Blakes, McCarthy Tétrault, Stikeman Elliott, MLT Aikins, Hillenbrand Kozicki legal counsel this week
Deal: Quest Diagnostic to enhance presence in Canadian healthcare sector through purchase of LifeLabs
Value: $1.35 billion
Blakes and McCarthy Tétrault are serving as counsel in US-based Quest Diagnostic’s $1.35 billion offer to acquire LifeLabs, OMERS’ medical testing company. Also in this week’s deals roundup are Stikeman Elliott, MLT Aikins, and Hillenbrand Kozicki as legal advisors.
US-based Quest Diagnostics has entered into an agreement with OMERS to acquire LifeLabs, a leading provider of community laboratory tests for Canadians, in a deal valued at approximately $1.35 billion (US$985 million), including net debt.
McCarthy Tétrault LLP is acting as legal counsel to Quest Diagnostics. Blake, Cassels & Graydon LLP is serving as legal counsel to OMERS, while Evercore and CIBC Capital Markets is acting as financial advisors.
“Quest has supported laboratories, hospitals and academic centres in Canada with specialized testing services for over two decades, including during the COVID-19 pandemic,” said Quest Diagnostics Chairman, CEO and President Jim Davis. “We are committed to working with the LifeLabs team to ensure service continuity and enhance access and innovation to meet the needs of Canada's growing and aging population."
“OMERS is proud to have supported LifeLabs' growth over the last 17 years. Our purchase in 2007 and subsequent investments have helped LifeLabs grow into a great Canadian success story," said Michael Hill, Executive Vice President and Global Head of Infrastructure of OMERS. "Quest is uniquely equipped to expand the service offering at LifeLabs, bringing new innovations to this market while extending access for patients in Canada.”
“Quest is the right partner to build on the strengths of LifeLabs and align with our strategic path, which focuses on enhancing the accessibility and quality of services that we provide to millions of Canadians,” said LifeLabs President and CEO Charles Brown. “Together, we'll grow LifeLabs and provide more Canadians with access to the advanced diagnostics they rely on, closer to home.”
LifeLabs will retain its brand, Canadian headquarters, and management after the acquisition is closed. The deal is expected to be completed by the end of the year, subject to customary closing conditions and approvals.
Private equity firm TPG’s newly launched talent management and representation company will make its first investment by acquiring majority shares in Untitled Entertainment, currently owned by Ontario-based entertainment company Boat Rocker Media. The deal is valued at approximately $51.6 million (US$37.6 million).
TPG Growth is funding the investment. Blakes, Cassels & Graydon LLP and Latham & Watkins LLP served as Canadian and US legal counsel, respectively, to TPG.
Stikeman Elliott LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as Canadian and US legal counsel, respectively, to Boat Rocker, while LionTree Advisors acted as the financial advisor.
Venable LLP served as legal counsel to Untitled’s founding partners, Jason Weinberg and Stephanie Simon.
As part of the transaction, Michel Pratte, former President of Boat Rocker Media, has been named CEO of the newly established company and Eric Taitz, former EVP of Corporate Development and Strategy at Boat Rocker, has been named COO.
“As the broader entertainment industry continues to evolve, a more complex landscape means more opportunities than ever for ambitious talent and their representatives,” said Pratte. “This new company will empower Untitled and a future group of complementary talent-centric businesses to harness the extraordinary talents of diverse clients on their journey to achieving their highest career ambitions.”
“We see an opportunity to leverage TPG’s longstanding experience partnering with leading players in the space to create a talent representation company with the resources and capabilities to benefit managers and the talent they serve,” said TPG Growth Business Unit Partner Jacqui Hawwa. “Untitled has a strong reputation within the entertainment industry and an impressive roster of clients. Their team is an ideal first partner and we see a significant opportunity to scale the Company and ultimately collaborate across multiple complementary talent verticals with subsequent investments.
MLT Aikins LLP, dedicated to Western Canada, and Hillenbrand Kozicki LLP, an Alberta-based law firm specializing in commercial real estate and development law, announced a merger set to take effect on September 1, 2024.
This merger marks a significant milestone for both firms, combining Hillenbrand Kozicki's renowned experience in commercial real estate and development law with MLT Aikins's extensive legal services and dedication to the region.
As part of the merger, David Kozicki will join MLT Aikins as a partner, bringing with him an entrepreneurial spirit and a diverse client base ranging from real estate investors to national restaurant brands. Mark Hillenbrand will join as counsel, aiding the transition process until December 2024, when he plans to transition to an in-house counsel role.
MLT Aikins managing partner Aaron Runge said, “The addition of Hillenbrand Kozicki to our Edmonton office and real estate team signifies an important step in our growth trajectory in Alberta.”
“MLT Aikins is a fast-growing firm in Western Canada, and this move allows us to offer even more to our clients,” said David Kozicki. “MLT Aikins has honed a unique culture that ensures clients feel like they are dealing with one team, no matter the practice area or office. This is similar to the Hillenbrand Kozicki approach.”
Bank of Montreal announced a domestic public offering of US$1 billion of subordinated notes (Non-Viability Contingent Capital (NVCC)) through its Canadian Medium-Term Note Program.
The net proceeds from this offering will be added to the general funds of the Bank and will be utilized for general banking purposes, which may include the redemption of outstanding capital securities of the Bank, and/or the repayment of other outstanding liabilities of the Bank.
BMO Capital Markets Corp., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., BNP Paribas Securities Corp. and Credit Agricole Securities (USA) Inc. were the joint book-running managers for the offering.
McCarthy Tétrault acted as Canadian counsel to the syndicate of underwriters for the offering, with a team led by Andrew Parker that included Jo-Anna Brimmer and Suzie Cusson (Business), Len Nesbitt, Kabir Jamal and Adam Unick (Tax).
