IPIC completes acquisition of NOVA Chemicals

Torys acted as counsel to IPIC with a team that included Philip Brown, John Emanoilidis, Gavin Sinclair, Allen Yi, Jim MIller and Heding Yang, (corporate/securities), Adam Delean, Jonathan Wiener, Scott Kraag and Jared Fontaine (debt finance and lending), Corrado Cardarelli, Andrew Wong, Peter Keenan, Gregg Larson and David Mattingly (tax), Omar Wakil, Jay Holsten, Philip Mohtadi and Sue-Anne Fox (competition and foreign investment review), Dennis Mahony, Michael Fortier and Tyson Dyck (environmental), Christina Medland, Mitch Frazer, Joe Vicinanza, Stacey Parker-Yull and Tara Sastri (pension and employment), David Dell and Elise Sieradzki (real estate), Linda Plumpton, Ryan Morris and Ian Goldrich (litigation), Eric Boehm, Ebad Rahman and Daniel McConville (business and technology sourcing and IP) and with assistance from Mike Amm, John Cameron, Andy Beck, Chris Fowles, David Ho, Huw Evans and Jamie Becker.

On July 6, 2009, International Petroleum Investment Company (IPIC) and NOVA Chemicals Corporation (NYSE, TSX: NCX) announced the completion of the acquisition of NOVA Chemicals by way of a plan of arrangement. The total value of the arrangement, including assumption of NOVA Chemicals' net debt obligations, is approximately US$2.3 billion. NOVA Chemicals will continue to operate its chemicals and plastics business from its North American base.

This transaction is Canada's first instance of a foreign sovereign wealth fund taking 100% ownership of a Canadian company.

Further information is found on Bloomberg's website.