Barrick Gold Corporation

Acted for Barrick Gold Corporation in its historic joint venture with Newmont Mining Corporation, which combined their respective mining operations, assets, reserves and talent in Nevada to create the world's largest gold complex.

McKesson Corporation

Acted for McKesson Corporation, a leading international healthcare services and information technology company, in connection with its $3-billion acquisition of Rexall and Rexall Pharma Plus, which operate approximately 470 pharmacies in Canada, from Katz Group, one of Canada's largest privately owned enterprises.

SunOpta Inc.

Acted for the Special Committee of the Board of Directors of SunOpta Inc. in connection with its strategic alternatives review process which culminated in a US$85-million equity investment by Oaktree Capital Management, L.P. in exchangeable preferred shares of a SunOpta subsidiary with the support of activist shareholders Engaged Capital and Tourbillon Capital.

Toromont Industries Ltd.

Acted for Toromont Industries Ltd. in its acquisition of Hewitt Equipment in a $1-billion transaction that expands Toromont's Caterpillar dealership into Québec, Western Labrador and the Maritimes, and strengthens its expertise in the mining, construction, power systems and forestry sectors.

Syndicate of Underwriters

Acted for a syndicate of underwriters, led by BofA Securities, Credit Suisse and Scotiabank, on the US$250-million initial public offering of Triple Flag Precious Metals Corp, a gold-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry and backed by Elliott Management. This 2021 offering is Canada's largest mining-related IPO in nine years.

WeCommerce Holdings Ltd.

Acted for WeCommerce Holdings Ltd. in its up to US$110-million acquisition of substantially all of the assets of Stamped.io Pte. Ltd., a leading Software-as-a-Service (SaaS) platform that enables online merchants to implement and manage customer reviews and loyalty programs.

Initial Purchasers

Acted as Canadian counsel to the initial purchasers, led by Barclays, in multiple private placements of senior notes and senior secured notes of GFL Environmental Inc., in an aggregate principal amount of over US$5 billion.

Syndicate of Underwriters

Acted for a syndicate of underwriters led by J.P. Morgan, BMO Capital Markets, Goldman Sachs & Co. LLC, RBC Capital Markets and Scotiabank on the US$2.2-billion cross-border initial public offering of subordinate voting shares and tangible equity units of GFL Environmental Inc., the fourth largest diversified environmental services company in North America. The offering is one of the largest IPOs in Canadian history.

Points.com Inc.

Acted for Points.com Inc., the global leader in powering loyalty commerce, in its sale by plan of arrangement to Plusgrade Parent L.P. in an all-cash transaction valuing Points at US$385 million.

Barrick Gold Corporation

Acted for Barrick Gold Corporation in its agreements with the governments of Pakistan and Balochistan and three federal state-owned Pakistani entities to reconstitute the Reko Diq Project in the country's Balochistan province, which hosts one of the world's largest undeveloped open pit copper-gold porphyry deposits. The reconstituted project is held 50% by Barrick and 50% by Pakistani stakeholders. A separate agreement provided for Barrick's partner Antofagasta PLC to exit and be replaced by the Pakistani parties in the reconstituted project.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in its joint acquisition with AVALT of a majority interest in AMAROK, LLC, a leading provider of contracted perimeter security infrastructure solutions in the United States.

J.P. Morgan

Acted for J.P. Morgan on the US$503-million cross-border secondary offering of subordinate voting shares of GFL Environmental Inc.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in the sale of Alliance Corporation, Canada's largest value-added distributor of wireless communications technology, to Lee Equity Partners and Twin Point Capital.

Canadian Business Growth Fund

Acted for Canadian Business Growth Fund in the C$340-million sale of PayBright Inc., one of Canada's leading buy-now-pay-later provider, to Affirm Holdings Ltd.

McKesson Corporation

Acting for McKesson Corporation in the sale of ClaimSecure Inc., an industry-leading healthcare management firm, to The Canada Life Assurance Company, a subsidiary of Great-West Lifeco Inc.

Xplornet Communications Inc.

Acted for Xplornet Communications Inc., Canada's largest rural-focused broadband service provider, in its acquisition of TowerCo Inc.'s tower assets in Manitoba.

BMO Capital Markets, RBC Capital Markets and Scotiabank

Acted for BMO Capital Markets, RBC Capital Markets and Scotiabank on the US$594-million cross-border secondary offering of subordinate voting shares of GFL Environmental Inc.

Points International Ltd.

Acted for Points International Ltd. in its $31.6-million bought deal public offering of common shares.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in its acquisition (and related financing) of a controlling interest in GNI Management Group Inc., a leading provider of insulation services, from Mill Street & Co.

Xplornet Communications Inc.

Acted for Xplornet Communications Inc., Canada's largest rural-focused broadband service provider, in its sale to Stonepeak Infrastructure Partners.

Barrick Gold Corporation

Acted for Barrick Gold Corporation in its proposed US$42-billion merger with Newmont Mining Corporation to combine the world's two largest gold companies.

B+H International GP Ltd.

Acted for B+H Architects, a leading architecture and design firm, in connection with a significant investment by Surbana Jurong Private Limited in B+H Architects, and the sale by Arcterra Limited Partnership of its interest in B+H Architects to Surbana Jurong Private Limited.

The Sierra-Cedar Group, Inc.

