Partner and co-head of Torys’ M&A practice Michael Amm spoke with Canadian Lawyer about the firm’s was involvement in a significant number of deals last year, resulting in Torys being named the top Canadian M&A advisor by deal value in 2022 by Refinitiv.
Torys was ranked number 1 by Refinitiv’s Canada M&A league table after being credited on 63 deals in 2022 with Canadian involvement, totaling more than $39 billion in overall deal value.
Speaking with Canadian Lawyer, Michael said dealmaking in 2022 was plagued with uncertainty as a result of things like interest rates, inflation, and difficult borrowing conditions. He added that despite this, the markets still saw significant deals in various sectors.
“Given the challenges noted under Q1, dealmaking has been getting more challenging and complicated—but commercially compelling and highly strategic transactions are getting done,” Mike said.
Read: Refinitiv names Torys as top M&A advisor by deal value for 2022
Looking ahead, Michael suggests that 2023 will likely bring more going-private transactions, driven by reduced valuations and lots of “dry powder” cash among private equity players.
“[There will also be] public companies facing commercial and financial challenges, as well as companies who have gone public in the last few years who are struggling and trading well below their IPO price,” he said.
He also indicated “regulatory headwinds” that might impact deals, resulting in longer regulatory review periods and discouraging some transactions from being pursued.
You can read more about our M&A work on our practice page.
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