It’s hard to believe that dealmaking in Canada could have hit the levels it has during the most severe pandemic of the past century.
But companies now have opportunities to expand, consolidate, and enter new business areas, as they made deals as quarantines, lockdowns, social distancing policies, and travel restrictions waxed and waned throughout the year.
Whether it was an initial public offering, infrastructure project, insolvency restructuring, capital raise, or merger or acquisition — it was all about taking advantage of opportunities.
This year, Lexpert has named 31 deals in five categories (capital markets, infrastructure and project financing, insolvency and restructuring, mid-market deals, and M&A) as Excellence Awardees, picked from hundreds of submissions sent by legal departments across Canada
The next step is for the deals named Excellence Awardees to go to a panel of judges that will pick a final winner in each category.
This year we’re also planning to honour our Excellence Awardees and announce a winner in each deal category (along with our awards for non-deal categories) at an in-person event. Should the pandemic gods be on our side, it will be the first CLA in-person event since Lexpert created the awards in 2020, after our first attempt had to be turned into a virtual event, and last year’s event was planned as virtual because COVID-19 had us in lockdown mode.
Whatever the mode, you can be sure that all these deals deserve accolades.
CAPITAL MARKETS DEAL OF THE YEAR
It was a big year for the capital markets in Canada, with most of the initial public offerings and related financing deals among our Excellence Awards winners in this category valued at over $1 billion. All of them also involved using creative methods to deal with complicated financing, tax, or other issues.
One of the deals singled out as an Excellence Awardee is the combination of Li-Cycle Corp. – an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America – with Peridot Acquisition Corp., a special-purpose acquisition corporation (SPAC) based in the Cayman Islands and publicly listed in the US.
McCarthy Tétrault LLP was the lead firm on the deal, with Jonathan Grant the lead partner.
The transaction structure involved complex and novel business combination steps designed to address multijurisdictional tax and securities laws, which required that the transactions be implemented under a court-ordered plan of arrangement.
The business combination implied a pre-money equity valuation for Li-Cycle Corp. of $1.268 billion. The combined company had a pro forma equity value of $2 billion when combined with the transaction proceeds.
Another Excellence Award winner is Northern Private Capital’s purchase of MacDonald Dettwiler and Associates from Colorado-based Maxar Technologies and a related IPO. MDA is the developer of the iconic Canadarm and a leading-edge technology and service provider to the global space industry.
The IPO of Telus International is another Excellence Award winner. The $1.06 billion offering of subordinate voting shares in Canada and the United States represents the largest technology IPO in Canadian history and the fifth-largest IPO in the history of the TSX, based on proceeds raised.
When the deal closed on February 5, 2021, the company’s initial market capitalization of US$8.5 billion surpassed TELUS’ historical valuation dating back to 2000. Osler, Hoskin & Harcourt LLP advised TELUS International and TELUS Corporation, with Desmond Lee leading the Osler team.
The upsized offering generated net proceeds of US$490 million for TELUS International, which were then used to repay outstanding borrowings under TELUS International’s revolving credit facilities.
The Sprott Physical Uranium Trust (SPUT) launch, with Stikeman Elliott LLP’s John Laffin and John Ciardullo as leads, was also one of the “take notice” deals of 2021. Through a transaction between Uranium Participation Corporation and Sprott Asset Management LP, the creation of SPUT is the largest and most successful at-the-market (ATM) offering program in Canadian history.
With an original value of $600 million – the net asset value of UPC – SPUT raised an additional $1.4 billion to purchase physical uranium during the five months after the launch of the ATM program on August 19, 2021.
The complex financing of CAE’s US$1.5 billion purchase of L3Harris Technologies’ military training business is another deal that set itself apart to become an Excellence Award winner. Norton Rose Fulbright LLP was the lead law firm on the deal, with partner Stephen Kelly at the helm.
The largest acquisition in CAE’s history, the transaction was financed through a $700 million private placement of subscription receipts with Caisse de dépôt et placement du Québec and GIC Private Ltd. CDPQ investing $475 million and GIC contributing $225 million. There was also a US$287 million cross-border public offering of common shares.
Subscription receipts were used up front as part of the concurrent private placement, a financing structure used frequently in the United States, given certain stock exchange rules. The complex cross-border financing was done on a tight timeline, leading to a highly strategic acquisition supported by a complex and novel financing structure.
Last but not least is the Definity Financial Corporation IPO – the largest TSX listing this century and the second-largest ever. On the same date that Definity went public, its subsidiary Economical Mutual Insurance Company became the first Canadian property and casualty insurer to demutualize after more than a decade of work.
