Mergermarket published its M&A Monthly Insider for May of 2015
earlier this week, summarizing M&A activity around the world,
and particularly in the regions of North America, Central and South
America, Europe, Middle East and Africa, Asia-Pacific, and
To date in North America, there have been 1,516 deals worth US
$407.2 billion. April 2015 saw 319 deals signed that were worth US
$55.7 billion, which represented a 56.3% decrease in value compared
to April 2014. Domestic M&A dominated North America for April
2015 with US $45.8 billion in deals. Cross-border M&A deals
decreased in value compared to April 2014, with inbound M&A
dropping 38.1% to US $9.9 billion and outbound M&A dropping 15%
to US $14.7 billion.
Specifically in Canada, M&A activity has been slower
compared to April 2014. There have been only 46 deals worth US $5.8
billion this April, which was a 33.3% decrease by volume and a
37.7% decrease by value compared to last year. There was a similar
decline in the US last month, with 273 deals valued at US $49.9
billion, both of which were lower than the same time period last
The real estate sector was especially active in April, with five
deals collectively worth over US $10 billion, which was up more
than 350% from April 2014. This boom in real estate M&A
activity reflected Mergermarket's positive forecasts for this
sector. Mergermarket's real estate M&A report from last
year believed there would be favourable conditions in the market
because of recovery in commercial markets, growing confidence in
the sector, and increased opportunities for geographic
In fact, the largest deal announced in April 2015 was a real
estate deal, Prologis Inc.'s US $5.9 billion acquisition of KTR
Capital Partners through a joint venture that is 45% owned by
Norges Bank Investment Management. Two other large real estate
deals that have been announced were Brookfield Asset Management
Inc.'s acquisition of Associated Estates Realty Corp for US
$2.3 billion, and Blackstone's acquisition of Excel Trust for
US $1 billion.
Despite having the largest deal announced in April 2015, the
real estate sector did not have the largest market share. The top
five North American M&A sectors for April 2015, in order of
market share, were business services (19.1% market share), real
estate (18.4%), technology, media, and telecommunications (17.5%),
industrials and chemicals (10.2%), and energy, mining and utilities
The author would like to thank Bobby Leung, articling
student, for his assistance in preparing this legal
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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