Q3 | TORYS QUARTERLY • SUMMER 2021

Rethinking Cross-Border Business

The drive to expand global reach and new mandates to advance domestic strategies: we look at these parallel trends for organizations with cross-border interests in the Torys Quarterly.

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Included in this report:

Dealmaking
Market trends
Regulatory

Dealmaking

M&A activity is at record-breaking levels—but with a global economy still coping with the pandemic, cross-border dealmakers are paying close attention to changing regulation, and deal terms and practices.

Cross-border M&A is booming

Corporate Canada’s decision-makers are putting domestic and cross-border growth plans to work, taking advantage of the robust economic outlook in pursuit of strategic transactions.

Cross-border privacy and cybersecurity considerations for M&A
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Co-investments: continuation funds and other considerations
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Pros and cons of open-ended funds for LPs
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Low debt funding costs, strong equity markets and the abundance of capital are underpinning the healthy environment for M&A, and all indicators suggest that the dealmaking momentum should persist into year end and beyond.

— Cross-border M&A is booming

Market Trends

The COVID-19 crisis has disrupted market activity and stirred changing sentiments toward globalization, affecting how governments at all levels and businesses build their strategies. At the same time, pandemic-related litigation is ramping up, with implications for cross-border business.

Rewiring the supply chain: how the pandemic is shaping government procurement

The COVID-19 pandemic will have long-term implications for how governments think about procurement.

Say on Climate votes: will this global initiative take off?
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Investor demand and low rates driving high-yield market activity in Canada and the United States
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Converging cross-border approaches to deal litigation
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The achievement of the broader policy objectives for future government procurement will require careful planning within the context of Canada’s international trade commitments.

— Rewiring the supply chain

Regulatory

Regulators are turning their focus to a wide range of issues for cross-border business, from foreign investment reviews and cryptocurrency to tax and how businesses should manage proof of vaccination in different jurisdictions.

Critical minerals: a new focus for foreign investment review

The Canadian government has recently signalled that it will use it national security powers to scrutinize foreign investments in businesses involved in critical mineral production and supply chains.

Digital dollars: central banks, cyber space and your cash
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Proof of vaccination: privacy considerations for businesses
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Cross-border takeaways from the 2021 Federal Budget
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Central banks around the world are responding to the enthusiasm for digital assets by commencing the processes to establish their own digital fiat currency.

— Digital dollars: central banks, cyber space and your cash