The deal raised $2.4 billion through the $1.6 billion IPO and two cornerstone private placements totalling $800 million. Definity was advised by a team at Blake, Cassels & Graydon LLP led by Catherine Youdan regarding the IPO and the cornerstone private placements and Paul Belanger regarding the demutualization. A team at Davies Ward Phillips & Vineberg LLP led by David Wilson acted as counsel to the underwriters for the IPO, the financial advisors for the demutualization, and the placement agents for the cornerstone private placements.
This deal was a uniquely complex going-public transaction. Economical’s demutualization (i.e., its transition from a company with policyholders to one with shareholders) resulted in exponentially more IPO legal work in quantity and complexity. The transaction also required novel analysis and prospectus disclosure to address securities commission requests.
INFRASTRUCTURE DEAL OF THE YEAR
As the world continues to take on the challenge of reviving economic activity in the wake of COVID-19, infrastructure investing evolves inevitably beyond traditional asset classes. With record levels of committed capital and an expanding landscape of sectors, our 2021 Excellence Awardees demonstrated new highs in infrastructure projects.
Take, for example, the Scarborough Subway Extension P3 Advance Tunnel Project, which involves the $5.5 billion design, construction, and financing of a 7.8-km tunnel that will extend a portion of the Toronto subway system, particularly the Line 2 Bloor-Danforth Subway, from the existing Kennedy Station northeast to McCowan Road and Sheppard Avenue.
The construction for the tunnel project began in June 2021 and is expected to provide an estimated 38,000 people with walking-distance access to rapid transit and see 105,000 daily boardings by 2041.
Infrastructure Ontario and Metrolinx awarded a fixed-price contract of $757.1 million to STRABAG to design, build, and finance the Scarborough Subway Extension project tunnel. Norton Rose Fulbright’s Ottawa office acted as counsel to STRABAG Inc., a subsidiary of Austria-based STRABAG. The lead partner was Geoffrey Gilbert.
Another notable Excellence Awardee in the transport sector is Canada Infrastructure Bank’s Zero-Emission Buses Initiative. The national program is valued at $1.5 billion and offers flexible financing to deploy an estimated 5,000 zero-emission buses (ZEB), comprising a mix of transit and school buses.
The initiative involved both public and private entities as provincial and local governments addressed the fiscal considerations of the deal. Davies Ward Phillips and Vineberg LLP acted as counsel to CIB, with Dale Osadchuk, Carol Pennycook, and Greg Southam as team leaders.
CIB’s funding complements Infrastructure Canada’s $2.75 billion investment in zero-emission transportation and the Government of Canada’s $14.9 billion commitment to new public transit funding.
2021 saw an increasing focus on essential infrastructures, especially in the health care industry.
For example, the Burnaby Hospital Redevelopment Project, valued at $1.4 billion, is among British Columbia’s largest health care investments.
The project aimed to transform the hospital into a modernized medical and surgical health care campus by adding two new patient care towers and a new cancer centre, and expanding and renovating existing buildings on campus.
A multidisciplinary team from McMillan LLP acted for the Bank of Nova Scotia in the redevelopment project, which is the first major upgrade to the Burnaby Hospital in more than 40 years. Members of the McMillan team included Julie Han, Ahsan Mirza, Alex Ricchetti, and Shahen Mirakian.
Another Excellence Awardee from the health care industry is the $2.174 billion St. Paul’s Hospital and Health Campus Project, the first design-build-finance project in the accommodation sector in British Columbia and the largest hospital development project in the history of the province.
The hospital will serve as an internationally renowned, full-service, acute-care hospital and integrated health campus with a capacity of up to 548 beds.
Acting for Providence Health Care Society, Bennett Jones LLP, with lead partner David Little, encountered significant work preparing the agreement and relevant procurement documentation, since the project’s agreement form was the first of its kind in Canada.
Aside from essential businesses, the year also saw a growing emphasis on sustainability. The $1.2 billion refinancing of Henvey Inlet Wind LP, one of the largest project financings in Canada in 2021, supports this endeavour.
Led by Sumitomo Mitsui Banking Corporation of Canada and advised by Torys LLP with Milosz Zemanek and Scott Kraag at the helm, the syndicate of lenders invested in the Henvey Wind Project, the largest single-phase wind project in Ontario, the largest First Nation wind partnership project in Canada, and the only major wind project located entirely on First Nations reserve land.
The Henvey financing is expected to be a model for future major renewable energy projects that involve Canadian Indigenous communities.
Another Excellence Awardee in the energy industry is Pembina Pipeline Corporation’s acquisition of a 50 percent ownership interest in the Cedar LNG Project and related project arrangements with the Haisla Nation to develop the proposed $3 billion floating liquified natural gas facility.
The Cedar LNG Project is the first Indigenous-majority-owned LNG export facility in Canada, and the largest First Nation-owned infrastructure project in Canada. It is expected to be one of the cleanest environmental profiles globally.
