Canadian M&A spikes in Q3 driven by “strategic transactions”

Canadian deal value spiked in the third quarter of 2025, with a “remarkable 150% increase year-over-year”, partner and co-head of Toys’ M&A practice John Emanoilidis told Law.com.

“The focus has shifted to the larger, more strategic transactions,” John said, adding that transactions over a billion dollars are up 85% over the past two years. This reflects a “scale and stability mindset” where companies are executing transformative deals, he said.

One of these notable and strategic transactions was the $53 billion merger of Anglo American and Teck Resources, which was one of the largest deals globally in 2025 and the top M&A transaction involving a Canadian entity. Torys acted as counsel to Anglo American in the transaction. 

Read: Anglo American and Teck to combine and form a global critical minerals champion

Despite predictions of a slow year for M&A due to changing market conditions amidst the U.S. tariffs, “deal activity picked up quite significantly” later in the year due to pent-up demand, John said.

“Canada remains an attractive target for foreign acquirers, even amid these trade frictions,” he said, noting that the U.S. remains a top acquirer of Canadian assets.

You can read more about our M&A work on our practice page.

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