Crosbie & Company's quarterly Canadian M&A Report has indicated an
overall decline in activity for the first quarter of 2015, with
total deal volume down 7% and total value down 46% from the
Accounting for the decrease in deal value is the fact that the
majority of transactions this quarter took place in the mid-market
segment. While mid-market deals (under $250 million) represented
90% of all transactions this quarter, they accounted for only $9
billion, or 20% of total deal value. Mega-deals (over $1
billion), on the other hand, accounted for $26 billion in value,
with a total of 8 transactions during Q1 2015.
Activity by sector
The most active sector by deal volume this quarter was Real
Estate, with 104 transactions totalling $6.7 billion. This is
consistent with past performance: real estate has been the most
active sector for eleven consecutive quarters.
With 80 transactions totalling $11.3 billion, Industrials was a
heavy-hitter this quarter, taking the top spot in terms of deal
value and second only to Real Estate in terms of volume.
Following closely behind Industrials was Financial Services with
over $9 billion in deals. Information Technology and Customer
Discretionary were also quite active this quarter, closing 79 deals
Ontario, British Columbia, Alberta, and Quebec were the most
active provinces this quarter, making up 88% of all deal
activity. Ontario's first quarter performance,
representing 39% of all activity nationwide, is up significantly
from Q1 2014.
Cross-border deals comprised 42% of all activity in Q1. Canadian
outbound transactions exceeded inbound transactions in terms of
both deal volume and deal size. In terms of volume, Canadian
companies making foreign acquisitions exceeded the rate of foreign
companies acquiring in Canada by a rate of 1.5 times. In
terms of value, outbound transactions outpaced inbound transaction
by a factor of 9 times.
The author would like to thank Erika Anschuetz,
summer student, for her assistance in preparing this legal
Norton Rose Fulbright Canada LLP
Norton Rose Fulbright is a global legal practice. We provide
the world's pre-eminent corporations and financial institutions
with a full business law service. We have more than 3800 lawyers
based in over 50 cities across Europe, the United States, Canada,
Latin America, Asia, Australia, Africa, the Middle East and Central
Recognized for our industry focus, we are strong across all
the key industry sectors: financial institutions; energy;
infrastructure, mining and commodities; transport; technology and
innovation; and life sciences and healthcare.
Wherever we are, we operate in accordance with our global
business principles of quality, unity and integrity. We aim to
provide the highest possible standard of legal service in each of
our offices and to maintain that level of quality at every point of
Norton Rose Fulbright LLP, Norton Rose Fulbright Australia,
Norton Rose Fulbright Canada LLP, Norton Rose Fulbright South
Africa (incorporated as Deneys Reitz Inc) and Fulbright &
Jaworski LLP, each of which is a separate legal entity, are members
('the Norton Rose Fulbright members') of Norton Rose
Fulbright Verein, a Swiss Verein. Norton Rose Fulbright Verein
helps coordinate the activities of the Norton Rose Fulbright
members but does not itself provide legal services to
The content of this article is intended to provide a
general guide to the subject matter. Specialist advice should be
sought about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
In Ontario Securities Commission v. Tiffin, the Ontario Court of Justice clarified the limits of the definition of "securities" under s.1(1) of the Securities Act, as it relates to promissory notes. The defendant in the case was charged with trading in securities without being registered and while prohibited, and without filing a prospectus.
The OSC has issued a press release advising stakeholders that Ontario securities law may apply to any use of distributed ledger technologies, such as blockchain, as part of financial products or service offerings.
The use of electronic signatures is becoming increasingly commonplace in commercial transactions, as individuals and businesses capitalize on the administrative efficiency afforded by today’s digital world.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).