Stikeman Elliott LLP acted for Pembina Pipeline Corporation, with Chris Nixon as lead partner.
The deal spanned provincial and national borders, with Pembina based in Calgary, and the vendors PTE Cedar LP and Delfin Midstream based in the US and Norway, respectively.
In the wake of the pandemic, Canadian Law Awards’ Excellence Awardee firms were there to help pick up the pieces
INSOLVENCY AND RESTRUCTURING DEAL OF THE YEAR
When COVID-19 arrived, the thinking was that a substantial number of companies would become insolvent thanks to the accompanying drastic interruptions in business. In 2020 and 2021, however, bankruptcies and filings under the Companies’ Creditors Arrangement Act decreased thanks to government subsidies and to banks and other creditors taking a more lenient attitude to businesses in trouble, throwing them a lifeline.
Despite the help, many businesses did have to restructure after becoming insolvent in 2021. And the Canadian Law Awards’ Excellence Awardee firms were there to help pick up the pieces and help ailing companies be reborn, ready to start again.
One insolvency proceeding that made this year’s list is North American Lithium Inc.’s restructuring under CCAA. Fasken Martineau DuMoulin LLP acted for North American Lithium, with Alain Riendeau and Brandon Farber at the helm.
North American Lithium, an Abitibi, Quebec-based minerals mining company, obtained protection under CCAA last May, owing its creditors approximately $210 million, including $99 million to Investissement Québec.
The restructuring involved obtaining a reverse vesting order allowing Sayona Québec Inc., a joint venture 75 percent owned by Sayona Mining Ltd. and 25 percent owned by Piedmont Lithium Inc., to acquire North American Lithium. For about $200 million, the acquisition allowed, among other things, full repayment to first- and second-rank creditors, debtor-in-possession financing, and payment of outstanding municipal taxes.
Norton Rose Fulbright (Canada) was the lead firm in the insolvency of automotive parts manufacturer Spectra Premium Group. Under Luc Morin in Montreal and Andrew Rosenblatt in New York, the firm represented the court-appointed monitor, EY, in proceedings under CCAA in Quebec and the corresponding proceedings under US chapter 15.
When it filed for protection under CCAA, Spectra owed Wells Fargo and Laurentian Bank of Canada more than $300 million.
Spectra completed its restructuring at the end of 2021 through a “going concern” transaction allowing Turnspire Capital Partners to buy Spectra’s existing operations. The restructuring used a reverse-claim process under which certain categories of creditors had their claims predetermined by Spectra and the monitor without creditors needing to file a proof of claim. Creditors disagreeing with the determination could contest the amount, but the process was more efficient for small creditors.
A large team at McMillan LLP advised cannabis company iAnthus Capital through a strategic review process. This process led to iAnthus entering into a restructuring support agreement (RSA) with all the holders of its secured debentures and all but one of the holders of its unsecured debentures. The RSA involved a recapitalization transaction implemented under the British Columbia Business Corporations Act.
Another cannabis company restructuring, CannTrust Holdings Inc., is an Excellence Awardee. McCarthy Tétrault LLP acted as lead counsel for CannTrust and its subsidiaries in its CCAA proceedings. Partners involved include Jamey Gage, Ranjeev Dhillon, and Paul Steep.
The firm acted for CannTrust in developing, negotiating, and implementing multiple settlement agreements and a CCAA plan to deal with claims that exceeded $500 million. The CCAA plan incorporated settlements reached with different plaintiff groups and dozens of co-defendants and insurers.
The proceedings also involved a unique CCAA process – with the approval of the court, the CCAA proceedings continued despite the implementation of the CCAA plan, allowing for a possible financing or strategic transaction.
McCarthy Tétrault was also lead counsel in another important restructuring under CCAA and US Chapter 15 – that of retailer Groupe Dynamite Inc. It also handled litigation matters surrounding rent payments on leases for its stores.
With sales of close to $600 million in 2019, Groupe Dynamite was the first major profitable Canadian retailer to file for protection from its creditors because of COVID-19. The restructuring aimed to renegotiate leases for more than 300 stores in North America and settle “COVID liabilities,” mostly unpaid rent. Liabilities reported by the debtors at the time of its CCAA filing totalled approximately $359 million, including $149 million owed to a syndicate of secured lenders.
The retailer completed its cross-border restructuring by obtaining court sanction of its plan of compromise and arrangement, which had been approved by 346, or more than 99 percent, of its creditors.
The final Excellence Awardee in this category is FNX-INNOV’s successful opposition to the city of Montreal’s Supreme Court of Canada appeal in the restructuring of SM Group. The matter was handled by Fasken partner Luc Béliveau. Fasken worked with Stikeman Elliott and McCarthy Tétrault, counsel to other parties in the matter.
