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/1518995
36 www.lexpert.ca Canadian Law Awards M&A DEAL OF THE YEAR THROUGHOUT THE past year, M&A ac- tivity in Canada recorded notable deals de- spite setbacks in the unstable market. From the largest-ever completed transaction in the Canadian telecommunications indus- try to one of the largest public company of- ferings in Canadian energy in the past two decades, this year's Excellence Awardees made their mark in the energy, mining, telecommunications, and alternative lend- ing sectors with deal values ranging from $1 billion to $26 billion. Among the awardees is Rogers Communications' acquisition of Shaw Communications. Valued at $26 billion, the blockbuster transaction was the largest-ever completed transaction in the Canadian telecommunications industry and the largest-ever Canadian dollar issuance by a corporate issuer in Canadian market history. is union melds two of Canada's prom- and the seller. Another Excellence Awardee is a deal nominated by three firms – the joint acqui- sition of Yamana Gold by Pan American Silver and Agnico Eagle Mines, valued at $6.59 billion. is deal is complex as it involved multiple bids for Yamana. e acquisition added four additional mines and two new countries, Chile and Brazil, to Pan American's existing port- folio, doubled its silver and gold produc- tion, and created the leading precious metal producer in Latin America. BLG, led by Fred Pletcher, advised Pan American Silver, while Davies acted as legal counsel to Agnico Eagle Mines with Patricia Olasker as lead partner. Cassels, led by Mark Bennett, and Norton Rose Fulbright, led by Cathy Singer, assisted Yamana Gold. e fourth Excellence Awardee is the $2.27 billion (US$1.7 billion) acquisition of Toronto-based alternative mortgage lender Home Capital Group by Smith Financial. e acquisition is led by First National Financial chair and co-founder Stephen Smith. is acquisition marks a significant merger in Canada's alternative lending sector, bringing together two major players under one umbrella. Torys, led by Rima Ramchandani and John Emanoilidis, acted as legal advisor to Home Capital Group. Jeffrey Singer led Stikeman Elliott's legal team in advising Smith Financial. e agreement contained deal protections and other relatively uncommon terms in the Canadian market. ese terms include a purchase price adjustment, which provides that Home Capital shareholders would be entitled to an increase per share for every three- month delay in closing. is is also the first transaction in Canada where an individual was granted regulatory approval to acquire control of a mid-size bank in the country. e fih Excellence Awardee is Strathcona Resources' acquisition of Pipestone Energy. inent communication companies with over 50 years of history. ey have jointly invested over $40 billion in developing world-class networks in the past decade. Goodmans, with a team led by Chris Sunstrum, acted as legal counsel for Rogers Communications. Davies, with a team led by Vincent Mercier and Brett Seifred, acted as legal counsel for Shaw Communications. Bennett Jones, led by Emrys Davis and Kyle Donnelly, acted on this deal as competition counsel for Videotron. McCarthy Tétrault, with a team co-led by Richard Higa and Noel Chow, acted as Canadian counsel to Bank of America Securities and Bank of America NA (Canada branch). Brookfield Renewable's partnership with Cameco Corporation to acquire Westinghouse Electric Company for $10.861 billion (US$7.875 billion) is another Excellence Awardee. McCarthy Tétrault advised Cameco, with a team led by partner David Lever. Stikeman Elliott, with a team led by David Weinberger and Sean Vanderpol, acted for Westinghouse Electric Company. On November 7, 2023, a strategic part- nership of Cameco Corporation and Brookfield Renewable Partners finalized and closed the acquisition of Westinghouse Electric Company, one of the world's largest nuclear services businesses, from Brookfield Business Partners. With its institutional partners, Brookfield Renewable owns a 51 percent interest in Westinghouse, and Cameco owns 49 percent. e deal involved an extensive inter- national due diligence process entailing a target with operations in more than 19 countries in an industry with significant regulatory and ownership restrictions, the negotiation of detailed governance docu- mentation, the negotiation of an equity purchase agreement, and complex struc- turing to address multi-jurisdictional tax considerations and the distinctive needs of the two acquiring consortium members