LEXPERT MAGAZINE
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MAY 2018 17
INDUSTRY ANALYSIS
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CORPORATE TRANSACTIONS OF IMPORTANCE
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3
Financials
3
Energy & Power
Consumer Services Energy & Power Pipelines
Aerospace & Defence Automotive Materials
Utilities Financials
Media & Entertainment Recreation & Leisure
2
Manufacturing
1
Consumer services
Consumer Services Energy
Aerospace & Defence Automotive
cluded Andrew Parker, Scott Bergen and Vanessa Chung (capital
markets) and Patrick McCay (tax).
e lenders under the amended and restated credit agreement were
represented by Blake, Cassels & Graydon LLP. e Blakes team in-
cluded Simon Finch, Aimee Yee and Shubhreen Kaur.
Utilities Financials Health Research
Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
ECN CAPITAL ACQUIRES TRIAD
FINANCIAL, SELLS CANADIAN
C&V FINANCE ASSETS
TO CANADIAN WESTERN BANK
CLOSING DATE: JANUARY 31, 2018
As part of the continuing transformation of its business since its
spin-off from Element Financial, Steve Hudson's ECN Capital Corp.
[TSX: ECN] completed the acquisition of Triad Financial Services
in December 2017 and sold its Canadian commercial and vendor fi-
nance business to Canadian Western Bank in January 2018.
On January 31, 2018, ECN Capital completed the sale of all of its
Canadian Commercial and Vendor (C&V) Finance assets to Cana-
dian Western Bank (TSX: CWB) for cash proceeds of approximately
$900 million.
ECN Capital's team was led by Loreto Grimaldi (Senior Vice
President and General Counsel) with assistance from Blake, Cassels
& Graydon LLP. e Blakes team comprised David Toswell (securi-
ties), Carlos Cerqueira (corporate), Stephen Ashbourne (securitiza-
tion), Zac Resnick (corporate), David Mender (corporate), Chris Van
Loan (tax), Ian Caines (tax), Allan Gelkopf (tax), Zvi Halpern (tax),
David Feldman (IT), Vladimir Shatiryan (financial services), Debo-
rah Salzberger (competition) and Kate McNeece (competition).
CWB's team was led by Marek Warshawski (Assistant Vice
-President & Senior Legal Counsel) with assistance from McCar-
thy Tétrault LLP. e McCarthys team comprised Rob Hansen
(corporate/M&A), David Woollcombe (corporate/M&A), David
Badour (corporate/M&A), Neha Chawla (corporate/M&A), Barry
Ryan (financial services), Gabrielle Richards (tax), Wendy Brousseau
(tax), Oliver Borgers (competition), Simon Fitzpatrick (securitiza-
tion) and Ben Aberant (labour and employment).
On December 29, 2017, ECN completed the acquisition of Triad
Financial Services of Florida for US$100 million. Triad is the oldest
manufactured housing finance company in the United States, and is
based in Florida.
ECN's team was led by Loreto Grimaldi, Senior Vice-President and
General Counsel, with external legal support from Baker Hostetler
LLP and Blake, Cassels & Graydon LLP.
Consumer Services Energy & Power Pipelines
Aerospace & Defence Automotive Materials
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
E-Commerce Construction & Engineering
Consumer Staples
INNERGEX RENEWABLE
ENERGY ACQUIRES ALTERRA
POWER CORP. FOR $1.1B
CLOSING DATE: FEBRUARY 6, 2018
On February 6, 2018, Innergex Renewable Energy Inc. (Innergex)
completed the acquisition of Alterra Power Corp. (Alterra) by way
of an arrangement agreement pursuant to which Innergex acquired
all of the issued and outstanding common shares of Alterra for an
aggregate consideration of $1.1 billion, including the assumption of
Alterra's debt. Alterra's shares were delisted from the Toronto Stock
Exchange on February 7, and Alterra has ceased to be a reporting is-
suer under applicable Canadian securities laws.
Concurrent with the closing, Innergex has successfully completed
the financing of the cash portion of the acquisition with a $150-mil-
lion subordinated unsecured 5-year term loan from Caisse de dépôt et
placement du Québec. Innergex's revolving credit facilities have also
been increased from $225 million to $700 million.
With the acquisition, Innergex is now the largest independent re-
newable energy producer in British Columbia and among the largest
in Canada.
e acquisition will also enable Innergex to leverage Alterra's US
development expertise and expand its presence in the US market, as
well as Canada, Latin America and Europe.
Additionally, the acquisition brings Innergex an extensive pipeline
of prospective projects in preliminary stages or in progress, with an
estimated net capacity of more than 5,000 MW.
Innergex was represented by an in-house team led by Nathalie
éberge, Vice-President — Corporate Legal Affairs and Secre-
tary, and was supported by McCarthy Tétrault LLP with a team
led by Philippe Fortier and Hadrien Montagne that included Marc
Dorion, Patrick Boucher, Sven Milelli, Morgan Troke, Xin Gao
and omas Etienne (corporate), Ryley Mennie (labour and em-
ployment), Cameron Whyte and Parisa Gerami (real property and
planning), Angelo Discepola (tax), François Dupuis (litigation) and
Selina Lee-Andersen (environmental). McCarthy Tétrault LLP,
with a team led by Richard O'Doherty, also advised Innergex on
the financing of the acquisition.
Alterra was represented by an in-house team led by Shannon Web-
ber, General Counsel of Alterra, and was supported by Borden Lad-
ner Gervais LLP with a team led by Fred Pletcher that included Kent
Kufeldt, Tom Ladner and Lauren DeGoey (securities and capital
markets), Randy Morphy and Danielle Lewchuk (tax), Steve Warnett
and Gordon Johnson (litigation), and Subrata Bhattacharjee and