SM Group was an engineering, project management, and consulting firm. In 2017, before the restructuring process, it entered into a confidential settlement agreement with the city of Montreal through a voluntary reimbursement program under Bill 26 to ensure the recovery of amounts improperly paid due to fraud, or fraudulent tactics, in connection with public contracts.
MID-MARKET DEAL OF THE YEAR
From transactions in the mining sector and the food retail industry to deals involving commercial health care products and services, the Excellence Awardees in the mid-market category showed extensive knowledge that advances groundbreaking results.
On April 23, 2021, WELL Health Technologies, an omnichannel digital health firm, completed the US$372.9 million acquisition of CRH Medical Corporation, a growing commercial health care products and services company.
As a result of this transaction, WELL Health, a company that is only four years old, is now the third-largest e-health player in Canada, behind only TELUS, which has been operating since 1990, and Loblaws, a leading retailer in Canada operating for over a hundred years.
While Torys, the lead firm on the deal, acted as counsel to WELL Health in both Canada and the US, cross-border collaboration was required by counsel to CRH and JP Morgan. Torys team was led by Janan Paskaran and Cheryl Reicin.
Another Excellence Awardee is the TMX Group acquisition of AST Investor Services Inc. Completed on August 12, 2021, the $165-million deal involved complex indemnification provisions designed to protect TMX on account of the long interim period necessary to complete the regulatory approvals. Torys acted as lead counsel to TMX, with Konata Lake as lead partner.
The transaction was highly complex from a competition perspective because TMX and AST are two of Canada’s three largest providers of transfer agent services.
In addition, this mandate required skilled advice on employment and pension issues, including executive compensation matters, and tax counsel to structure the acquisition to achieve certain tax efficiencies through a post-closing reorganization requiring skilled tax counsel.
In terms of complexities, CVC Capital Partners and Caisse de dépôt et placement du Québec’s acquisition of a majority stake in BlueFocus Intelligent Communication Group’s international group of marketing, advertising, and communications agencies, comprised of Cossette, Cossette Media, Eleven, Citizen Relations, We Are Social, and fuseproject, is also high on the list.
As an added layer to an already complex deal, the multijurisdictional nature of the target entities’ operations and employee base also had to be considered. BlueFocus Intelligent Communication Group’s lead counsel for the deal was Norton Rose Fulbright Canada LLP, with Peter Riddell as lead partner.
In the mining industry, two deals stand out: Newmont’s purchase of GT Gold and Agnico Eagle’s acquisition of TMAC Resources. The parties involved in both deals are significant players in the mining sector.
Agnico Eagle seized upon a unique opportunity created by TMAC’s inability to secure regulatory approval of purchase of the company by China-based Shandong Gold. It then engineered an acquisition implemented by negotiating a court-approved, shareholder-approved plan of arrangement. This transaction involved a three-party negotiation with Agnico Eagle, Shandong Gold, and TMAC, and obtaining court approval of the amended arrangement without the necessity for shareholder approval.
The transaction needed to be completed within a compressed four-week timeframe between announcement and closing to ensure completion before the outside date under the original TMAC/Shandong Gold arrangement agreement.
Stikeman Elliott acted as counsel to GT Gold Corp. in its sale to Newmont for $456 million. Neville McClure, Jay Kellerman, and Daniel Borlack led the Stikeman Elliot team.
In addition to the usual technical and legal diligence, questions relating to native title and affected First Nations groups were a significant issue for potential acquirers that needed to be managed by GT Gold. The deal was significantly complicated by the proxy contest commenced by K2 Principal Fund LP in December 2020.
Davies Ward Phillips & Vineberg LLP acted for Agnico Eagle Mines Limited in its acquisition of TMAC Resources Inc. by way of an unprecedented assignment to Agnico Eagle from Shandong Gold of an arrangement agreement between Shandong Gold and TMAC. Patricia Olasker led the Davies team. Closed on February 2, 2021, the deal was valued at $287 million.
In this category, the final Excellence Award is Empire Company’s $700-million acquisition of Longo’s, a family-owned Canadian business that operates 36 stores in communities across the Greater Toronto Area as well as Grocery Gateway, a leader in online sales of home-delivered groceries.
Nova Scotia-based food retail conglomerate Empire Company Limited purchased an initial 51 percent interest in Longo’s, with the structure allowing for eventual 100 percent ownership.
After the fifth anniversary of the transaction, shareholders of Longo’s can sell up to a 12.25 percent interest to Empire per year, at a multiple applied to the last twelve months’ EBITDA, which will vary depending on the achievement of certain business results. If Longo’s shareholders exercise an option to sell, Empire will have a corresponding call option for the same percentage in the following year. After the tenth anniversary of the transaction, both Empire and Longo’s have mutual put and call options for any remaining minority shares outstanding.
