“She blends exceptional legal talent with an acute understanding of her clients’ business needs. She has an extremely sophisticated understanding of regulatory issues, terrific problem solving skills and the uncanny ability to anticipate potential problems down the road and ward them off.”
Client – Chambers Canada 2017
Patricia acts on many of Canada’s most complex mergers and acquisitions. Acquirers, targets and investors, in Canada and abroad, rely on her unparalleled expertise. She was lead counsel for Burger King Worldwide Inc. in its US$12.5-billion acquisition of Tim Hortons and for McKesson Corporation in its $3-billion acquisition of Rexall.
Clients appreciate Patricia’s extensive experience in advising parties on both sides of shareholder activism issues. Boards of directors, special committees and activist shareholders regularly consult her on their corporate governance and transaction-specific matters. She acted as lead counsel for Pershing Square Capital Management in its landmark campaign to change the board and management of Canadian Pacific Railway.
Known for her ability to develop innovative financing instruments, Patricia advises clients on public market derivatives and structured debt and equity products.
An adjunct professor at Osgoode Hall Law School, Patricia teaches the Advanced Business Law Workshop on mergers and acquisitions and the Regulation of the Canadian Cannabis Industry course. She is the founder of AIDSbeat, the Toronto legal community’s largest charity event.
Shareholders of MedReleaf Corp.
Advised the shareholders of MedReleaf Corp. in catalyzing the sale of MedReleaf to Aurora Cannabis Inc., bringing together two of Canada's largest cannabis companies, in an all-share transaction valued at approximately $3.2 billion.
Morgan Stanley, J.P. Morgan and Deutsche Bank Securities Inc.
Acted as Canadian counsel to a syndicate of underwriters, led by Morgan Stanley, J.P. Morgan and Deutsche Bank Securities, in a US$950-million offering of The Stars Group Inc.'s common shares by way of a treasury and secondary offering in Canada and the United States under the multijurisdictional disclosure system. The Stars Group intends to use the net proceeds from the treasury offering, together with debt financing and cash on hand, to fund the acquisition of Sky Betting & Gaming.
Oaktree Capital Management, L.P.
Acted for Oaktree Capital Management, L.P., in its opposition to the $475-million acquisition of Québec-based Tembec Inc. by Florida-based Rayonier Advanced Materials Inc.
Syndicate of underwriters, led by CIBC Capital Markets and RBC Capital Markets
Acted as Canadian counsel for a syndicate of underwriters, managed by CIBC World Markets Inc., Jefferies Securities, Inc., RBC Dominion Securities Inc. and Robert W. Baird & Co. Incorporated, in connection with the $125-million initial public offering and secondary offering of an aggregate of 10,900,000 Class A subordinate voting shares of Freshii Inc., a Canadian healthy fast-casual franchise. The offering was the first Canadian initial public offering on the Toronto Stock Exchange in 2017.
Acted for McKesson Corporation, a leading international healthcare services and information technology company, in connection with its $3-billion acquisition of Rexall and Rexall Pharma Plus, which operate approximately 470 pharmacies in Canada, from Katz Group, one of Canada's largest privately owned enterprises.
Luminus Management, LLC
Acted for Luminus Management, LLC in connection with its $49 million strategic investment in common shares (resulting in a 16.7% aggregate equity interest) and 10% senior secured high yield notes of Delphi Energy Corp. and negotiation of an investor rights agreement with the issuer.
Burger King Worldwide, Inc.
Acted for Burger King Worldwide, Inc. in connection with its acquisition of Tim Hortons Inc. for approximately US$12.5 billion, the related financing, which involved a US$3-billion preferred equity investment from Berkshire Hathaway Inc., a secured US$7.25-billion credit facility and a private placement of US$2.25 billion of second lien secured notes, and an associated tender offer for Tim Hortons' outstanding US$1.2 billion of debt securities. This transaction resulted in the creation of Restaurant Brands International, a new global company headquartered in Canada, and the third-largest quick service restaurant in the world with approximately US$23 billion in system sales and over 18,000 restaurants in 100 countries. The transaction was recognized as Global M&A Deal of the Year: Canada by The American Lawyer's 2015 Global Legal Awards.
Pershing Square Capital Management
Acted as Canadian counsel to Pershing Square Capital Management in connection with its concurrent cross-border secondary offering of US$1.4 billion of Canadian Pacific Railway common shares. The transaction was effected as a U.S.-style bought deal, and the shares were sold to the public at variable prices.
Agnico Eagle Mines Limited
Acted for Agnico Eagle Mines Limited in connection with its $3.9-billion acquisition with Yamana Gold Inc. of Osisko Mining Corporation. The transaction involved the formation of a 50-50 partnership between Agnico Eagle and Yamana which will hold and operate the Canadian Malartic mine. The transaction also resulted in a spin-out of a new TSX-listed company called Osisko Gold Royalties Ltd. which will continue to hold a 5% royalty interest in the Canadian Malartic gold property as well as exploration assets in Mexico.
Pershing Square Capital Management LP
Acted for Pershing Square Capital Management LP in connection with its proposed acquisition, with Valeant Pharmaceuticals International Inc., of Allergan Inc.
