Legal counsel include Norton Rose Fulbright, Osler, Stikeman Elliott, Goodmans, Fasken
Deal: BCI to acquire BBGI infrastructure fund
Value: $1.9 billion (US$1.32 billion)
BCI's acquisition of BBGI infrastructure fund, valued at approximately $1.9 billion (US$1.32 billion), leads a wave of major deals across key sectors. Norton Rose Fulbright, Osler, Stikeman Elliott, Goodmans, and Fasken are among the legal counsel in this week’s deals roundup.
British Columbia Investment Management Corporation (BCI), one of the largest asset managers in Canada, agreed to acquire BBGI Global Infrastructure S.A., a Luxembourg-based investment firm, in a deal valued at approximately $1.9 billion (US$1.32 billion).
Norton Rose Fulbright LLP and A&O Shearman are serving as legal counsel to BBGI, with MUFG Corporate Markets Limited as transfer agent and Jefferies International Limited as the financial advisor. Corporate partner Paul Whitelock is leading the Norton Rose Fulbright team alongside corporate partner Nicolas Sirtoli.
Weil, Gotshal & Manges LLP and Elvinger, Hoss & Prussen are serving as legal counsel to BCI, with RBC Capital Markets and PwC Corporate Finance LLP as financial advisors.
“We believe BBGI will be a compelling and strategic addition to BCI's Infrastructure & Renewable Resources portfolio, with a diversified mix of international holdings across the transport, clean energy, healthcare, education and social infrastructure sectors,” said BCI Infrastructure & Renewable Resources senior director Grant Hodgkins. “We see many opportunities to leverage our expertise, global relationships, and access to long-term capital, alongside BBGI's experienced management team and proven asset management strategies, to drive further growth and value creation across the BBGI portfolio.”
BBGI CEO Duncan Ball said, “Although both the BBGI supervisory board and the BBGI management board are confident that BBGI can continue to deliver sustainable cash flows to BBGI shareholders, the offer from BCI represents a premium to undisturbed share price and to net asset value, and provides BBGI Shareholders with the opportunity to realize the value of their holdings in cash, at an attractive value in excess of the reasonable medium-term prospects for BBGI on a standalone basis.”
The deal is expected to be completed in the third quarter of 2025.
Lightspeed Commerce Inc., a unified POS and payments platform for entrepreneurs, announced a share repurchase program to return up to $400 million in cash to shareholders as part of a full transformation plan to maximize value for the company. The program includes the immediate execution of approximately $100 million under the current authorization, plus an additional $300 million, subject to market conditions.
“We received a high level of interest in Lightspeed and had extensive discussions with several process participants,” said Lightspeed chair of the board Patrick Pichette. “After this review, our board, committee and executive management team unanimously concluded that executing on our full transformation plan as a public company offers the best available path to maximize value for the company and its shareholders.”
Lightspeed will hold a Capital Markets Day on March 26, 2025, at the New York Stock Exchange, to provide a comprehensive update on the company's transformation plan.
Origin Merchant Partners, a Toronto-based independent investment dealer, has acquired boutique advisory firm CCC Investment Banking, one of Canada’s first independent M&A firms.
“We have worked with the CCC team over the years on multiple transactions and have always been impressed with their strong founder-led business practice,” said Origin co-chair Jim Osler. “They have a client focus and culture that fits well with Origin. We are excited to have the CCC team join Origin and add further depth to our leading practices in the industrial and manufacturing, consumer and commercial, and healthcare sectors.”
“Over the last 14 years we have seen Origin grow from a start-up to becoming Canada's leading independent M&A advisory firm,” said CCC senior managing directors Bill Farrell and Rob Bird. “They are top professionals, and we are excited to be joining the team and bringing their strong sector expertise, deep network, U.S. presence, and broad transactional experience to our clients.”
As part of the agreement, five managing directors and two professionals will be joining Origin in Toronto and Vancouver expanding the firm's coverage of western Canada.
Purolator has acquired Livingston International, an international trade services firm that specializes in customs brokerage, global freight forwarding, and trade consulting, from Platinum Equity. The transaction strengthens Purolator’s international logistics capabilities, particularly in Canada, the U.S., Mexico, Europe, and Asia, as businesses navigate evolving trade complexities.
Osler acted as legal counsel to Purolater, with Scotiabank as the exclusive financial advisor. Bank of Nova Scotia, BMO Capital Markets, and RBC Capital Markets as joint bookrunners and co-lead arrangers for the financing provided to Purolator.
Stikeman Elliott LLP acted as legal counsel to Livingston, with Morgan Stanley & Co. LLC and RBC Capital Markets LLC as financial advisors.
“Strategically, this transaction represents a generational opportunity to acquire a highly complementary and growing international business with a proven track record of success,” said Purolator president and CEO John Ferguson. “With these broader capabilities and increased breadth, we can offer more choice and greater flexibility to current and future customers.”
“Livingston is excited to join an iconic transportation brand with considerable growth opportunities,” said Livingston CEO Robert Smith. “This builds on the successes of each business's operating models and corporate cultures. Livingston's customers will benefit from the enhanced breadth of service and complementary capabilities, while our company and team members will benefit from long-term investment.”
Apotex Inc., Canada’s largest pharmaceutical company, acquired CanPrev, a leading provider of vitamins, supplements, and natural health products. The deal expands Apotex’s presence into the growing health and wellness sector.
Goodmans LLP served as legal counsel to Apotex, with Jefferies Securities Inc. as the financial advisor. Fasken Martineau DuMoulin LLP served as legal counsel for CanPrev.
“The acquisition of CanPrev advances Apotex further along on our Journey of Health growth strategy, strategically complementing our ongoing focus to expand high-value products to consumers and providing us with the opportunity for expansion into select international markets,” said Apotex president and CEO Allan Oberman. “CanPrev has a well-respected track record with both consumers and natural health professionals for their quality products and shares Apotex’s commitment to supporting people along their health journeys."
“We are excited for CanPrev to embark on this new chapter with Apotex, a Canadian-based global health leader,” said CanPrev founders Franco and Tanya Salituro. “Under Apotex’s ownership, we have an ally and a champion for the natural health industry, opening incredible opportunities for CanPrev to expand its reach and deliver high-quality products to broader audiences through our existing well-established brands and relationships with consumers.”
CanPrev will continue operating under its existing brands and distribution channels.
