Patricia A. Koval

Patricia A. Koval

Partner
Toronto: 416.865.7356
Fax 416.865.7380

Education

LLB, 1981
Osgoode Hall Law School
MBA, 1981
Schulich School of Business, York University
BA Hons. (Economics, summa cum laude, Governor General's Gold Medal), 1977
York University

Bar Admissions

Ontario, 1983

Overview

Patricia Koval’s practice focuses on representing public companies and investment banks on mergers and acquisitions, corporate finance and governance matters. Pat has extensive experience in planning, negotiating and implementing public and private market transactions for clients and advising senior management and boards of directors on legal and strategic matters. Pat acts for some of the firm’s most prominent public companies and has been involved in many of the firm’s most significant transactions, including Hindalco’s acquisition of Novelis, and Loblaw’s creation and IPO of Choice Properties Real Estate Investment Trust. Pat has been, and continues to be, recognized by virtually every legal publication in North America.

Pat regularly acts for issuers, financial advisers and potential acquirers in structuring acquisitions, dispositions and reorganizations, including takeover bids, arrangements, privately negotiated acquisitions and going private transactions. Pat has led a significant number of domestic and cross-border hostile and friendly public takeover bids as well as negotiated acquisitions. A number of her cross-border transactions have involved India-based corporations in their acquisitions of North American corporations. She is the co-founder and co-chair of the firm’s India Group and a director of the Canada-India Business Council. Pat has taught a senior course on M&A at University of Toronto Law School for over ten years, and she now teaches a similar course for business executives in the University’s Global Professional Master of Laws Program.

As the leader of the team that created the Canadian REIT structure in 1993, Pat is one of the most experienced REIT and real estate operating company (REOC) practitioners in Canada. She has represented many Canadian, cross-border and international REIT issuers and their sponsors and managers, as well as investment dealers, in IPOs, public and private equity and debt financings. She has, for example, acted on all equity and debt capital raisings for First Capital Realty Inc. since 1999, and has been underwriters’ counsel on all equity and debt capital offerings for RioCan REIT, since its formation. In addition, she has acted for various parties in connection with a number of REIT and REOC reorganizations, conversions, acquisitions and business combinations, and management internalizations.

Pat regularly advises public companies on shareholder activism matters and is a frequent commentator on these issues with the media. She has acted for issuers or dissidents in shareholder activism matters, including those culminating in proxy contests for control.

In addition, Pat is also very experienced with public and private managed asset products, including ETFs, hedge funds, listed and mutual funds, and the myriad issues surrounding portfolio management.

Pat is the recipient of the prestigious 2014 Arbor Award, awarded by the University of Toronto to those who have provided outstanding volunteer service. Pat received the award as a result of her work as a member of U of T’s Environmental Finance Advisory Committee. The Committee engages with the business community to provide a forum for the exchange of innovative ideas in environmental finance, carbon and water finance and environmental risk management.

Representative Work

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Recognition

Best Lawyers' Best Lawyers in Canada—Leading lawyer in derivatives (2008-2011) and corporate law, mutual funds law and securities law (2006-2017)

Chambers & Partners’ Chambers Global: World’s Leading Lawyers for Business, The Client’s Guide—Leading lawyer in corporate/M&A (Canada and India) and in climate change (global) (2013-2015)

Expert Guides' Women in Business Law—Leading lawyer in capital markets (2014)

Lexpert/Thomson Reuters' Canadian Legal Lexpert Directory—Leading lawyer in corporate finance & securities, investment funds & asset management, corporate commercial law and M&A (2008-2014)

Law Business Research’s Who’s Who Legal: Canada—Leading lawyer in private funds (2010-2015)

Lexpert/American Lawyer’s Guide to the Leading 500 Lawyers in Canada—Leading lawyer in corporate finance and securities (2012-2014)

Law Business Research’s Who’s Who Legal—Leading lawyer in private funds (2008-2012)

