BCF, Gravel2 Avocats, Kirkland, Milbank among legal counsel
Deal: Brookfield Infrastructure to acquire Colonial Enterprises
Value: $12 billion (US$9 billion)
This week’s dealmaking spree spans telecom, energy, law, and tech, with Brookfield’s approximately $12 billion (US$9 billion) bid for Colonial Enterprises leading the charge. Other major moves include Rogers’ $7 billion stake sale, IGS Energy’s acquisition of Just Energy, and expansion plays by BCF and Reichmann Segal. BCF Business Law, GRAVEL2 AVOCATS, Kirkland, and Milbank are among the legal counsel in this week’s deals roundup.
Brookfield Infrastructure Partners (BIP) and its institutional partners agreed to acquire Colonial Enterprises, including the Colonial Pipeline, in a deal valued at approximately $12 billion (US$9 billion).
Kirkland & Ellis LLP is serving as legal counsel for BIP, with Jefferies LLC, Greenhill & Co. LLC, and Morgan Stanley & Co. LLC as joint financial advisors
Milbank LLP is representing the sellers Caisse de dépôt et placement du Québec, IFM Investors, KKR-Keats Pipeline Investors L.P., Koch Capital Investments Company, LLC, and Shell Midstream Operating LLC.
Colonial operates the largest refined products pipeline system in the United States, spanning roughly 5,500 miles between Texas and New York, with a decades-long track record of high utilization and reliable service to major East Coast customers.
BIP is expected to contribute an equity investment of approximately $700 million (US$500 million), representing about 15 percent of the total equity, fully funded by proceeds from its recently announced capital recycling initiatives.
Debt financing is being led by Morgan Stanley Senior Funding, Inc. and Mizuho Bank, Ltd., with Morgan Stanley acting as the sole bookrunner on the term loan facility.
The deal is anticipated to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approvals.
Rogers Communications Inc. agreed to sell a 49.9 percent equity interest in its wireless infrastructure business to a consortium led by Blackstone Inc. in a deal valued at $7 billion.
The consortium includes four of Canada's largest pension funds: Canada Pension Plan Investment Board (CPP Investments), Caisse de dépôt et placement du Québec (CDPQ), Public Sector Pension Investment Board (PSP Investments), and British Columbia Investment Management Corp. (BCI).
White & Case LLP is serving as legal counsel to the consortium, with a team led by partners Nadav Klugman, Adam Cieply, and Andrew Weisberg.
Rogers President and CEO said, “This strategic partnership demonstrates the confidence investors have in Rogers and in our world-class assets.”
Rogers CFO Glenn Brandt added, “This transaction will strengthen the company’s investment grade balance sheet by reducing our borrowings and unlocking the unrecognized value of critical assets.”
Rogers retained a 50.1 percent equity stake and an 80 percent voting interest, ensuring control of the new entity. The Blackstone-led group will hold a 20 percent voting interest. The structure was designed to address national security and regulatory concerns surrounding foreign influence over telecom infrastructure.
The deal is expected to close in the second quarter of 2025, subject to customary closing conditions.
IGS Energy, a U.S.-based energy retailer, announced an agreement to acquire Just Energy, a Canadian energy retailer, in a move that will create one of the largest energy retailers in North America.
Latham & Watkins LLP is serving as legal counsel to Just Energy. Taft Stettinius & Hollister LLP is serving as legal counsel to IGS Energy with Wells Fargo as the exclusive financial advisor.
Wells Fargo, Bank of America, The Huntington National Bank, and JPMorganChase provided committed financing for the deal.
The combined company will serve approximately 7.5 million residential customer equivalents (RCEs), significantly expanding IGS Energy’s market presence across the United States and Canada.
IGS Energy president and CEO Scott White said, “Just Energy's highly successful origination channels, marquee retail relationships, and deep industry expertise are complementary to our current capabilities and open new opportunities for growth, particularly in Texas.”
Just Energy CEO Michael Carter said, “Just Energy's operating model will remain independent as we continue to provide superior service to our current and future customers under their existing brands.”
The deal is expected to close by the end of 2025, pending regulatory approvals and customary closing conditions.
BCF Business Law completed the strategic acquisition of GRAVEL2 AVOCATS, a Québec-based law firm. The deal aimed to reinforce BCF’s labour and employment law capabilities and further solidify its leadership within the Québec legal market.
“Joining BCF represents a unique opportunity to pursue and accelerate our mission within a broader framework, without losing our DNA or the values that have made us successful,” said GRAVEL2 founder Claude Gravel. “We look forward to contributing to a culture where the development of people and expertise as well as service excellence are central priorities.”
BCF managing partner says Julie Doré said, “This integration is part of our drive to develop our practice areas and attract experts who will enable our clients and organizations from all walks of life not only to understand trends and challenges but also to influence them and take advantage of the resulting opportunities.”
GRAVEL2 brought recognized expertise in addressing complex labour issues, especially amid the evolving challenges of artificial intelligence integration and organizational change in the workplace.
Reichmann Segal Capital Partners, a Toronto-based private equity firm, acquired OES Inc. from Ardenton Capital Corporation.
OES is a recognized leader in LED video scoreboards, electronic manufacturing services (EMS), and custom technology solutions, with its scoring software used by major leagues including the NHL, NBA, and NFL.
The deal, which builds on Reichmann Segal’s May 2024 acquisition of Athletica, marks a strategic platform investment into both the sports infrastructure and EMS sectors.
OES CEO Jeff Stewart said, “With the integration of these businesses and, specifically, Athletica's state-of-the-art products, combined with OES' advanced design of electronic solutions, we have the opportunity to really move the needle and set new standards, not only in the sports facility industry, but in our EMS and Technology divisions, as well.”
“We are excited with this new platform and we plan to invest heavily in growth in the EMS and technology space," said Reichmann Segal co-founder and managing partner Charles Reichmann. “With LED video scoreboards added to Athletica's portfolio, as well as access to brilliant and creative software and hardware engineering minds, we will bring the access, services and brand recognition of Athletica to bear as we continue to drive exponential growth in sport. The games we touch will be transformed for players and spectators alike.”
“We are pleased to welcome Jeff and the OES team to our business, adding scoreboards and LED display technologies to our product portfolio,” said Athletica CEO Andrew McRae. “With the OES culture of innovation and engineering talent, coupled with Athletica's elite product development and safety though innovation brand promise, we are eager to explore new products and technologies to deliver outstanding user experiences for players, athletes, facility owners and operators, spectators, and fans alike.”