Osler, Hoskin & Harcourt LLP advised Longo Brothers Fruit Markets Inc., and Christopher Murray led the team.
M&A DEAL OF THE YEAR
If there’s any proof that the recovery of the Canadian economy looks to be well underway, it would be the increasing engagement with global markets, particularly in cross-border acquisitions and mergers with high values.
Setting the tone for the rest of the year was the completion of the $23.6-billion merger between Cenovus Energy Inc. and Husky Energy Inc. on the first day of 2021, creating Canada’s third-largest crude oil and natural gas producer based on total company production and the second-largest Canadian-based refiner and upgrader.
Cenovus’ internal and external legal advisors, including lead counsel Bennett Jones, went through several multifaceted and unique issues spanning various legal practice areas. John Piasta was the lead partner in the deal.
The deal was highly complex because it was a three-party negotiation involving the major shareholders of Husky. As partial consideration for the shareholders, the financial structure includes the issuance of publicly dual-listed warrants, which is not common in M&A transactions.
Another layer of complexity was the issues concerning Husky’s international asset base, including export control matters related to US-based refineries, evaluation of joint venture contractual arrangements with state-owned counterparties, and other commercial arrangements, navigating issues respecting unionized workforces in the US, and the evaluation of significant ongoing litigation matters involving Husky.
The deal took almost nine months to complete, from the initial engagement of the parties to closing on January 1, 2021 – a tight timeframe for a deal of this scale and complexity.
The following month, the energy industry noted another significant deal, with IFM Investors’ and Ontario Teachers’ Pension Plan’s purchase of Enwave.
Owned by leading global infrastructure company Brookfield Infrastructure, Enwave is one of the largest commercial operators of community-based thermal energy systems.
The deal is one of two transactions involved in the sale of Enwave, with a combined enterprise value of $4.1 billion and expected net proceeds of up to $950 million.
Australian infrastructure manager IFM Investors and the Ontario Teachers’ Pension Plan Board, administrator of Canada’s largest single-profession pension plan, acquired 100 percent of Enwave’s Canadian business for $2.8 billion. In another deal, the Australian firm QIC and Washington, DC-based insurer Ullico acquired 100 percent of the US business for approximately $1.91 billion.
In both transactions, Goodmans LLP acted as the legal advisor for Brookfield. The lead partner in the deal was Sheldon Freeman.
Upon the close of the transaction, Carlyle Coutinho was named Enwave’s new CEO.
“Our new owners are investing in Enwave as a platform to meet the growing demand for low-carbon energy solutions across North America,” said Coutinho. “Our work has not only helped our customers meet their low-carbon energy needs, but contributed to a cleaner, more sustainable future.”
Completing the list of the Excellence Awards’ cross-border M&A deals in the energy sector is Brookfield’s high-stake $13 billion acquisition and privatization of leading Canadian midstream company Inter Pipeline, which was closed on October 28, 2021. Jurisdictions that were part of the deal included Canada, the United States, Sweden, and Denmark.
McCarthy Tétrault LLP, led by Jonathan See and Bob Richardson, was the legal counsel for Brookfield, and Burnet, Duckworth & Palmer LLP acted for Inter Pipeline.
Another Excellence Awardee is the merger of cannabis firms Aphria Inc. and Tilray Inc., a deal that created the world’s largest global cannabis company, operating therein as Tilray.
Fasken Martineau DuMoulin LLP and DLA Piper acted as lead counsel to Aphria Inc. for the cross-border transaction, valued at approximately $5 billion and spanning jurisdictions such as Canada, the US, Germany, Spain, and Brazil. Grant McGlaughlin led the Fasken team.
On May 3, 2021, the completion of the transaction resulted in the reverse acquisition of Tilray by Aphria, a deal that gave Aphria shareholders approximately 62 percent of outstanding Tilray shares on a fully diluted basis.
Irwin Simon, the combined company’s chairman and CEO, stated, “Our focus now turns to execution on our highest-return priorities, including business integration and accelerating our global growth strategy. COVID-19-related lockdowns have presented unique challenges across Canadian and German markets. As these markets begin to reopen, Tilray is poised to strike and transform the industry with our highly scalable operational footprint, a curated portfolio of diverse medical and adult-use cannabis brands and products, a multi-continent distribution network, and a robust capital structure to fund our global expansion strategy and deliver sustained profitability and long-term value for our stakeholders.”
The technology industry also has an entry in the 2021 Excellence Awards. Synnex Corporation’s acquisition of Tech Data combined two of the world’s largest IT distributors and IT solutions aggregators, creating TD SYNNEX. This company serves more than 100 countries with a diverse portfolio of more than 200,000 products and solutions offerings.
