UBS AG completes C$172.5 million acquisition of controlling interest in UBS Bunting

Torys acted as counsel to UBS Securities Canada with a team that included Peter Jewett, Chris Fowles, Philip Mohtadi and Sunny Sodhi (corporate), John Unger (tax), Christina Medland (pension and employment), Jim C. Tory and Andrew Gray (litigation), Ilene Shiller (regulatory) and Blair Keefe (Bank Act).

On March 28, 2006, UBS AG completed its acquisition of the remaining ownership interests in its Canadian institutional securities subsidiary, UBS Bunting Limited. The purchase price consisted of a combination of cash and UBS stock totaling C$144 million plus up to an additional C$29 million, depending on the performance of the acquired business post-closing in 2006 and 2007. UBS previously owned a 50 percent stake in UBS Bunting Limited, and the balance was held by employees of UBS Bunting Limited's operating subsidiary, UBS Securities Canada Inc.