Acted for The Sierra-Cedar Group, Inc., a portfolio company of Golden Gate Capital, in the sale of its Canadian subsidiary, Sierra Systems Group, Inc., to NTT DATA Services, a Texas-based recognized leader in global technology services.

Desjardins Capital Markets, CIBC Capital Markets and RBC Capital Markets

Acted for a syndicate of underwriters co-led by Desjardins Capital Markets, CIBC Capital Markets and RBC Capital Markets on a US$126.6-million bought deal treasury and secondary public offering of trust units of WPT Industrial REIT.

BMO Capital Markets and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. in connection with a $193-million bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust. The REIT intends to use the proceeds from the offering to fund a portion of the purchase price for its US$242-million acquisition of a portfolio of six multi-family properties.

Desjardins Securities Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.

Acted for a syndicate of underwriters led by Desjardins Securities Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. in connection with a US$69 million bought deal public offering of trust units issued by WPT Industrial REIT.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in connection with its investment in Back in Motion Rehab Inc., a provider of employment, rehabilitation and physiotherapy services.

New Gold Inc.

Acted for New Gold Inc. in the sale of its 30% interest in the El Morro copper-gold project in Chile to Goldcorp Inc. in exchange for a $90-million cash payment, a 4% gold stream on life-of-project gold production from the El Morro property and cancellation of a $93-million carried funding loan. In conjunction with the transaction, Goldcorp and Teck Resources Limited announced their intention to combine their respective El Morro and Relincho properties into a 50/50 joint venture with the interim name of Project Corridor.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in connection with its investment in Alliance Corporation, a distributor and manufacturer of products and solutions for North American wireless, broadband, broadcast and wireline networks.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners and Sleep Country Canada in connection with the $300-million initial public offering of common shares of Sleep Country Canada Holdings Inc. and in connection with a new $175-million senior secured credit facility. The proceeds of the initial public offering were used to acquire Sleep Country Canada Inc.

Plenary Group

Acted for Plenary Health Milton LP, which was awarded a contract by Halton Healthcare to expand and maintain the Milton District Hospital, a $512-million project located in Milton, Ontario.

Points International Ltd.

Acted for Points International Ltd. in connection with its acquisition of substantially all of the assets of Crew Marketing International, Inc., a long-time technology vendor for United Airlines MileagePlus. The acquisition was completed in conjunction with the announcement of a long-term partner agreement between Points and United Airlines MileagePlus.

Woodbourne Capital

Acted for Woodbourne Capital in connection with its investment in a residential and commercial development at Montgomery Square in Toronto.

Woodbourne Capital

Acted for Woodbourne Capital in connection with its participation in an equity investment in, and the subordinate tranches of a $76-million loan to, a Hilton Hotel project in Calgary.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in connection with its investment in M&M Resources Inc., a leading energy services business focused on the oil and gas industry in northeast British Columbia and northwest Alberta.

Golden Gate Capital

Acted for Golden Gate Capital in connection with its acquisition of Canada Fluorspar Inc. pursuant to a plan of arrangement under the Business Corporations Act (Ontario).

BMO Capital Markets

Acted for a syndicate of underwriters led by BMO Capital Markets in connection with HealthLease Properties Real Estate Investment Trust's bought deal public offering of $50-million aggregate principal amount of 5.75% convertible unsecured subordinated debentures due November 30, 2018.

Plenary Properties DES LP

Acted for Plenary Properties DES LP which was awarded a 10-year contract to provide Driver Examination Services for the Ontario Ministry of Transportation.

Spectrum Brands, Inc.

Acted as Canadian counsel for Spectrum Brands, Inc. in connection with its US$1.4 billion acquisition of the global Hardware & Home Improvement Group (HHI) of Stanley Black & Decker, Inc.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in the sale of Back in Motion Rehab Inc., a leading provider of employment, rehabilitation and physiotherapy services, to an entity controlled by Yorkville Asset Management Inc.

Goldman Sachs & Co.

Acted for Goldman Sachs & Co. LLC on the US$658-million cross-border secondary offering of subordinate voting shares of GFL Environmental Inc.

J.P. Morgan Securities Inc.

Acted as Canadian counsel to the initial purchasers, led by J.P. Morgan, in the private placement of US$1 billion of senior secured notes of GFL Environmental Inc.

RBC Capital Markets, LLC and RBC Dominion Securities Inc.

Acted for RBC Capital Markets, LLC and RBC Dominion Securities Inc. on the US$723.4-million cross-border secondary offering of subordinate voting shares of GFL Environmental Inc.

Barrick Gold Corporation

Acted for Barrick Gold Corporation in its earn-in arrangement with Geophysx Jamaica Ltd., under which Barrick was granted the right to acquire up to an 80% joint-venture interest in certain properties located in Jamaica.

J.P. Morgan Securities Inc.

Acted as Canadian counsel to the initial purchasers, led by J.P. Morgan, in the private placement of US$500 million of senior notes of GFL Environmental Inc.

McKesson Corporation

Acting for McKesson Corporation in the sale of its Rexall and Well.ca businesses in Canada to Birch Hill Equity Partners. 

Mind the GAAP: Don’t Get Tripped Up by the New Financial Measure Disclosure Requirements

July 06, 2021 - Before the year-end, Canadian reporting issuers will have to contend with new rules that govern the disclosure of non-GAAP and other financial measures.¹ These new Financial Measure Rules mark a significant departure from the policy-based approach that has shaped non-GAAP financial...