Torys advises on three of Lexpert’s Top 10 Deals of 2019

Torys is proud to have acted on three of Lexpert’s Top 10 deals of 2019 and to have advised on two honorable mentions.

2019 was a very active year for dealmaking in Canada in both public and private M&A, giving rise to some blockbuster deals. In similar suit to previous years, competition to make the final list was fierce, but after some lengthy canvasing, a comprehensive list was compiled based on extensive feedback from Lexpert-ranked lawyers.

See below to learn about our involvement in this year’s top deals.

Air Canada acquires Aimia’s Aeroplan loyalty business for C$2.4 billion

Torys represented the consortium, consisting of Air Canada, TD Bank, Canadian Imperial Bank of Commerce and Visa Canada, in connection with the C$2.4 billion acquisition of the Aeroplan loyalty program from Aimia Inc.

Brookfield Business Partners acquires Genworth MI Canada Inc. for C$2.4 billion

In 2019, Brookfield Business Partners acquired an aggregate of 48,944,645 common shares of Genworth Canada, Canada’s largest private sector residential mortgage insurer, representing an approximate 57% controlling interest in the business.

Torys represented Brookfield Business Partners with a team that included Karrin Powys-Lybbe, Steven Rotchtin, Jacob Posen and Brody Appotive (corporate/M&A), Jill McCutcheon, Eli Monas and Hailey Schnier (regulatory), Omar Wakil and Ian Li (competition), Adam Delean, Jonathan Wiener and Jacob Weinstock (financing), Ed Fan and Yu Seon Gadsden-Chung (IP), Susan Nickerson and Tom Stevenson (employee benefits) and Corrado Cardarelli (tax).

The C$1.9 billion Wataynikaneyap Transmission Project in northwestern Ontario

The largest First Nations-led infrastructure project in Canadian history involving Wataynikaneyap Power, a partnership between 24 First Nations and FortisOntario Inc. The Wataynikaneyap transmission project is a 1,725 km system connecting 17 remote First Nations communities to the provincial electricity system in Northwestern Ontario. The project is due to be completed in 2023.

Torys is acting as project counsel to Wataynikaneyap Power with a team that included Valerie Helbronner, Adam Banack, Henry Ren, Marshall Rossiter and Claire Chapman (projects), Charles Keizer, Jonathan Myers and Tim Pavlov (energy regulatory), Valerie Helbronner, Jonathan Weisz, Simon Williams, Jacob Weinstock and Erin Shin (financing), Dennis Mahony and Tyson Dyck (environmental) and Andy Gibbons (real estate).

In addition to advising on three of Lexpert’s Top 10 deals of 2019, Torys also acted on two of the honorable mentions noted below. 

Brookfield buys natural gas processing businesses from Enbridge

Enbridge closed the federally regulated portion of its C$4.3 billion deal to sell 19 natural gas gathering and processing assets to Brookfield Infrastructure. Under Brookfield, the gas business will be named NorthRiver Midstream Inc.

Torys represented Enbridge with a team that included Derek Flaman, Peter Danner, Amy Maginley and Carleigh Kennedy (corporate/M&A), Omar Wakil (competition), Mitch Frazer and Tom Stevenson (pensions and employment), Tyson Dyck (environmental), Lou Cusano, Aaron Emes and Evan Dickinson (energy regulatory).

Transalta Negotiates Strategic Investment with Brookfield

TransAlta completed the previously announced investment by funds controlled by Brookfield. Under the terms of the previously announced agreement, Brookfield invested C$750 million in TransAlta through the purchase of securities, convertible into an equity ownership interest in TransAlta's Alberta Hydro Assets in the future.

Torys represented Brookfield with a team that included Karrin Powys-Lybbe, Neville Jugnauth, Janan Paskaran, Chris Christopher and Daniel Masliyah (corporate/securities), and John Tobin and Craig Maurice (tax).