Canada: M&A/Private Equity

In its recent decision in Angus A2A GP Inc v Alvarez & Marsal Canada Inc (“Angus A2A”),[1] the Alberta Court of Appeal upheld an “unusual” set of proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) initiated by equity investors rather than the debtor companies themselves or creditors. The principal issue before the Court was whether such investors could qualify as “interested persons” capable of commencing CCAA proceedings.

Having last implemented revisions to the Canadian take-over bid and issuer bid regime more than a decade ago, on May 14, 2026, the Canadian Securities Administrators (CSA) proposed changes [PDF] to securities law requirements governing issuer bids, take-over bids and early warning reporting obligations.

In its recent decision in Angus A2A GP Inc v Alvarez & Marsal Canada Inc (“Angus A2A”),[1] the Alberta Court of Appeal upheld an “unusual” set of proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) initiated by equity investors rather than the debtor companies themselves or creditors. The principal issue before the Court was whether such investors could qualify as “interested persons” capable of commencing CCAA proceedings and, more broadly, whether the proceedings were consistent with the underlying purposes of the CCAA.

After a brief dip in popularity in the Canadian public M&A market, contingent value rights, or CVRs, have seen renewed interest as acquirors and target companies look to bridge gaps on value attributable to a future milestone, asset or performance outcome. CVRs provide target shareholders with a contractual right to receive additional consideration post-closing if specified payment triggers are satisfied during their term; they are used to address circumstances where the parties agree on the base value of a company but disagree on specific (and contingent) drivers of value.

In a broad set of proposals announced last week, the Canadian Securities Administrators (CSA) is considering wide-ranging amendments to Canadian securities law.

Can equity investors commence proceedings under the Companies’ Creditors Arrangement Act (CCAA)? Can CCAA relief extend to foreign companies with no business or assets in Canada? Can CCAA relief be granted against entities that are not insolvent? In a precedent-setting decision released on May 11, 2026, the Alberta Court of Appeal held, yes, yes and yes (in appropriate circumstances).

Canada has launched its first national sovereign wealth fund, the Canada Strong Fund, with $25 billion in federal capital to co-invest alongside private and institutional investors in infrastructure, energy...

Artificial intelligence has entered a new phase: models can take actions—deploy code, interact with enterprise systems and operate through automated agents—with real-world consequences.

The “public interest” private right of access to the Competition Tribunal has become very popular since it came into force last June, with six applications for leave to date. For background, private litigants...