Stikeman Elliott, MLT Aikins, Cassels also in this week's deals roundup
Torys is serving as legal counsel to Enbridge on its $3.1 billion sales of shares in two gas processing companies. Stikeman Elliott, MLT Aikins, and Cassels are also in this week’s deals roundup.
Enbridge to sell its shares in Alliance Pipeline and Aux Sable for $3.1 billion
Enbridge Inc. has agreed to sell its interest in two gas processing companies, Alliance Pipeline and Aux Sable, to Pembina Pipeline Corporation for $3.1 billion.
Under the agreement, Enbridge will be selling 50 percent of its shares in Alliance and 42.7 percent shares in Aux Sable.
Torys LLP is serving as legal counsel, and National Bank Financial and Scotiabank as the financial advisors, to Enbridge.
"We are pleased to continue our strong track record of surfacing value for shareholders through an ongoing capital recycling program,” said Enbridge EVP and CFO Pat Murray. “With this divestiture, we will have raised around $14 billion since 2018 at attractive valuations.”
The deal is expected to close in the first half of 2024, subject to customary closing conditions.
TMX Group to acquire US-based VettaFi for $1.15 billion
TMX Group Limited has agreed to purchase the remaining 78 percent shares of VettaFi Holdings LLC, a US-based, indexing, digital distribution, analytics, and thought leadership company, for approximately $1.15 billion (US$848 million).
WilmerHale LLP is serving as legal counsel, and Evercore is acting as the exclusive financial advisor, to TMX Group. National Bank of Canada, The Toronto-Dominion Bank and Bank of Montreal are providing the new committed credit facilities to TMX Group.
Ropes & Gray LLP is serving as legal counsel, and Barclays is acting as the exclusive financial advisor, to VettaFi.
“The experience of working together this year has confirmed that TMX and VettaFi are a powerful combination and a tremendous culture fit,” said TMX Group CEO John McKenzie. “Moving forward, the addition of VettaFi increases the depth and value of data-driven insights we provide to clients, expands our digital expertise and enriches our industry-leading support for ETF issuers. From a strategic standpoint, this acquisition accelerates TMX's long-term global expansion, and increases the proportion of revenue derived from our Global Solutions, Insights and Analytics division, and from recurring sources."
VettaFi CEO Leland Clemons said, “Early on in our relationship with TMX Group it became clear that not only did we have complementary products and solutions, but our companies also have complementary cultures rooted in like-minded values and ambitious vision.”
The deal is expected to be completed in January 2024, subject to customary closing conditions.
Indigenous Communities, Tamarack announce Clearwater Infrastructure Limited Partnership
Tamarack Valley Energy Ltd. and the newly formed Wapiscanis Waseskwan Nipiy Holding Limited Partnership (WWN), which is Cree for Marten Clearwater and made up of 12 First Nation and Métis communities, has acquired an 85 percent non-operated interest in a newly formed partnership, Clearwater Infrastructure Limited Partnership (CIP).
Under the agreement, Tamarack will transfer Clearwater midstream assets to the CIP for a total consideration of $146.2 million and a 15 percent operated working shares in the CIP.
The partnership covers oil and gas midstream infrastructure in the Marten Hills and Nipisi areas of the Clearwater play in Northern Alberta.
Stikeman Elliott LLP is serving as legal counsel, and RBC Capital Markets is acting as the exclusive financial advisor to Tamarack. CIBC Capital Markets and National Bank Financial are acting as strategic advisors to Tamarack.
MLT Aikins LLP is serving as legal counsel and ATB Financial is acting as financial advisor to WWN. Âsokan Generational Developments is acting as lead negotiator and is assisting in structuring while MNP is serving as tax advisor to WWN.
“We are excited to be partnering with an industry leader such as Tamarack, where our Indigenous community has the opportunity to participate in a large multimillion-dollar business involved in oil and gas transportation and processing on our lands,” said Chief Gilbert Okemow, of Peerless Trout First Nation. “Our ownership in WWN will provide much-needed revenues for Indigenous people for decades, while at the same time giving our people experience in the business community.”
“The new venture will provide for meaningful long-term economic ownership by the Indigenous Communities in proximity to our world-class Clearwater assets,” said Tamarack President and CEO Brian Schmidt (Aakaikkitstaki). “We are proud to be able to participate in this innovative business opportunity, which strengthens our existing relationships, builds Indigenous business capacity, and affords Tamarack continued alignment with the Indigenous Communities surrounding the areas we operate in.”
The deal is expected to be completed on or about December 15, 2023.
Barsele, Gold Line to merge into Scandinavian-focused gold mining firm
Barsele Minerals Corp. and Gold Line Resources Ltd. have signed an agreement in which Barsele will acquire Gold Line in exchange for Barsele common shares, resulting in the consolidation of the gold exploration portfolio in Sweden and Finland.
Stikeman Elliott LLP is serving as legal counsel to Barsele. Cassels Brock & Blackwell LLP is serving as legal counsel and PI Financial Corp. is acting as financial advisor to Gold Line.
“This transaction is a unique opportunity to bring together complementary assets and teams to create a leading gold company with a district-scale focus in Scandinavia,” said Barsel President and CEO Gary Cope. “Barsele is delighted to welcome Taj Singh as the new President and CEO and Toby Pierce as Chair following closing. The leadership changes and acquisition of Gold Line's district-scale exploration portfolio and the Oijärvi Project allows the creation of a larger, stronger and more diversified company with improved access to capital and one of the largest gold exploration portfolios in Scandinavia.”
“The Barsele team has done a tremendous job advancing the Barsele Project from an exploration stage project to a joint venture with Agnico,” said Gold Line President and CEO Taj Singh. “This combination gives Gold Line shareholders a more immediate re-rating and return potential through the advanced stage Barsele Project, while maintaining exposure to the new discovery potential across our district-scale gold exploration portfolio.”
The deal is expected to close in February 2024.
