Jan. 10, 2024 - What is a spurned seller’s recourse when a buyer walks away from a deal in breach of the purchase agreement? In private M&A, the answer is reasonably straightforward: sue the buyer to close the deal or to recover damages. In public M&A, however, the answer is murky at best. The problem arises...
Announcement
Enbridge Completes Sale of Interest in Noverco
Davies acted as Canadian counsel to Enbridge Inc., a leading North American energy infrastructure company, in the sale of its 38.9% minority ownership interest in natural gas distributing company Noverco Inc. to Trencap L.P. for $1.14 billion in cash.
With the deal closed, Trencap, a consortium led by Caisse de dépôt et placement du Québec, now owns Noverco and its subsidiary Énergir, Québec’s main natural gas distributor.
The Davies team advising on the transaction included Michel Gélinas, Elise Beauregard, Charles Larose Jodoin and Tyson Lowrie (Mergers and Acquisitions); Sébastien Roy (Capital Markets and Securities); Anita Banicevic (Competition, Antitrust and Foreign Investment); Marie-Claude Bellemare, Alexandria Pike and Robyn Barabash (Environmental and Indigenous); and Michael Kandev (Tax).
Related
As the Pandemic Abates, Activists Advance: Shareholder Activism Rebounds in Canada
Oct. 20, 2023 - Canadian shareholder activism continued its post-pandemic resurgence into the first half of 2023. Emerging trends include the “activist swarm,” where multiple—yet uncoordinated—activists converge on a single target with competing demands. Activism has also been on the rise in response to M&A...
