Equipment Manufacturers looking to secure
critical minerals needed for battery produc-
tion and energ y storage and continued
interest in hydrogen and ammonia as well as
wind and solar projects.
In the tech sector, Brigitte LeBlanc-
Lapointe, a partner with Norton Rose
Fulbright Canada LLP in Ottawa, notes
that dealmaking was negatively impacted by
the sudden collapse of Silicon Valley Bank
LARGEST TRANSACTIONS WITH
CANADIAN PARTY IN 2023
Rogers Communications' purchase of
Shaw Communications ($26.5 billion)
British Columbia Investment
Management Corp. and MacQuarrie
Asset Management's acquisition of
United Kingdom's National Grid Gas
($18.6 billion)
Canada Pension Plan Investment
Board and Silver Lake Technology
Management purchase of Qualtrics
from SAP ($15 billion)
Brookfield Corporation, Cameco Corp.,
and Brookfield Renewable Partners'
acquisition of Westinghouse Electric
Co. ($11.4 billion)
British Columbia Investment
Management Corp. and Advent
International's purchase of Maxar
Technologies ($9 billion)
SOURCES: S&P Global Market Intelligence, Kroll