“TD SYNNEX is uniquely positioned in today’s relentlessly transforming technology ecosystem,” said Rich Hume, TD SYNNEX CEO. “As a versatile distributor and solutions aggregator for the IT ecosystem, we’re strengthening our entire portfolio of solutions and raising the bar on the value we deliver to customers and vendors with exceptional reach, efficiency, and expertise.”
Completed in September 2021 and valued at US$7.2 billion, the cross-border transaction involved many complexities related to regulatory approvals.
Synnex’s lead Canadian counsel, McMillan LLP, formed a multidisciplinary national team to support the transaction subject to competition and antitrust reviews in Canada and 10 other jurisdictions, including the United States, the European Union, China, Japan, India, and Korea. Joshua Krane, Joshua Chad, and William Wu led the team.
In the transportation sector, France-based Alstom’s acquisition of Bombardier Transportation and the merger of Canadian Pacific Railway and Kansas City Southern are two Excellence Awardees that completed transactions in the first and last months of the year, respectively.
Davies Ward Phillips & Vineberg LLP acted as lead Canadian counsel for both awardees, with William Rosenberg leading the Davies team as legal advisor to Alstom and Vince Mercier as counsel to Kansas City Southern.
French train manufacturer Alstom’s €4.4-billion strategic acquisition of Bombardier’s rail equipment division closed on January 29, 2021. This deal strengthened Alstom’s position in the global market by creating the world’s second-largest train manufacturer behind China’s CRRC, and tapped into the growing demand for greener transportation.
Upon deal closing, the Caisse de dépôt et placement du Québec (CDPQ) became Alstom’s largest shareholder, with 17.5 percent of Alstom’s share capital.
Ending the year on a high note was Kansas City Southern’s US$31-billion merger with Canadian Pacific Railway. It was the biggest Canadian M&A transaction announced in 2021.
Closed on December 14, 2021, the combined companies created the first US-Mexico-Canada rail network, which is expected to operate 20,000 miles of rail, employ about 20,000 people, and have sales of approximately US$8.7 billion.
Li-Cycle Corp. Go-public SPAC transaction
Lead Firm:
McCarthy Tétrault LLP (for Li-Cycle)
Other Firms:
Stikeman Elliott LLP (for Peridot)
Northern Private Capital purchase of MacDonald Dettwiler and IPO
Lead Firm:
Goodmans LLP (for syndicate of purchasers led by Northern Private Capital)
Other Firms:
Norton Rose Fulbright Canada LLP (regulatory counsel to Northern Private Capital)
Osler, Hoskin & Harcourt LLP (for underwriters)
Telus International IPO
Lead Firm:
Osler, Hoskin & Harcourt LLP (for TELUS International and TELUS Corp.)
Other Firms:
Stikeman Elliott LLP (for underwriters)
Launch of Sprott Physical Uranium Trust
Lead Firm:
Stikeman Elliott LLP (for Sprott Asset Management and the trust)
Other Firms:
Borden Ladner Gervais LLP (for dealers in the Trust’s ATM offerings)
Cassels Brock & Blackwell LLP (for UPC’s Canadian matters)
Goodmans LLP (for underwriters in UPC’s interim period equity offerings)
Thorsteinssons LLP (for UPC’s tax matters)
CAE purchase of L3Harris Technology Military Training assets
Lead Firm:
Norton Rose Fulbright Canada LLP (Canadian and US counsel to CAE Inc.)
Other Firms:
McCarthy Tétrault LLP (for CDPQ and GIC)
Stikeman Elliott LLP (for underwriters)
Definity Insurance IPO
Lead Firm:
Blake, Cassels & Graydon LLP (for Definity)
Davies Ward Phillips & Vineberg LLP (for underwriters)
Other Firms:
Stikeman Elliot LLP (for Swiss Re)
Scarborough Subway Extension P3 Advanced Tunnel Project
Lead Firm:
Norton Rose Fulbright Canada LLP (for STRABAG Inc.)
