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/1544329
www.lexpert.ca 5 are increasingly standard tools. Stevens says, "These mechanisms help bridge valu- ation gaps and provide certainty in a volatile market," reflecting how buyers and sellers approach risk in complex environments. Canadian M&A has also seen a higher aggregate deal value alongside fewer completed transactions in 2025 than in other years. Jonathan See, partner and co-head of the firm's national M&A and private equity groups at McCarthy Tétrault LLP, says data shows "a marked increase by value from last year and from previous years," with M&A activity involving Canadian targets totalling nearly US$170 billion in 2025. He adds: "The figures reflect the continued strength of the Canadian M&A market." Yet, he notes, "by contrast, fewer transactions were announced," representing the lowest annual deal count in three years in Canada. The explanation lies largely in sectoral concentration and the dominance of stra- tegic buyers, he says, pointing to large- scale consolidation across mining and energy – including transactions such as Anglo American's bid for Teck Resources, the combination of Cenovus Energy and MEG Energy, and other signifi- cant resource-sector deals. "These deals are materially larger – mining company buying mining company; energy company buying energy company," he says, contrasting those transactions with tradi- tional sponsor-led take-privates. See situates the past year within a broader post-pandemic cycle. In 2020, many businesses were in asset manage- ment mode, reviewing their investments "There's pent-up demand to do deals, pressure on boards and CEOs, and private equity has a lot of dry powder, creating a more friendly environment for M&A" Sarah Gingrich, FASKEN MARTINEAU DUMOULIN LLP