An affiliate of Mattamy Homes Ltd. acquired all of the issued and outstanding shares of Monarch Corporation, the Canadian operations of US homebuilder Taylor Morrison Home Corporation, for CAD$335 million at closing, subject to customary post-closing adjustments. Immediately prior to the closing, approximately C$235 million of cash at Monarch was distributed to a subsidiary of TMHC for total proceeds of C$570 million from the share sale. The transaction closed following the satisfaction of customary closing conditions, including clearance by the Canadian Competition Bureau.
Monarch is the Canadian division of US homebuilder Taylor Morrison Home Corporation.
Mattamy is the largest privately owned new home builder in North America, with operations across Canada and the United States.
Mattamy Group Corporation was represented by General Counsel Steve Kahansky. Torys LLP provided external support with a team led by Sharon Geraghty and which included Adam Armstrong, (Ricco) A.S. Bhasin, Miranda Callaghan, Addie Buhr and Robert Fatt (corporate/M&A); David Dell, Andy Gibbons, Nooreen Bhanji, Richard Missaghie and Kristina Bockarov (real estate); Susan Nickerson and Tom Stevenson (pensions and employment); Amanda Balasubramanian and Olga Matyash (lending); Ed Fan, Kevin Tuohy and Henry Bian (IP); Michael Fortier (environmental), John Unger and Saira Bhojani (tax); Jay Holsten, Omar Wakil and Marina Chernenko (competition).
TMHC was represented in-house by Benjamin Aronovitch, Deputy General Counsel, and Darrell Sherman, Vice President, General Counsel and Secretary; and Monarch was represented in-house by David George, President; Joyce Lee McKay, Vice President, Legal; and Kathryn Borgatti, Associate General Counsel; and assisted by Canadian counsel Stikeman Elliott LLP, Canadian joint venture and co-real estate counsel McMillan LLP, and United States counsel Paul, Weiss, Rifkind, Wharton & Garrison LLP. The Stikeman team included John Leopold, Sophie Lamonde, Gayle Noble, Kevin Custodio, Laurence L'Abbé and Luka Pavlovic (M&A); Michael Kilby (regulatory), Marie-Andrée Beaudry and Adam Drori (tax); Jonathan Auerbach (IP), Larry Cobb (environmental), Andrea Boctor and Bruce Pollock (pension and benefits); Nancy Ramalho (employment), and Mario Paura and Nili Birshtein (real estate). The McMillan team included David Slan, David Ross and Robert Fraser (real estate); Michael Whitcombe and Andrew Walker (corporate) and Sharon Groom (IP). The Paul, Weiss team was led by Justin Hamill and included Thomas de la Bastide, Ted Maynard, Lawrence Wee and John Kennedy (corporate/M&A); David Mayo (tax), Robert Fleder and Erin Murphy (employee benefits).