In the News
Patricia Olasker Speaks to The Globe and Mail About Dealmaking Trends in the Canadian Cannabis Industry
Mar. 05, 2019 - In an article (available to subscribers) published this week in The Globe and Mail, Davies partner Patricia Olasker shared her insights about the changing M&A landscape in the Canadian cannabis space. In contrast to the focus on domestic acquisitions one year ago, cannabis dealmakers are...
Canadian Club Toronto, Shareholder Activism Panel, “Is Your Company Safe?”; Toronto, ON
Mar. 04, 2019
Skytop Strategies, Shareholder Activism: Unlocking Shareholder Value, “Activism’s Next Target: The Canadian Cannabis Industry”; New York, NY
Jan. 24, 2019
In the News
Patricia Olasker and Brian Kujavsky Profiled as Top Cannabis Lawyers by Business Insider
Jan. 11, 2019 - An article published this week in Business Insider features Davies partners Patricia Olasker and Brian Kujavsky among a select group of lawyers who have cut a trailblazing path into the booming cannabis industry. The article describes how Davies’ involvement in the industry was driven by...
In the News
Davies Tops the List of Firms in Cannabis M&A Deals
Dec. 21, 2018 - An article published this week on IPO Edge and Yahoo Finance on the booming cannabis M&A market has called Davies the “go-to firm for cannabis,” leading all other law firms by a wide margin for M&A deals in the cannabis space. According to Dealogic, Davies topped the list of firms for cannabis M&A...
Hemp-Derived CBD: United States Liberalizes Regulation
Dec. 13, 2018 - While much of the focus recently has been on Canada’s recreational cannabis industry, the United States has made a progressive move of its own, approving legislation that will remove industrial hemp from the definition of “marihuana” under the federal Controlled Substances Act (CSA). The...
In the News
Patricia Olasker Speaks to Bloomberg About Davies’ Role in Canada’s Cannabis Market
Nov. 27, 2018 - In an article published recently in Bloomberg, Davies partner Patricia Olasker speaks about Davies’ involvement in Canada’s booming cannabis industry. Davies ranks first among its peers for working on $5.8 billion worth of cannabis M&A this year, including advising the shareholders of...
University of Toronto Faculty of Law, The Program on Ethics in Law and Business, M&A Fall Roundtable; Toronto, ON
Nov. 02, 2018
In the News
Davies partner Patricia Olasker Quoted in The Globe and Mail About U.S. Rules on Entry of Cannabis Workers
Oct. 25, 2018 - In articles published recently in The Globe and Mail (available to subscribers) and in the Report on Business Cannabis Professional newsletter, Davies partner Patricia Olasker speaks about the U.S. government’s clarification that Canadians employed in the cannabis industry are...
Davies Governance Insights 2018
Oct. 03, 2018 - Davies’ annual Governance Insights reports analyze the top governance trends and issues important to Canadian boards, senior management, in-house counsel and governance observers. In the 2018 edition, we shine the spotlight on the following issues that shaped the corporate governance...
Chambers Global: The World’s Leading Lawyers for Business—Corporate/M&A (Band 1)
Chambers Canada: Canada’s Leading Lawyers for Business—Corporate/Commercial: Ontario (Band 1)
IFLR1000: The Guide to the World’s Leading Financial Law Firms—Capital Markets: Equity; Mergers and Acquisitions
The Legal 500 Canada—Capital Markets (Leading Lawyer); Corporate and M&A (Leading Lawyer); Energy: Mining (Recommended)
WXN—Canada’s Most Powerful Women: Top 100 Award (2009 and 2017)
Canadian Lawyer Magazine—Canada’s Top 25 Most Influential Lawyers: Corporate-Commercial Law
The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada—Corporate Finance and Securities; Corporate Commercial; Mergers and Acquisitions
Lexpert Special Edition Leading Canadian Lawyers in Global Mining
Report on Business/Lexpert Special Edition Canada’s Leading Corporate Lawyers
Lexpert Guide to US/Canada Cross-Border Lawyers in Canada—Mergers & Acquisitions
Lexpert Zenith Award—Celebrating Women Leaders in the Legal Profession
The Canadian Legal Lexpert Directory—Corporate Finance and Securities (Most Frequently Recommended); Corporate Commercial Law (Most Frequently Recommended); Mergers and Acquisitions (Most Frequently Recommended); Mining
Lexpert Magazine—Canada’s Top 25 Women Lawyers
The Best Lawyers in Canada—Corporate Law; Corporate Governance Law; Mergers and Acquisitions Law; Mining Law; Securities Law
Who’s Who Legal: Canada—Capital Markets (Most Highly Regarded); Corporate Governance; Mergers and Acquisitions (Most Highly Regarded); Mining; Who’s Who Legal: Corporate—Corporate Governance; Mergers and Acquisitions; Who’s Who Legal: Capital Markets—Debt and Equity; Who’s Who Legal: Mining
Expert Guides’ Women in Business Law; Expert Guides—Capital Markets; Mergers and Acquisitions