Top 10 Deals 2011; Top Banks, Law Firms

Top 10 M&A deals in 2011 by Canadian acquirers

Rank: 1

Target: Equinox Minerals Ltd.

Buyer: Barrick Gold Corp.

Value: $7.7 billion**

Investment Banks: Barrick: RBC Capital Markets; Morgan Stanley Equinox: CIBC World Markets; Goldman Sachs; TD Securities

Law Firms: Barrick: Clayton Utz; Mallesons Stephen Jaques (advising Morgan Stanley; RBC Capital Markets); Ogilvy Renault; Sullivan & Cromwell Equinox: Allen & Overy; Cravath Swaine & Moore (advising Goldman Sachs); Osler, Hoskin & Harcourt

(This is Listed‘s 2011 Deal of the Year. See feature story: Cash flow is colour-blind)

Rank: 2

Target: MBNA Canada Bank***

Buyer: Toronto-Dominion Bank

Value: $7.5 billion

Investment Banks: Toronto-Dominion: TD Securities MBNA: N/A

Law Firms: Toronto-Dominion: Torys MBNA: Blake, Cassels & Graydon

Rank: 3

Target: Kinetic Concepts Inc.

Buyer: Apax Partners, Canada Pension Plan Investment Board, Public Sector Pension Investment Board

Value: $6.1 billion

Investment Banks: Apax/et al.: Morgan Stanley Kinetic: J.P. Morgan

Law Firms: Apax: Kirkland & Ellis CPPIB: Torys PSPIB: Weil, Gotshal & Manges Kinetic: Skadden, Arps, Slate, Meagher & Flom; Cox Smith Matthews

Rank: 4

Target: Nortel Networks Corp., Patent Portfolio

Buyer: Research In Motion Ltd., Microsoft Corp., Sony Corp., Apple Inc., EMC Corp., LM Ericsson Telephone Co.

Value: $4.5 billion

Investment Banks: RIM/et al.: N/A Nortel: Lazard Ltd., Nortel; Jefferies & Co., Nortel creditors

Law Firms: RIM/et al.: Irell & Manella Nortel: Cleary Gottlieb; Akin Gump for Nortel creditors

Rank: 5

Target: TMX Group Inc.****

Buyer: Maple Group Acquisition Corp.

Value: $3.8 billion

Investment Banks: Maple Group: CIBC World Markets; National Bank Financial; Scotia Capital; TD Securities TMX Group: Bank of America Merrill Lynch; BMO Capital Markets

Law Firms: Maple Group: Blake, Cassels & Graydon; Davies Ward Phillips & Vineberg; McCarthy Tétrault; Paul Weiss Rifkind Wharton & Garrison; Weil Gotshal & Manges TMX Group: Goodmans (advising Bank of America Merrill Lynch; BMO Capital Markets); Torys

Rank: 6

Target: AXA Canada Inc.

Buyer: Intact Financial Corp.

Value: $2.8 billion

Investment Banks: Intact: CIBC World Markets; Scotia Capital AXA Canada: N/A

Law Firms: Intact: Blake, Cassels & Graydon AXA Canada: McMillan

Rank: 7

Target: Husky Injection Molding Systems Ltd. (owned by Onex Corp.)

Buyer: OMERS Private Equity, Berkshire Partners, LLC

Value: $ 2.1 billion

Investment Banks: OMERS/Berkshire: Morgan Stanley; RBC Capital Markets; TD Securities Inc. Onex/Husky: N/A

Law Firms: OMERS/Berkshire: Weil, Gotshal & Manges and McCarthy Tétrault Husky/Onex: Fried, Frank, Harris, Shriver & Jacobson; Torys

Rank: 8

Target: General Growth Properties Inc.

Buyer: Brookfield Asset Management Inc.

Value: $1.7 billion

Investment Banks: Brookfield: In house General Growth: In house

Law Firms: Brookfield: In house General Growth: In house

Rank: 9

Target: Northgate Minerals Corp.

Buyer: AuRico Gold Inc.

Value: $1.5 billion

Investment Banks: AuRico: UBS Securities Northgate: GMP Securities

Law Firms: AuRico: Fasken Martineau DuMoulin Northgate: Torys

Rank: 10

Target: Enbridge Inc., Sarnia Solar Energy, Ontario Wind Energy and Talbot Wind Energy Project

Buyer: Enbridge Income Fund Holdings Inc.

Value: $1.2 billion

Investment Banks: Enbridge Income Fund: N/A Enbridge Inc./et al.: N/A

Law Firms: Enbridge Income Fund: N/A Enbridge Inc./et al.: N/A

*through Nov. 23/11  **all figures US$ except No. 10  ***expected to close Q1 fiscal 2012  ****pending regulatory approval

 

TOP 10 LAW FIRMS BY VOLUME*

Law FirmDeal Count

1 Blake, Cassels & Graydon                                 55

2 Stikeman Elliott                                                54

3 McCarthy Tétrault                                            43

4 Osler, Hoskin & Harcourt                               38

5 Davies Ward Phillips & Vineberg                   28

6 Gowling Lafleur Henderson                           26

7 Torys                                                                   24

8 Bennett Jones                                                   20

9 Borden Ladner Gervais                                   17

10 Goodmans/Burnett Duckworth & Palmer (tie)

Source: Mergermarket

TOP 10 INVESTMENT BANKS BY VOLUME*

BankDeal Count

1 RBC Capital Markets                                        27

2 BMO Capital Markets                                      24

3 TD Securities                                                     16

4 National Bank Financial                                   14

5 Macquarie Group                                               13

6 Bank of America Merrill Lynch                       12

7 CIBC World Markets                                         12

8 Canaccord Genuity                                            12

9 GMP Securities                                                  12

10 Scotia Capital                                                    12

Source: Mergermarket

TOP 10 LAW FIRMS BY VALUE*

Law FirmValue ($b)

1 Blake, Cassels & Graydon                                $34.2

2 Torys                                                                   $28.1

3 Osler, Hoskin & Harcourt                               $23.4

4 Allen & Overy                                                    $18.0

5 Davies Ward Phillips & Vineberg                   $17.0

6 Norton Rose                                                       $14.4

7 Sullivan & Cromwell                                         $12.9

8 McCarthy Tétrault                                            $12.3

9 Cassels Brock & Blackwell                               $11.8

10 Goodmans                                                        $11.6

Source: Mergermarket

TOP 10 INVESTMENT BANKS BY VALUE*

BankValue ($b)

1 TD Securities                                                   $28.1

2 RBC Capital Markets                                     $21.8

3 BMO Capital Markets                                    $20.8

4 CIBC World Markets                                     $20.2

5 Goldman Sachs                                                $15.6

6 Morgan Stanley                                               $15.2

7 Bank of America Merrill Lynch                    $14.5

8 J.P. Morgan                                                     $11.3

9 Scotia Capital                                                  $9.2

10 GMP Securities                                             $8.8

Source: Mergermarket

* through Sept. 30/11

 

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