Practical Law Company’s Which Lawyer?—Highly recommended Canadian lawyer in investment funds, and recognized in capital markets: debt and equity (2009-2012)

Chambers & Partners’ Chambers Global: World’s Leading Lawyers for Business, The Client’s Guide—Leading lawyer in climate change (global) (2011-2012)

Lexpert's Special Law Inserts appearing in The Globe and Mail's Report on Business Magazine—Most frequently recommended lawyer in corporate commercial, and corporate finance and securities (2011)

Lexpert/American Lawyer’s Guide to the Leading 500 Lawyers in Canada—Leading lawyer in corporate finance and securities, and investment funds and asset management (2009-2011)

Lexpert's Cross-Border Guide to the Leading U.S./Canada Cross-Border Corporate Lawyers in Canada—Leading cross-border practitioner in corporate finance and securities (2009-2010)

Chambers & Partners’ Chambers Global: World’s Leading Lawyers for Business, The Client’s Guide—Leading lawyer in corporate/M&A and climate change (global) (2010)

Legal Media Group/Euromoney's IFLR1000 The Guide to the World's Leading Financial Law Firms—Leading lawyer in M&A (2009)

Law Business Research’s Who’s Who Legal, The International Who’s Who of Private Funds Lawyers—Leading lawyer in private funds (2009)

Real Time News' LawDay—Leading lawyer in climate change (2009)

Chambers & Partners’ Chambers Global: World’s Leading Lawyers for Business, The Client’s Guide—Leading lawyer in corporate and M&A (2008-2009)

Practical Law Company's Cross-border Capital Markets HandbookRecommended lawyer in capital markets (2008-2009)

Legal Media Group/Euromoney's IFLR1000 The Guide to the World's Leading Financial Law Firms—Leading lawyer in M&A (2008)

Practical Law Company’s Which Lawyer? Yearbook—Recommended Canadian lawyer in investment funds, and recognized in capital markets: debt and equity (2008)

Lexpert/American Lawyer’s Guide to the Leading 500 Lawyers in Canada—Leading practitioner in corporate finance, investment funds and in asset management; repeatedly recommended in corporate/commercial law and in M&A (2008)

Practical Law Company's Cross-border Investment FundsRecommended lawyer in investment funds (2007-2008)

Insights

Media

Professional Involvement

Pat promotes legal education in a number of areas through her academic and teaching involvements, including as an Adjunct Professor at the University of Toronto Faculty of Law. At Osgoode Hall Law School, York University, Pat is a member of the South Asian Advisory Council.

In addition to co-chairing the India team of Torys LLP's Toronto office, Pat sits on the board of directors of the Canada-India Business Council, chairs its Finance and Governance Committee and is a regular speaker at its events in Canada and India.

Pat was a member for three years of the Ontario Securities Commission Securities Advisory Committee, a group of lawyers appointed by the government of Ontario to provide assistance in developing and drafting amendments to Canadian securities legislation and policy statements. In 1994 and 1995, she acted as counsel for a task force appointed by the government of Ontario to advise on the feasibility of granting rule-making authority to the Ontario Securities Commission. Subsequently, Pat was retained by the Government of Ontario to advise in the finalization of the rule-making legislation, which was implemented January 1, 1995. More recently, Pat was a member of the Environmental Reporting Advisory Committee of the Ontario Securities Commission, which advised Canadian securities regulators in connection with their October, 2010 publication of disclosure guidance to reporting issuers.

Pat provides pro bono legal services to a number of Canadian non-profits and charities, including World Wildlife Fund Canada and The Canadian Federation of Humane Societies. In 2011, she was awarded a Lexpert Zenith award for her services to those charities, including her contribution to the governance and operations of those organizations.

Directorships

Pat is the immediate Past Chairman of the Board of Directors of World Wildlife Fund (Canada). She is a director and Chair of the Finance and Governance Committee of the Canada-India Business Council, a director and Chair of the Legal Committee of the Canadian Federation of Humane Societies and a director of each of the Living City Foundation and the Kawartha Turtle Trauma Centre.