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Calgary-based Cenovus Energy Inc.
was "bulking up in a C$17.7-billion deal
to more than double its production as
the repatriation of Canada's oil sands
winnows control of the resource to a
handful of domestic players," according
to e Globe and Mail.
Jeff Bakker from Blakes, co-counsel to
Cenovus Energy Inc., says this "was the
largest energy asset acquisition ever under-
taken in Canada."
Pat Maguire at Bennett Jones LLP says,
"e acquisition provides Cenovus with
full control over its oil sands operations
and current and potential future growth
projects at Foster Creek, Christina Lake
and Narrows Lake, doubles the Corpora-
tion's oil sands production, almost doubles
its proved bitumen reserves and provides
Cenovus an additional growth platform."
Janice Buckingham, of Osler,
Hoskin & Harcourt LLP, counsel to
ConocoPhillips, says this "strategic sale
to Cenovus was significant not only
in terms of absolute dollar value, at
C$17.7 billion, but in terms of maximiz-
ing value in a low-price environment."
3. BCE ACQUIRES MANITOBA
TELECOM SERVICES
In March 2017, BCE Inc. announced the
launch of Bell MTS following its acqui-
sition of Manitoba Telecom Services
(MTS). e C$3.1-billion deal closed
aer considerable efforts on the regula-
tory side.
BCE said it picked up a total of 710,000
wireless, TV and internet customers.
Winnipeg will serve as BCE's headquar-
ters for Manitoba, Saskatchewan, Alberta
and British Columbia.
Blakes was Competition counsel to
BCE, led by Brian Facey, who says, "As
part of the deal, Bell MTS will invest
[C]$1 billion over five years to upgrade
the wireless network to LTE advanced
and build fibre connections."
4. PEMBINA
ACQUIRES VERESEN
Pembina Pipeline Corp. announced the
completion of its transaction with Veresen
Inc. pursuant to a plan of arrangement
under s. 193 of the Business Corporations
Act (Alberta).
Pembina acquired all of the issued and
outstanding common shares of Veresen
in a transaction valued at approximately
C$9.4 billion.
Chad Schneider of Blakes, which was
counsel to Pembina, says: "e transac-
tion creates one of the largest energ y
infrastructure companies in Canada
and expands Pembina's reach in the
United States."
5. CI FINANCIAL ACQUIRES
SENTRY INVESTMENTS
CI Financial Corp. acquired Sentry
Investments Corp., valued at C$780
million in cash and stock.
In combining two of Canada's largest
independent active asset-management
firms, Jeff Lloyd of Blakes, counsel to CI
Financial Corp., says, "e acquisition
has increased CI's AUM [assets under
management] to approximately [C]$140
billion and total assets [assets under
management plus assets under advise-
ment] to approximately [C]$181 billion,
and created one of the largest Canadian
sales forces in the industry."
6. TOTAL ENERGY
SERVICES ACQUIRES
SAVANNA ENERGY SERVICES
Total Energy Services Inc., a diversified
oilfield services company based in Calgary,
purchased all of the outstanding common
shares of Calgary-based oilfield services
company, Savanna Energy Services Corp.,
by way of an unsolicited take-over bid on
December 9, 2016.
On March 1, 2017, Total filed a Notice
of Change and Notice of Variation to
the Offer to, inter alia, increase the
consideration payable for each Savanna
Share to C$0.20 in cash plus 0.13 of a
Total common share. On March 9, 2017,
Savanna announced that it had entered
into an agreement with another publicly
traded oilfield services company, which
would acquire all of the Savanna Shares
pursuant to a plan of arrangement.
Notwithstanding this competing
transaction, on March 24, 2017, Total
acquired 60,952,797 Savanna Shares
under the Offer, representing approxi-
mately 51.6 per cent of the total number of
outstanding Savanna Shares. It extended
the Offer to April 7, 2017, which was
subsequently extended to April 27, 2017,
at which time Total owned approximately
86 per cent of the issued and outstanding
Savanna Shares.
Nicholas Fader, a Calgary partner
at Bennett Jones LLP, which acted for
Total Energy, says this "bid represented
the first successful unsolicited take-over
under the new Canadian bid rules."
7. SMARTREIT
AND STRATHALLEN
ACQUIRE ONEREIT
According to Marketwired's release,
"OneREIT is an unincorporated, open-
end real estate investment trust with
more than C$1 billion of total assets," and
"SmartREIT is one of Canada's largest real
estate investment trusts with total assets
of approximately C$8.9 billion. Strathal-
len Capital is a fully integrated Canadian
real estate management company.
"OneREIT entered into separate agree-
ments with Smart Real Estate Investment
Trust and Strathallen Acquisitions Inc.,
