Norton Rose Fulbright, DLA Piper also in this week's deals roundup
Davies and Blakes are serving as legal counsel in Bell Media’s $410-million acquisition of a US outdoor advertising company’s Canadian operations. Norton Rose Fulbright and DLA Piper are also in this week’s deal’s roundup.
Toronto-based Bell Media and US outdoor advertising company Outfront Media Inc. have entered into an agreement to sell the Canadian operations of Outfront Media to Bell Media for $410 million.
In 2022, Outfront Media’s Canadian business generated revenues of US$91.9 million from operating a total of 9,325 displays in the country.
Davies, Ward, Phillips & Vineberg LLP and Cravath, Swaine & Moore LLP are serving as Canadian and US legal counsel, respectively, to Outfront Media, and Solomon Partners, L.P. is acting as financial advisor.
Blake, Cassels & Graydon LLP is serving as legal counsel to Bell Media and National Bank Financial Inc. is acting as financial advisor.
“The out-of-home category continues to grow in importance as a mass reach advertising vehicle, while digital formats allow for greater targeting capabilities,” Bell Media Sales and Sports Senior Vice-President Stewart Johnston said. “OUTFRONT’s diverse array of Canadian assets reinforces Astral’s dedication to delivering impactful, multi-channel marketing solutions, while accelerating Bell Media’s digital strategy.”
Outfront Media Chairman and CEO Jeremy Male said, “The sale of our Canadian business highlights the value of our assets and will provide us with additional financial flexibility as we focus on our U.S. assets. While we will miss our Canadian colleagues, we know the business we have built together will be in excellent hands with Bell Media.”
The deal is expected to close in 2024, subject to regulatory approval and other closing conditions.
Calgary-based Tourmaline Oil Corp. has agreed to buy Bonavista Energy Corp., also headquartered in Calgary, in a $1.45 billion deal that is the latest example of an accelerating trend of consolidation among oil and gas producers across Canada and the United States.
Once completed, the half-cash-half-stock deal will cement Tourmaline’s top position in the Deep Basin region of Western Alberta.
In a press release, Tourmaline – already the country’s largest natural gas producer – said that the deal is expected to boost production by approximately 10 percent and is expected to add $450 million in annual net operating income for the next three years.
The deal is anticipated to be completed in the second half of November, subject to regulatory approvals and customary closing conditions.
OpSens Inc., a Quebec-based heart technology producer, has agreed to sell itself to US-based healthcare company Haemonetics Corporation for $345 million.
The deal is marked as the biggest acquisition of a Canadian medical device business since early 2022.
Norton Rose Fulbright is serving as legal counsel to OpSens and Piper Sandler LLC as financial advisor.
DLA Piper is serving as legal counsel to Haemonetics and Goldman Sachs & Co. LLC as financial advisor.
“With the acquisition of OpSens, we expand our leadership in interventional cardiology and strengthen our foundation for additional growth and diversification,” said Haemonetics Global Hospital President, Stewart Strong. “By leveraging OpSens' proprietary optical sensor technology, our global commercial infrastructure, and our relationships with the top US hospitals performing TAVR and PCI procedures, we have a powerful opportunity to improve standards of care for more physicians and patients worldwide.”
The deal is expected to be completed by the end of January 2024.
