Michelle Lally

Michelle is a senior partner of the Osler Competition/Antitrust and Foreign Investment Group. She has previously served as Chair of the Group and on the firm’s Executive Committee and is a former executive member and Chair of the National Competition Law Section of the Canadian Bar Association.

Michelle has over 30 years of extensive experience in all aspects of competition law, including mergers & acquisitions, strategic alliances, price fixing & bid-rigging investigations and pricing and distribution matters, and reviews under Canada’s foreign investment law, the Investment Canada Act.

Michelle has successfully obtained clearances under the Competition Act for hundreds of domestic, cross-border and international transactions. She regularly advises parties the application of the dual track regime relating to agreements between competitors  criminal conspiracy and civil competitor collaborations), abuse of dominance, price maintenance, refusal to supply, tied selling and exclusive dealing provisions of the Competition Act.  As part of providing strategic competition law counselling and compliance advice, Michelle often designs and conducts internal antitrust audits/investigations for clients.


Representative Work

  • Béton Provincial

    Béton Provincial in its acquisition of CRH Canada Group Inc.

  • Kyndryl

    Kyndryl in the sale of its Securities Industry Services business to Broadridge

  • WT Microelectronics

    WT Microelectronics in its acquisition of Future Electronics for USD$3.8 billion

  • Metro Supply Group

    Metro Supply Chain in its acquisition of SCI Group Inc.

  • Marquis Imprimeur

    Marquis Imprimeur in its sale to Lakeside Book Company

  • Microsoft in various acquisitions including in its US$68.7 billion acquisition of Activision Blizzard and acquisitions of Nuance Communications, ZeniMax, Two Hat and Xandr
  • TD Bank in connection with Air Canada’s acquisition of Aimia Canada
  • Special Committee of Goldcorp in its US$10 billion acquisition by Newmont Mining
  • Constellation Brands in its $5.1 billion strategic investment in and partnership with Canopy Growth Corporation
  • BlackRock Asset Management Canada Limited in connection with its strategic alliance with RBC Global Asset Management Inc. to create a combined $60 billion ETF solution suite under the RBC iShares brand
  • Nasdaq, Inc. in connection with the sale of its Public Relations Solutions and Digital Media Services Businesses to West Corporation for approximately US$335 million
  • L Brands with its sale of the La Senza business to Regent L
  • Corbeil Électrique Inc. in connection with the sale of substantially all of its business and assets to AM-CAM Électroménagers Inc.
  • S.L.H. Transport Inc. and its affiliates in connection with the sale of its business to C.A.T. Inc.
  • A leading generic drug manufacturer in connection with the Competition Bureau’s investigation relating to policies or practices of certain branded drug manufacturers
  • South32 in its announced $2.1 billion acquisition of Arizona Mining
  • Mitel Networks Corporation in its sale to affiliates of Searchlight Capital Partners for US$2 billion
  • Investors led by BC Partners and Ontario Teachers’ Pension Plan in the $5.125 billion recapitalization of GFL Environmental Inc.
  • Chemtrade Logistics Income Fund in its take-over bid of Canexus Corporation
  • Microsoft Corporation in connection with its US$26.2 billion acquisition of LinkedIn Corporation and LinkedIn Corporation in respect of Canadian Competition Act advice and services
  • Office Depot Inc., in its US$1 billion acquisition of THL Portfolio Holdings Corp., the parent company of CompuCom Systems, Inc.
  • Lenders and underwriters in the acquisition of Dominion Diamond Corporation by Washington Companies Corp.
  • Royal Bank of Canada in defending RBC in a $1.05 billion class action alleging conspiracy to fix foreign exchanges prices
  • Whistler Blackcomb Holdings Inc. in its $1.4 billion acquisition by Vail Resorts
  • TELUS Corporation in connection with its acquisition of Manitoba assets from Bell upon closing of the Bell-MTS transaction

Latest Insights

  • Report Mar 14, 2024

    Investment Canada Act and Competition Act Quick Reference – 2024

    Investment Canada Act thresholds There are multiple thresholds for the net benefit review of direct acquisitions of control of a Canadian...

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    Investment Canada Act and Competition Act Quick Reference – 2024
  • Osler Update Feb 20, 2024

    Frequently asked questions concerning the Investment Canada Act (ICA)

    The following are some frequently asked questions (FAQs) concerning the application, administration and enforcement of the ICA. These FAQs and...

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    Frequently asked questions concerning the Investment Canada Act (ICA)
  • Osler Update Feb 20, 2024

    Investment Canada Act and Competition Act Quick Reference – 2024

    There are multiple thresholds for review of direct acquisitions of control of a Canadian business by a non‑Canadian WTO investor...

    Read more
    Investment Canada Act and  Competition Act Quick Reference – 2024
  • Osler Update Dec 18, 2023

    Important changes to the Competition Act, including the abuse of dominance provisions, now in effect

    On December 15, 2023, Bill C-56 received royal assent. The bill substantially expands Canada’s monopolization law as set out in the abuse of...

    Read more
    Important changes to the Competition Act, including the abuse of dominance provisions, now in effect
View all Insights

Awards and Recognition

  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Competition/Antitrust (Nationwide – Canada)
  • Chambers Global: The World’s Leading Business Lawyers: Recognized in Competition/Antitrust
    • …a “fantastic resource for competition law,”
    • …”is excellent in navigating complex regulatory situations. She’s strategic but also practical and understands business.”
  • The Canadian Legal Lexpert Directory: Recognized in Competition Law; Ontario’s leading competition lawyers in 2021
  • The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada: Recognized in Competition Law
  • The Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada: Recognized in Competition/Antitrust
  • Best Lawyers in Canada: Recognized in Competition/Antitrust Law
  • Legal 500: Recognized as a Leading Lawyer, Competition & Antitrust
  • Who’s Who Legal: Recognized in Competition (International); Competition (Canada)
  • Thomson Reuters: “Stand-out Lawyer”

Speaking and Writing

Speaking Engagements

speaker 10/5/2023
2nd Annual Payments Seminar: Spotlight on the RPAA
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speaker 26/10/2017
CBA Competition Law Fall Conference
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speaker 10/11/2016
The Canadian Institute – The Forum on Competition Law
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speaker 06/10/2016
CBA Competition Law Fall Conference
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Credentials

Education

  • Osgoode Hall Law School, LL.M.
  • University of Western Ontario, LL.B.
  • Queen’s University, B.A. (Hons.)

Languages

  • English

Professional Affiliations

  • Canadian Bar Association, a Former Chair of the National Competition Law Section
  • American Bar Association, Section of Antitrust Law
  • American Bar Foundation, Life Fellow
  • Women’s White Collar Defense Association