February 08, 2018
Torys is proud to announce that our work appears in four of Lexpert’s Top 10 Deals of 2017. The list highlights the largest deals within the past year, as selected by Canadian lawyers following extensive canvasing. According to Lexpert, these deals “represent a trend, illustrate some aspect of the year’s economic climate, or [are] a portent of things to come.” See below to learn about our involvement in this year’s selected deals.
Lexpert says this deal was initially one of their “Top Business Decisions.” Torys acted as Canadian counsel for Nortel with a team that included Tony DeMarinis, Scott Bomhof and Adam Slavens (restructuring), Sheila Block, Andrew Gray and Jeremy Opolsky (litigation). When asked about the deal, a member of the group wrote to Lexpert:
“Nortel’s multi-jurisdictional business, unprecedented legal issues, and eventual big cash stockpile made the restructuring both exceptionally challenging and fascinating, and a case the likes of which may not be seen again for some time.”
In this $1.13 billion dollar transaction, OneREIT entered into separate agreements with SmartREIT and Strathallen to acquire all of OneREIT’s assets and assume all its liabilities. Torys represented National Bank Financial as the financial advisor to the special committee of independent trustees of OneREIT with a team that included John Emanoilidis and Kevin Armitage.
Referred to as “another perennial favourite on Lexpert lists,” the triumphant restructuring transaction of Stelco Inc. was followed by a call for an initial public offering. Torys represented the IPO underwriters led by Goldman Sachs & Co. and BMO Capital Markets with a team that included Michael Amm, Michael Zackheim, David Forrester, Chris Bornhorst, Emily Debono and Tekin Salimi. Michael Amm said of Stelco:
“The successful IPO demonstrated how an innovative restructuring transaction can transform an iconic company and return it to the public capital markets.”
CI Financial Corp. acquired Sentry Investments Corp., valued at $780 million in cash and stock, merging two of Canada’s largest independent asset managers. Torys acted for the underwriters on a related debenture financing.