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
26 www.lexpert.ca Canadian Law Awards from AtkinsRéalis for $2.79 billion. As the only counterparty common to both transactions, CPP Investments required innovative structuring , with mirrored provisions and shared closing conditions ensuring neither deal could close inde- pendently. Updated governance arrange- ments for 407 ETR had to be negotiated at signing , but were drafted to take effect only upon closing. Stikeman Elliott, led by Sean Vanderpol, and McCarthy Tétrault ser ved as counsel to CPP Investments. Blake, Cassels & Graydon LLP, led by Philippe Bourassa, advised PSP Invest- ments, while Osler, led by Chris Bennett, acted for Ferrovial. These infrastructure transactions demonstrate the depth of expertise with- in Canada's legal community, showcas- ing creative structuring that supports economic growth, public ser vices, and nation-building infrastructure. BCI's £1 billion take-private acquisition of BBGI Global Infrastructure Bennett Jones LLP (for BCI) McMillan LLP (for BBGI Global Infrastructure) Norton Rose Fulbright Canada LLP (for BBGI Global Infrastructure) Trillium Health Partners $13.9 billion hospital redevelopment project Borden Ladner Gervais LLP (for Trillium Health Partners) McCarthy Tétrault LLP (for the project owner entities) Osler, Hoskin & Harcourt LLP (for EllisDon Capital, PCL Investments, Plenary Americas, and Fengate Capital Management) Stikeman Elliott LLP (for EllisDon/PCL/Plenary/Fengate consortium) Metrolinx $5.7 billion Scarborough subway extension target price agreement Davies Ward Phillips & Vineberg LLP (for Scarborough Transit Connect) McCarthy Tétrault LLP (for Infrastructure Ontario and Metrolinx) CPP Investments' $5 billion 407 ETR deal Blake, Cassels & Graydon LLP (for PSP Investments) McCarthy Tétrault LLP (for CPP Investments) Osler, Hoskin & Harcourt LLP (for Ferrovial) Stikeman Elliott LLP (for CPP Investments) CANADIAN LAW FIRM INVOLVEMENT (CLIENT) of Ontario's $70 billion transit invest- ment, the largest transit expansion in Ca- nadian history. The phased procurement approach, awarding the advance tunnel contract separately from the stations, rail, and systems work, demonstrates in- novative project segmentation to manage risk across distinct workstreams. Davies Ward Phillips & Vineberg LLP acted for Scarborough Transit Connect, while McCarthy Tétrault ser ved as counsel to Infrastructure Ontario and Metrolinx. Another Excellence Awardee is CPP Investments' approximately $5 billion 407 ETR deal, involving two interre- lated transactions that closed concur- rently in June 2025. CPP Investments sold a 7.51 percent stake in the 407 Express Toll Route to PSP Investments for $2.39 billion, while simultaneous- ly partnering with Ferrovial SE to ac- quire a combined 6.76 percent stake The largest healthcare infrastructure transaction in Canadian history, Trilli- um Health Partners' $13.9 billion hos- pital redevelopment project, reached financial close in July 2025. The proj- ect encompasses the design, construc- tion, financing , and maintenance of the Peter Gilgan Mississauga Hospital and Shah Family Hospital for Women and Children, featuring one of the largest emergency departments in the coun- try, with completion targeted for 2033. e deal was delivered using a progressive design-build-finance-maintain (DBFM) model, the first of its kind for healthcare in Ontario, introducing a collaborative development phase for design, pricing , and risk allocation before contract execu- tion. McCarthy Tétrault LLP took a lead role in conceptualizing the DBFM model as counsel to Infrastructure Ontario and Trillium Health Partners. Borden Ladner Ger vais LLP, led by Nick Pasquino, rep- resented Trillium Health Partners, while Osler, led by Chris Bennett, advised the EllisDon, PCL, Plenary Americas, and Fengate consortium. Stikeman Elliott, led by Jamie Templeton, acted for the designat- ed lenders and debt arrangers, and Trillium Health Partners' in-house legal team, Nicole Vaz and Amanda MacNaughton, guided the project from the hospital's side. A major public transit milestone, the $5.7 billion Scarborough subway exten- sion target price agreement marks the first Progressive Design-Build transit project to reach contract award in On- tario and the first target price agree- ment in the province's transit asset class. Signed in January 2025, the agreement between Metrolinx and Scarborough Transit Connect, a consortium of Aecon and FCC of Spain, covers the stations, rail, and systems contract for a fully un- derground 7.8-kilometre extension of the TTC's Line 2 Bloor-Danforth, adding three new stations. The project forms part INFRASTRUCTURE AND PROJECTS DEAL OF THE YEAR