Lexpert Magazine

38 LEXPERT MAGAZINE | MARCH 2017 12.8 per cent overall market share in $88 billion worth of transactions where either the acquirer or target were Canadian. On the buy side, some of the larger deals the R BC Capital team worked on include Enbridge's $43-billion purchase of Houston-based Spectra Energy Corp. (yet to close at press time); it was on the advisory team counseling Potash Corp. of Saskatchewan in in its $18-billion merger with Agrium Inc.; it helped advise BCE Inc. on the $3.1 billion purchase of Manitoba Telecom Services Inc.; it was on for US giant Lowe's Cos. Inc. in its $2.3-billion deal for Canadian home-im- provement chain RONA Inc.; and it was on for Corus Entertainment's $1.6-bil- lion acquisition of Shaw Media Inc. When it came to advising the target, RBC represented Texas Transmission Holding Corp. in its $2.4-billion merg- er with NextEra Energy Inc.; it was on the team advising InnVest REIT on its $1.6-billion sale to China's Bluesky Hotels & Resorts Inc.; helped advise Capstone Infrastructure Corp. on its $1.2-billion sale to iCON Infrastructure Partners; and the bank also helped counsel Trader Corp., the parent company of used-car publica- tion Auto Trader, on its $1.2-billion sale to omas Bravo LLC. Overall, RBC Capital edged out BMO Capital Markets for the top spot for deal volume, with the Bank of Montreal ad- visory team finishing the year with 35 ranked deals for 26.8 per cent of the overall Canadian market. MID-MARKET BANK OF THE YEAR Royal Bank of Canada RBC Capital Markets swept this category — defined as deals under $1 billion exclud- ing equity carve-outs, withdrawn deals and open-market repurchases and inclu- sive of net debt — coming out in the No. 1 spot both in deal value and deal volume. RBC was oen found helping advise the target on mid-market transactions, work- ing on deals such as Element Finnancial Corp.'s commercial asset management spi- noff, a transaction valued at $966 million. It helped advise Husky Energy Inc. on the $912-million sale of mid-stream assets to Investors Group; it was on Oxford Property Group Inc.'s sale of a bundle of seven Cana- dian office properties to the Canada Pen- sion Plan Investment Board for $896 mil- lion. e RBC deal team also advised Penn West Petroleum Ltd. on its $766-million deal to sell its Saskatchewan oil assets to Teine Energy Ltd., which is backed by the Canada Pension Plan Investment Board, as well as ARC Resources on the divestiture of $520 million of southeastern Saskatchewan assets to Spartan Energy. When it came to advising acquirers, RBC was on the team for Kirkland Lake Gold Inc. in its $712-million takeover of Newmarket Gold Inc. and counseled Glencore PLC on the purchase of just un- der 10 per cent in British Columbia Invest- ment Management Corp.'s agricultural unit for $625 million. All told, RBC Capital worked on 27 mid-market deals with an aggregate value of $9.2 billion, with BMO Capital Mar- kets in second spot with 21 deals valued at $8.9 billion. PHOTO: SHUTTERSTOCK ny owns and operates 108 branch locations in the US and Canada. Macdonald said the acquisition trans- forms Enercare, founded in just 2010, into a North American market leader, creating new opportunities for growth and "broad- ening our scope from Canada to North America while driving considerable incre- mental value for shareholders." He said that the deal, which ramps up the company's North American expan- sion, is a natural extension to Enercare's business and "part of our strategic road- map," adding he expected the acquisition to immediately be 25 per cent accretive to normalized pro forma distributable cash per common share. BANK OF THE YEAR (BY VOLUME) Royal Bank of Canada e RBC Capital Markets deal team scooped up 43 ranked deals last year for a | 2016 DEALMAKERS |

• Cover
• front
• Big
• back