Other Firms:
DLA Piper (Canada) LLP (for National Bank of Canada and Sumitomo Mitsui Banking Corporation)
McCarthy Tétrault LLP (for Infrastructure Ontario and Metrolinx)
Canada Infrastructure Bank Zero-Emission Buses Initiative
Lead Firm:
Davies Ward Phillips and Vineberg LLP (for CIB)
Other Firms:
Norton Rose Fulbright Canada LLP (for Association of School Transportation Services of BC)
Burnaby Hospital Redevelopment
Lead Firm:
DLA Piper (Canada) LLP (for Fraser Health Authority)
Other Firms:
McMillan LLP (for the Bank of Nova Scotia)
Osler, Hoskin & Harcourt LLP (for EllisDon Capital)
St. Paul’s Hospital and Health Campus Project
Lead Firm:
Bennett Jones LLP (for Providence Health Care Society)
Other Firms:
Davies Ward Phillips & Vineberg LLP (for lenders)
Norton Rose Fulbright Canada LLP (for Providence Health Care Society)
Reynolds Mirth Richards & Farmer LLP (for PCL)
Pembina Pipeline Corp. acquisition of stake in Cedar LNG Project
Lead Firm:
Stikeman Elliott LLP (for Pembina Pipeline Corporation)
Other Firms:
Bennett Jones LLP (for Polaris LNG LP)
Miller Titerle Law Corporation (for Haisla Nation)
Fasken Martineau DuMoulin LLP (for Delfim Midstream)
Henvey Inlet Wind LP refinancing
Lead Firm:
Torys LLP (for syndicate of lenders led by Sumitomo Mitsui Banking Corporation of Canada)
Other Firms:
Osler, Hoskin & Harcourt LLP (for Pattern Energy Group LP)
FNX-INNOV successful opposition to City of Montreal’s SCC appeal in SM Group restructuring
Lead Firm:
Fasken Martineau DuMoulin LLP (for FNX-INNOV)
Other Firms:
McCarthy Tétrault LLP (for Alaris)
Stikeman Elliott LLP (for Deloitte)
North American Lithium restructuring under CCAA
Lead Firm:
Fasken Martineau DuMoulin LLP (for North American Lithium Inc.)
Other Firms:
Blake, Cassels & Graydon LLP (for Piedmont Lithium)
Borden Ladner Gervais LLP (for Outotec)
McCarthy Tétrault LLP (for Investissement Québec and for Sayona Mining)
Norton Rose Fulbright Canada LLP (for Contemporary Amperex Technology Company Ltd.)
Woods LLP (for Jien International Investment Ltd.)
iAnthus Capital Holdings restructuring
Lead Firm:
McMillan LLP (for iAnthus)
Other Firms:
Cassels Brock & Blackwell LLP (for Senvest Master Fund, LP, and Hadron Healthcare and Consumer Special Opportunities Master Fund)
Davies Ward Phillips & Vineberg LLP (for Gotham Green Partners)
Kornfeld Shapray & Partners LLP (for Walmer Capital Limited, Island Investments Holdings Limited, and Alastair Crawford)
M. Singh Law (for Sean Zaboroski)
SkyLaw Professional Corporation (for Gotham Green Partners)
Stikeman Elliott LLP (for Oasis Investment II Master Fund Ltd.)
Spectra Premium Group insolvency
Lead Firm:
Norton Rose Fulbright Canada LLP (Canadian and US counsel to Monitor)
Other Firms:
Fishman Flanz Meland Paquin sencrl/LLP (for Wells Fargo)
Lavery de Billy LLP (for debtor companies)
McCarthy Tétrault LLP (for Laurentian Bank)
Miller Thomson LLP (for Turnspire Capital Partners)
Stikeman Elliott LLP (for Deutsche Bank AG [NY branch], a creditor)
CannTrust Group – CCAA plan of arrangement
Lead Firm:
McCarthy Tétrault LLP (for CannTrust Holdings Inc. and its subsidiaries)
Other Firms:
Aird & Berlis LLP (for the Monitor)
Bennett Jones (for Greg Guyatt)
Blake, Cassels & Graydon LLP (for KPMG)
Crawley MacKewn Brush LLP (for Peter Aceto)
Dentons Canada LLP (for the DIP and Exit Lender)
Henein Hutchison LLP (for Securities Claimants)
Kalloghlian Myers LLP (for Securities Claimants)
Lax O’Sullivan Lisus Gottlieb LLP (for Ian Abramowitz)
Siskinds LLP (for other Securities Claimants)
Stikeman Elliot LLP (for Mark Litwin and Forum Financial Corp)
Stockwoods (for Eric Paul)
Strosberg Sasso Sutts (for Securities Claimants)
Torys LLP (for underwriters)
Tyr LLP (for various current and former employees)
Groupe Dynamite CCAA and Chapter 15 restructuring
Lead Firm:
McCarthy Tétrault LLP (for Groupe Dynamite Inc.)
Other Firms:
Camelino Galessiere LLP (for certain landlords)
Gowling WLG (Canada) LLP (for certain landlords)
Minden Gross LLP (for certain landlords)
Norton Rose Fulbright Canada LLP (for Deloitte Restructuring Inc.)
