Lexpert Magazine

2 www.lexpert.ca Editorial fortuna favet fortibus ISSUE 26.01 > APRIL MANAGING EDITOR Tim Wilbur EDITOR Jessica Mach PRODUCTION PROCESS LEAD Alina Leigh PRODUCTION EDITORS Christina Jelinek, Wen-Ching Shang WRITERS Ma. Carleen Bongat, Bernise Carolino, Kiezzsa Cruz, Zena Olijnyk, Mary Tez Romero DESIGNERS Loiza Razon, Khaye Cortez PRESIDENT Tim Duce BUSINESS DEVELOPMENT DIRECTOR Lynda Fenton DIGITAL DEVELOPMENT DIRECTOR Kevin Shields SENIOR BUSINESS DEVELOPMENT MANAGER Steffanie Munroe Lexpert Special Edition Magazine is published six times a year. KEY MEDIA and the KEY MEDIA logo are used under licence by KM Business Information Canada Ltd. LEXPERT is a trademark of KM Business Information Canada Ltd. KM Business Information Canada Ltd 317 Adelaide Street West, Suite 910 Toronto, ON M5V 1P9 Tel: (416) 609-8000 Fax: (416) 609-5840 Website: www.lexpert.ca All rights reserved. Contents may not be reprinted without written permission. Lexpert® Magazine is printed in Canada. PUBLICATION MAIL REGISTRATION NO. 41261516. ISSN1488-6553 Copyright© KM Business Information Canada Ltd All rights reserved. GST/HST#: 79989 8465 RC-0001 EDITORIAL INQUIRIES tim.wilbur@keymedia.com SUBSCRIPTIONS/ADDRESS CHANGES Contact: Donnabel Reyes at (647) 374-4536 ext. 243 or email donnabel.reyes@keymedia.com. To change your subscription address, please send your new address along with a copy of your mailing label(s) to the Subscription Dept. at the address indicated above. For all other circulation inquiries, please email Donnabel Reyes. T he world of mergers and acquisitions is evolving rapidly, with busi- nesses and their legal advisers facing a landscape shaped by regulatory shi s, trade tensions, and changing market conditions. From Canada's largest-ever telecom deal to the uncertainty surrounding US tariffs and evolving ESG obligations, this Special Edition explores the legal challenges and opportunities in corporate transactions today. Rogers Communications' $26 billion acquisition of Shaw, which won M&A Deal of the Year at the 2024 Canadian Law Awards, reshaped Canada's telecom industry and set a new standard for complex, high-stakes dealmaking. Marisa Wyse, Rogers' chief legal officer and a judge for this year's Canadian Law Awards, played a pivotal role in steering the transaction through regulatory hurdles. " e deal took two years between the time of announcement and the time it was actually closed," Wyse says (p. 18). "It was truly transformative." 2024 was a strong year for M&A, but dealmakers now face new challenges as trade tensions with the US create uncertainty. Tariffs imposed under President Donald Trump's second term have already impacted cross-border deals, with US acquisitions of Canadian companies hitting a 22-year low in January. " ere's really only one thing that is truly impacting M&A activity right now, and that is uncertainty," says Shea Small of McCarthy Tétrault LLP (p. 4). As US and European regulators scale back ESG reporting requirements, Canadian businesses are questioning whether to stay the course or shi their approach. Despite growing skepticism, Sharon Singh of McMillan LLP believes ESG remains a priority. "Do ESG considerations become moot now that there is this rollback and pushback against certain ESG initiatives in the US? I think the answer to that one is no," Singh says (p. 15). Beyond trade issues, Canada's M&A landscape is becoming more complex due to heightened regulatory scrutiny. New rules expand national security reviews under the Investment Canada Act, adding economic security considerations. "There will be more scope and depth to review a transaction, and more time needed to scrutinize," says Julie Soloway of Blake, Cassels and Graydon LLP (p. 10). As businesses adapt to these challenges, legal expertise has never been more crit- ical. is Special Edition provides insights from top legal professionals, helping corporate leaders navigate the evolving M&A environment with confidence. Tim Wilbur, managing editor M&A in an era of uncertainty

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