Macquarie Partnership Established

A subsidiary of Macquarie North America Ltd. (MNAL) formed, on May 16, 2003, a private equity limited partnership, Macquarie Essential Assets Partnership (MEAP), which was designed to invest exclusively in essential assets such as electricity transmission and distribution networks, gas pipelines and gas distribution utilities. MEAP has received capital commitments for $250 million predominantly from Canadian pension funds, and has announced plans to raise additional funds later this year. In connection with MEAP’s launch, MNAL transferred to MEAP its 15 per cent interest in Altalink, L.P., which owns an electricity transmission network in southern Alberta.

Macleod Dixon LLP acted for MNAL in the sale of AltaLink interest to MEAP and assisted in selected matters relating to MEAP in the acquisition, with a team that included John Carleton (corporate), Dan Baxter (corporate securities), Marlene Stewart (securities) and Craig Maurice (tax), supported by David Knight and Jennifer Mercanti in Toronto.

Gowling Lafleur Henderson LLP acted for MEAP in a number of areas relating to the structuring and creation of MEAP, the acquisition of the Altalink interest and the issuance of interests to investors. The Gowlings team included David McFadden and Myron Dzulynsky (corporate), Timothy Wach (tax), Chris Bardsley (corporate and securities), Tina Woodside (securities), Dan Hayhurst (pensions) and Noreen Flaherty (corporate) in Toronto, supported by Brett Kagetsu in Vancouver, and Brian Mainwaring and Mark Woolstencroft in Calgary.

Paul Smith of Stewart McKelvey Stirling Scales represented the general partner of MEAP. Guy Spavold of McInnes Cooper provided New Brunswick securities law advice.

Stikeman Elliott LLP represented Macquarie North America in its capacity as an investor in MEAP, with a team that included Kathleen Ward (corporate and securities), Peter Hamilton (corporate) and David Glicksman (tax).