The world of mergers and acquisitions is evolving rapidly, with businesses and their legal advisers facing a landscape shaped by regulatory shifts, trade tensions, and changing market conditions. From Canada’s largest-ever telecom deal to the uncertainty surrounding US tariffs and evolving ESG obligations, this Special Edition explores the legal challenges and opportunities in corporate transactions today.
Rogers Communications’ $26 billion acquisition of Shaw, which won M&A Deal of the Year at the 2024 Canadian Law Awards, reshaped Canada’s telecom industry and set a new standard for complex, high-stakes dealmaking. Marisa Wyse, Rogers’ chief legal officer and a judge for this year’s Canadian Law Awards, played a pivotal role in steering the transaction through regulatory hurdles.
“The deal took two years between the time of announcement and the time it was actually closed," Wyse told me. “It was truly transformative.”
2024 was a strong year for M&A, but dealmakers now face new challenges as trade tensions with the US create uncertainty. Tariffs imposed under President Donald Trump’s second term have already impacted cross-border deals, with US acquisitions of Canadian companies hitting a 22-year low in January.
“There’s really only one thing that is truly impacting M&A activity right now, and that is uncertainty,” says Shea Small of McCarthy Tétrault LLP.
As US and European regulators scale back ESG reporting requirements, Canadian businesses are questioning whether to stay the course or shift their approach. Despite growing skepticism, Sharon Singh of McMillan LLP believes ESG remains a priority.
“Do ESG considerations become moot now that there is this rollback and pushback against certain ESG initiatives in the US? I think the answer to that one is no,” Singh says.
Beyond trade issues, Canada’s M&A landscape is becoming more complex due to heightened regulatory scrutiny. New rules expand national security reviews under the Investment Canada Act, adding economic security considerations.
“There will be more scope and depth to review a transaction, and more time needed to scrutinize,” says Julie Soloway of Blake, Cassels and Graydon LLP.
As businesses adapt to these challenges, legal expertise has never been more critical. The Lexpert Special Edition on Finance and M&A provides insights from top legal professionals, helping corporate leaders navigate the evolving M&A environment with confidence.