Lexpert Magazine

36 www.lexpert.ca Canadian Law Awards M&A DEAL OF THE YEAR THE M&A Deal of the Year category in 2024 features some of Canada's largest, most com- plex, and strategically significant transactions, spanning industries such as financial services, energy, real estate, mining, and fintech. ese deals reflect the expertise required to navigate cross-border regulatory hurdles, structure multi-billion-dollar financings, and execute industry-defining consolidations. One of the year's most significant deals was Royal Bank of Canada's $13.5 billion acquisition of HSBC Bank Canada, the largest banking M&A transaction in Canadian history. e deal involved the seamless integration of HSBC Canada's operations into RBC over a weekend, consolidating Canada's largest and seventh- largest financial institutions. Royal Bank of Canada was represented in-house by the RBC Law Group and by Blakes' team, led by Cheryl Satin. Stikeman Elliott advised HSBC Global with a team led by Meaghan Obee Tower and Simon Romano. Miller omson LLP, led by Jay Hoffman, advised the HSBC Bank Canada board of directors. e transaction highlights the growing role of institutional investors in the resi- dential rental market and the regulatory complexities surrounding foreign owner- ship of housing assets. In the energy sector, Canadian Natural Resources' US$6.5 billion acquisition of Chevron's Alberta assets reinforced CNRL's dominance in Canadian oil and gas produc- tion. e acquisition included Chevron's stake in the Athabasca Oil Sands Project, adding significant production capacity. e transaction required extensive regulatory approvals and negotiations around environ- mental liabilities, tax considerations, and operational efficiencies. Bennett Jones, led by partner Pat Maguire, represented Canadian Natural Resources, while Osler advised Chevron with a team that included Simon Baines. This acquisition underscores the continued consolidation in Canada's energ y sector, ensuring long-term production stability amid the global energ y transition. Another major energy transaction was the $11 billion merger of Chord Energy and Enerplus, creating one of North America's largest independent oil and gas producers. e all-stock transaction consolidated 1.3 million net acres and 287,000 BOE per day production, strengthening Chord's position in the Williston Basin. Goodmans partner Neill May led the team that represented Chord Energy. Blakes acted as legal counsel to Enerplus with a team led by Chad Schneider and Olga Kary. is merger reflects the trend of energy consolidation, improving operational effi- ciencies and enhancing free cash flow gener- ation for long-term shareholder returns. In the mining sector, Glencore's $9.93 billion acquisition of Teck Resources was one of the most complex transactions of the year. e deal involved Glencore acquiring a 77 percent stake in Teck 's Elk Given intense regulatory scrutiny, RBC secured approvals from the Competition Bureau, minister of finance, and Canadian Securities Administrators, requiring a detailed integration plan covering banking, competition, securities, tax, and employment regulations. e acquisition sets a precedent for large-scale financial institution mergers under heightened regulatory oversight. In the real estate sector, Blackstone Real Estate's $5 billion acquisition of Tricon Residential was the largest Canadian real estate M&A deal of the year. e deal, structured as a plan of arrange- ment under Ontario law, saw Blackstone acquire Tricon Residential, a leading owner of 38,000 rental properties across Canada and the US. e deal required Investment Canada Act approval in a politically charged environment regarding institu- tional ownership of rental housing. Davies, led by lawyers Vince Mercier and Kevin Greenspoon, represented Blackstone. Goodmans, led by John Connon, acted as Tricon's legal counsel, while Osler, led by Alex Gorka, advised the special committee.

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