Jan 2016
When Lexpert revealed its top 10 deals of 2015, Osler played a role in six of the transactions on the list including representing Hydro One - the top-ranked deal of the year – in the IPO that raised $1.83 billion for the Province of Ontario.
In reference to the Hydro One IPO, Osler’s National Co-Chair, Steven Smith, explains, “This was a fascinating deal on a number of fronts. The new Liberal government’s first ‘privatization’ coming out of the Clark Committee report ‒ involving the province’s largest electricity transmission and distribution company ‒ the sale of 15 per cent with a target to eventually sell [40 per cent of its shares]. But more interesting, the governance arrangement between the province and Hydro One wherein the province agreed to act as an investor and not as a manager notwithstanding its significant shareholding; a new Chair and essentially a brand-new board at Hydro One; a new CEO; a new CFO ‒ all happening shortly before the IPO process ‒ all made it a unique offering.”
In total, Osler advised on six of Lexpert’s top 10 deals of 2015:
1. Hydro One’s IPO
Osler represented Hydro One.
2. Repsol’s Acquisition of Talisman
Osler provided tax advice to Talisman.
3. Emera’s Acquisition of Teco Energy
Osler represented Emera.
4. Element Financial Acquires GE Capital’s Fleet Management Business
Osler represented the Underwriting Syndicate.
5. Crescent Point Energy Acquires Legacy Oil + Gas
Osler represented the Special Committee of the Board of Directors of Legacy Oil + Gas.
6. Target Leaves Canada
Osler represented Target.
Read more about Lexpert’s top 10 deals of 2015.
*Lexpert’s methodology: The magazine’s list of the top 10 deals of the year is unlike the league tables, which are ranked mainly by size of the transactions. The Lexpert list identifies deals that have significant Canadian legal content, represent a trend, illustrate some aspect of the year’s economic climate or foretell things to come. There is no minimum size or preferred structure. These deals “lean more toward ‘lawyers’ deals’ in the sense that they comprise compelling legal issues.”