WELL Health Technologies acquisition of CRH Medical
Lead Firm:
Torys LLP (Canadian and US counsel to WELL Health)
Other Firms:
Blake, Cassels & Graydon LLP (for CRH)
Clark Wilson LLP (for WELL Health)
McCarthy Tétrault LLP (for JP Morgan)
TMX acquisition of AST Investor Services
Lead Firm:
Torys LLP (for TMX Group)
Other Firms:
Blake, Cassels & Graydon LLP (for AST)
CVC Capital Partners and Caisse de Dépôt et Placement du Québec Acquisition of Majority Stake in BlueFocus Intelligent Communication Group’s international group of marketing, advertising, and communications agencies
Lead Firm:
Norton Rose Fulbright Canada LLP (for BlueFocus Intelligent Communication Group)
Other Firms:
Fasken Martineau DuMoulin LLP (for CDPQ)
McCarthy Tétrault LLP (for CVC Capital Partners)
Newmont purchase of GT Gold
Lead Firm:
Stikeman Elliott LLP (for GT Gold)
Other Firms:
Davies Ward Phillips and Vineberg LLP (for Rothschild & Co.)
Goodmans LLP (for Newmont)
Lawson Lundell LLP (for Newmont)
Osler, Hoskin & Harcourt LLP (for BMO Capital Markets)
Empire Company acquisition of Longo’s
Lead Firm:
Osler, Hoskin & Harcourt LLP (for Longo Brothers Fruit Markets)
Other Firms:
Norton Rose Fulbright Canada LLP (Empire M&A counsel)
Stewart McKelvey (Empire M&A and tax counsel)
Stikeman Elliott LLP (Empire competition counsel)
Agnico Eagle acquisition of TMAC Resources
Lead Firm:
Davies Ward Phillips & Vineberg LLP (for Agnico Eagle)
Other Firms:
Cassels Brock & Blackwell LLP (for TMAC)
DLA Piper (Canada) LLP (for Sprott)
McCarthy Tétrault LLP (for Shandong Gold)
Stikeman Elliott LLP (for TMAC’s Special Committee)
Torys LLP (for BMO Capital Markets as financial advisor to TMAC Resources Inc.)
IFM and Ontario Teachers joint acquisition of Enwave Canadian District Energy Operations
Lead Firm:
Goodmans LLP (Senior Marketing and Client Relations Advisor; for Brookfield Infrastructure)
Other Firms:
Stikeman Elliott LLP (for Bank of Montreal and lenders)
Torys LLP (for IFM Investors and Ontario Teachers’)
Canadian Pacific Railway-Kansas City Southern merger
Lead Firm:
Bennett Jones LLP (for Canadian Pacific)
Davies Ward Phillips and Vineberg LLP (for Kansas City Southern)
Other Firms:
Blake, Cassels & Graydon LLP (for Board)
Osler, Hoskin & Harcourt LLP (Canadian counsel to the underwriters for both the Canadian and US offerings)
Torys LLP (for CN Rail)
Alstom acquisition of Bombardier Transportation
Lead Firm:
Davies Ward Phillips & Vineberg LLP (for Alstom)
Other Firms:
McCarthy Tétrault LLP (for CDPQ)
Norton Rose Fulbright Canada LLP (for Bombardier Inc.)
In-house counsel for Caisse de dépôt et placement du Québec (for CDPQ)
Tilray-Aphria merger
Lead Firm:
DLA Piper (Canadian and US counsel to Aphria Inc.)
Fasken Martineau DuMoulin LLP (for Aphria Inc.)
Other Firms:
Blake, Cassels & Graydon LLP (for Tilray, Inc.)
Cooley LLP (US counsel to Tilray, Inc.)
Davies Ward Phillips and Vineberg LLP (for Jefferies LLC)
Brookfield Acquisition and privatization of Inter Pipeline
Lead Firm:
McCarthy Tétrault LLP (for Brookfield Infrastructure Partners)
Other Firms:
Blake, Cassels & Graydon LLP (for Pembina)
Burnet, Duckworth & Palmer LLP (for Inter Pipeline)
Davies Ward Phillips and Vineberg LLP (for J.P. Morgan Securities Canada Inc. and TD Securities Inc.)
Dentons Canada LLP (for Special Committee of Inter Pipeline)
Norton Rose Fulbright Canada LLP (as special counsel to Brookfield Infrastructure Partners L.P.)
Osler, Hoskin & Harcourt LLP (for BMO Capital Markets)
Torys LLP (for Brookfield)
Cenovus Energy-Husky Energy merger
Lead Firm:
Bennett Jones LLP (for Cenovus Energy Inc.)
Other Firms:
McCarthy Tétrault LLP (Canadian tax counsel to Husky Energy Inc)
Osler, Hoskin & Harcourt LLP (for Husky Energy Inc.)
Stikeman Elliot LLP (for Hutchison Whampoa Europe Investments SARL)
Synnex Corporation acquisition of Tech Data
Lead Firm:
McMillan LLP (for Synnex)
Other Firms:
Davies Ward Phillips and Vineberg LLP (Canadian competition counsel to Tech Data Corporation and Apollo Global Management, Inc.)