Torys has been named the top M&A law firm by deal value in Canada year-to-date, working on 21 transactions worth $29.2 billion.
The Globe and Mail, reporting on data provided by Refinitiv, said M&A was the one bright spot for Canadian capital markets in the last quarter. “Canadian companies were involved in $62.8 billion worth of takeovers in the second quarter of 2022, up 7 per cent from the same period in 2021. Globally, last year set records for M&A activity,” it said.
These robust M&A numbers are despite the 78% decline from the same period a year ago with Canadian companies selling just $2.8 billion of stock in Q2 this year, in addition to a decline in corporate finance activity across Canada in the last three months.
But despite strong M&A numbers, takeover experts told the Globe the pace of M&A activity can only continue if the economic and geopolitical outlook stabilizes. “Uncertainty is never good for M&A activity,” said co-head of Torys’ M&A practice John Emanoilidis.
John said that deal-making activity has been “resilient”, in part because private equity funds and pension plans see opportunities to put capital to work.
Torys has worked on several significant transactions in year, including acting as counsel to Scotiabank as the financial advisor to Yamana Gold Inc. in its proposed US$6.7 billion sale to Gold Fields Limited, and acting as counsel to AltaGas in the proposed C$1.025 billion sale of its Alaska utilities business to TriSummit Utilities Inc.
You can read more about the firm’s M&A work by visiting the practice page.