Canada

Blake Cassels & Graydon, a historic member of the Seven Sisters, was founded in 1856. This full-service firm has expanded to five Canadian cities—Toronto, Calgary, Vancouver, Montréal, and Ottawa—and two international locations in New York and London. Renowned for its corporate and project development expertise, the firm excels in financial services, advising on regulatory and transactional matters, including refinancing and acquisition financing. Its capital markets team handles diverse equity, debt, and structured finance issues, while the M&A team supports strategic acquisitions and reorganizations. The restructuring and insolvency team is adept at managing all sides of restructuring proceedings. 

Highlights 

Blakes advised on two of Canada’s most significant transactions in 2024. The firm represented Advent International in its take-private acquisition of Nuvei Corporation, a global fintech leader. The deal involved complex structuring of multi-billion-dollar debt financing, concurrent reorganizations, and a new governance framework among Advent and rollover shareholders, alongside global regulatory approvals—setting a benchmark for cross-border private equity transactions. Blakes also acted for South Bow Corporation in its notes offering, the largest debt capital markets transaction in Canadian history, tied to TC Energy’s liquids pipeline spinoff. The transaction required innovative hybrid securities structuring, regulatory approvals across Canada and the U.S., and the creation of a dual-listed public company on TSX and NYSE. 

Key Clients  

Algonquin Power & Utilities, AstraZeneca, Cleveland Cliffs, Coastal Gaslink Pipeline, Equinox Gold Corporation, JP Morgan Securities, RBC Capital Markets, Royal Bank of Canada and South Bow Corporation.

Sangra Moller, based in Vancouver, is a Canadian corporate and securities law firm serving local, national, and international clients. The firm excels in capital markets and corporate work, focusing on corporate finance, securities, M&A, strategic investments, takeovers, and natural resources in forestry and mining. Active in capital markets, it handles domestic and overseas at-the-market offerings. In M&A, the team specializes in cross-border mergers and acquisitions, particularly for acquirers in the energy and mining sectors.

Highlights 

Sangra Moller advised on significant cross-border financings in 2024. The firm represented Mercer International in its senior notes offering, one of Canada’s largest debt financings of the year, completed under a tight timeline and involving complex U.S.-Canada regulatory considerations. Sangra Moller also acted as lead counsel to Gold Royalty in a bought deal financing of units listed on NYSE American, executed alongside concurrent acquisitions and requiring intricate coordination across jurisdictions. Additionally, the firm advised Uranium Royalty on its bought deal share offering, navigating cross-border securities compliance for a Canadian issuer listed in the U.S. These transactions underscore Sangra Moller’s expertise in sophisticated capital markets and multi-jurisdictional deals. 

Key Clients  

Mercer International, Gold Royalty, Scully Royalty, Uranium Royalty, Conifex Timber. 

Testimonials

“Incredible work ethic, competence, responsiveness and business sense.” (M&A client) 

“Rod Talaifar has an exceptional fundamental understanding of our industry and wise business and tactical counsel beyond just legal advice.” (M&A client) 

“They provide good advice not just on the legal aspect but also from a commercial standpoint. They are on top of everything and keep following up with the seller and its counsel to ensure closing is on time.” - (M&A Client) 

“Always accessible. Practical approach to solving challenges. Very responsive. Proactive – Identified key risk areas.” - (M&A Client) 

“Always accessible. Proactive. Good risk management. Creative problem solving. Always delivered on deadlines – timely.” - (M&A Client) 

“Rod Talaifar is my go-to on every aspect of my business. He’s indispensable.”  - ( Rod Talaifar) 

“Exceptional expertise and service from our partner Rod Talaifar.” - (Rod Talaifar) 

“Seemingly tireless – always available. Proactive. Excellent risk management. Creative problem solver. Calm and reassuring style.”  - ( Rod Talaifar) 

Founded in 1941, Torys has grown to five offices, including four in Canada and one in New York. Renowned for its M&A and project development work, the firm excels in finance, corporate, and projects practice areas. The banking team handles credit facilities, acquisition financing, and project financing, while the capital markets team supports issuers and underwriters in debt, equity, and securitization. The M&A team represents buyers, sellers, and private equity firms, and the projects team focuses on energy and infrastructure. Torys also addresses restructuring and insolvency issues for a diverse clientele. 

