P3 Secondary Market Transactions

Architects and engineers on-site meeting.

Canada has one of the most active and mature P3 markets in the world. As projects complete construction and become operational, they offer investors long term, stable returns and lower volatility than other asset classes. The Canadian secondary P3 market has expanded significantly over the last two years, with growing interest from private equity firms and pension funds.  Given its importance in the Canadian economy, infrastructure has the potential to offer a steady flow of investment opportunities for years to come.

Osler is a market leader in private equity investments and P3 projects. We act for equity sponsors, pension funds, infrastructure funds, lenders, public sector entities, and design-build and maintenance contractors to structure and seamlessly execute the most complex domestic and cross-border transactions. We leverage our top-tier P3 and Infrastructure industry expertise to support our clients’ objectives, offering an unrivalled breadth of experience and wealth of long-standing industry relationships that give our clients a tangible advantage during each stage of a project, including secondary market transactions.

We are consistently ranked as one of the top M&A law firms in Canada, advising on domestic, cross-border and international transactions. Our transactions team is complemented by top-ranked expertise in tax, foreign investment and competition, capital markets, banking and financial services, litigation, pensions, employment and executive compensation, and all other specialized areas that are key to effecting a successful transaction.


  • HOCHTIEF PPP Solutions North America, LLC

    HOCHTIEF PPP Solutions North America, LLC in its sale of a 25% interest in the Stanton Territorial Hospital Renewal Project

  • CIBC

    CIBC as lender in Arjun Infrastructure Partners’ acquisition of ONroute Service Centres

  • Meridiam Infrastructure North America Corporation

    Meridiam SAS in its acquisition of a 50% stake in Northeast Anthony Henday Highway Concession from ACS and Hochtief Solutions

  • Pattern Energy Group Inc.

    Pattern Energy Group Inc. in the sale of its interest in the K2 Wind Project to a consortium of investors led by Axium Infrastructure

  • Concert Infrastructure Ltd

    Concert Infrastructure Purchase of Majority Interest in Iqaluit Airport

  • Caisse de Depot and CDP Financial

    Caisse de Depot and CDP Financial - $2 billion public offering in Canada/Rule 144A private placement in the United States of notes(acted for BMO Nesbitt Burns; RBC Dominion Securities and National Bank Financial).

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Private Equity

  • Chambers Canada: Canada’s Leading Lawyers for Business: Private Equity: Fund Formation (Band 1); Private Equity: Buyouts
  • IFLR1000: The Guide to the World’s Leading Financial Law Firms: Recognized in Private Equity


  • Chambers Canada: Canada’s Leading Lawyers for Business: Projects: PPP and Infrastructure
  • Chambers Global: The World’s Leading Lawyers for Business: Projects: PPP & Infrastructure
  • The Canadian Legal Lexpert Directory: Recognized in Project Finance (Toronto, Ontario; Calgary, Alberta)
  • Legal 500: Recognized in the area of Infrastructure & Projects


  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Corporate/M&A (Band 1); Corporate/Commercial: The Elite (Ontario; Alberta; Québec)
  • Chambers Global: The World's Leading Lawyers for Business: Recognized in Corporate/M&A (Band 1)
  • The Canadian Legal Lexpert Directory: Recognized in Mergers & Acquisitions (Calgary, Alberta; Montreal, Quebec; Ottawa, Ontario; Toronto, Ontario)
  • IFLR 1000: The Guide to the World’s Leading Financial Law Firms: Recognized in M&A (Tier 1)
  • IFLR Americas Awards: National Corporate Firm of the Year - Canada, 2020
  • Legal 500: Recognized in Corporate and M&A (Tier 1)