Highlights 

Torys advised on two landmark transactions of national significance in 2024. The firm represents Innovation, Science and Economic Development Canada in its proposed debt and equity investment in Telesat Canada to develop the Lightspeed Low Earth Orbit satellite constellation—the largest space program in Canadian history. This transformative project positions Canada at the forefront of the global New Space Economy, bridging the digital divide and driving innovation. Additionally, Torys acts as Canadian counsel to Viterra Limited and its shareholders in Viterra’s proposed merger with Bunge Limited, creating a global agribusiness leader. The deal involved complex competition and public interest reviews under Canadian law, requiring detailed negotiations and political-level approval by the Governor-in-Council. 

Key Clients  

Bain Capital, Brookfield Group of Companies, Canadian Western Bank, Department of Justice Canada, Scotiabank and Viterra Limited. 

Testimonials 

“The Torys team is highly competent and highly responsive. They worked alongside us and felt like they were part of our team rather than just a third-party advisor.” (M&A client) 

“Torys LLP's professionals are extremely knowledgeable, dependable and responsive. The quality of their work is outstanding.” (Project development client) 

“It is truly a full-service firm. Because it has project finance experience, we are able to rely on that, so we ensure that for every step we take and every contract signed, it is bankable. They are also very fast and responsive and knowledgeable.” (Project development client) 

“Torys has an excellent restructuring team comprised of top-end experienced practitioners (Demarinis/Bish/Bomhof) as well as up and coming partners recently entering their prime (Slavens), which has helped solidify capabilities and learned experience/expertise across generations.  It is very efficient with the expected fees closely matching or beating my expectations, having worked with many competitors.  Its full-service offering is critical to complex restructuring mandates that touch industry, human capital, financing, investigations, litigation, and other legal specialties - all of which the Torys team can capably fill.” (Restructuring client) 

“Adam is a terrific lawyer who is at the start of his prime with the opportunity to solidify himself as a go-to advisor in the Canadian market.  He is accountable, practical, and solution oriented.” (Restructuring client) 

“Krista Hill does everything extremely well.” (Project development client) 

“Chris Christopher is very knowledgeable in his area and in the jurisdiction (power purchase agreements for renewable projects in Alberta). He is very responsive and detailed and good at explaining difficult concepts.” (Project development client) 

“Huw has an incredible knowledge of corporate law and expertise when it comes to M&A in the energy sector. He also has a breadth of legal knowledge outside of just energy transactions. He is also great a problem solving.” 

Fillmore Riley’s history dates back to 1883 and has since grown to become one of Manitoba’s top tier corporate practices. The firm has one location in Winnipeg and is a member of TAGLaw.

Focusses/specialisms 

The firm has developed industry expertise in agribusiness, life sciences, tourism, media, construction, entertainment, transportation, manufacturing and banking and financial institutions.  

Fillmore Riley is known for its outstanding work in the financial and corporate practice areas, especially M&A. It works on strategic acquisitions and mergers, on the buy and sell side. The team also advises on related acquisition financing. It also acts for private equity firms in fund formations.  

Key clients 

Key clients for the firm include Cabot, Penner International Group of Companies and TransX.

Founded in 1952, Stikeman Elliott has become an international powerhouse, renowned for its capital markets and M&A expertise. With five Canadian offices and three international locations, the firm excels in banking, project development, and financial services regulation. Their banking team handles cross-border and domestic financing, while the capital markets team is adept in debt, equity, and structured finance. The M&A team serves a diverse clientele, and the project development team focuses on infrastructure and energy projects. Additionally, their restructuring and insolvency team supports debtors, monitors, trustees, and lenders. 

Highlights 

Stikeman Elliott advised on transformative transactions in mining, infrastructure, and energy in 2024. The firm acted as lead counsel to Osisko Bermuda Limited in its syndicated gold stream agreement with Franco-Nevada for SolGold’s Cascabel copper-gold project in Ecuador—one of the world’s largest mineral developments—requiring intricate structuring of multi-tranche funding and stream rights. Stikeman also represents Canada Pension Plan Investment Board in the sale of its 7.51% stake in 407 ETR to PSP Investments and its simultaneous acquisition of a 6.76% stake from AtkinsRéalis, reinforcing CPP’s infrastructure portfolio. Additionally, the firm advises First Nations Limited Partnership on the Wataynikaneyap Power Transmission Project, a landmark 1,800 km line bringing electricity to remote communities in Northwestern Ontario. 

Key Clients 

Air Canada, Boralex, Canada Growth Fund, Canada Pension Plan Investment Board, First Nations Limited Partnership, Hudson’s Bay Company, New Foundland & Labrador Hydro, Osisko Gold Royalties and TC Energy Corporation.