J.P. Morgan

The Boots Group

Financial advisor to The Boots Group · Retail & Pharmacy

Buyer Wittington Investments, Limited (with Fairfax Financial Holdings Ltd.) · Seller Sycamore Partners, in partnership with Stefano Pessina and family

Wittington Investments agreed to acquire the 1,800-store British pharmacy chain Boots from Sycamore Partners and the Pessina family for about US$8.9 billion including assumed debt, with Fairfax Financial partnering on the purchase and Wittington holding operational control. Expected to close in the first quarter of 2027.

Sagicor Financial senior notes

Agent (J.P. Morgan Securities Canada Inc.) · Financial Services / Insurance

Seller Sagicor Financial Company Ltd.

C$350 million private placement of notes for debt repayment, co-led by National Bank Financial and RBC Dominion Securities.

Topaz Energy Corp. (bought deal secondary offering of common shares)

Underwriter · Oil & Gas / Royalties and Infrastructure

Seller Tourmaline Oil Corp.

Tourmaline agreed to sell 10 million Topaz common shares at C$28.75 to underwriters on a bought deal basis for about C$287.5 million, cutting its stake from about 12.9% to 6.4%, and said it would redeploy proceeds into share repurchases.

Rogers Communications Inc. US$1 billion and C$600 million fixed-to-fixed rate subordinated notes due 2057

Joint book-running manager (US notes); co-manager (Canadian private placement) · Telecommunications

Rogers priced US$1 billion of hybrid subordinated notes in two series (7.150% and 7.400%, due 2057) in the US and a concurrent C$600 million 6.000% Canadian private placement, using proceeds to redeem or repurchase its 2081 and 2082 subordinated notes.

H&R Real Estate Investment Trust

Exclusive financial advisor to GO Residential REIT · Real Estate

Buyer GO Residential REIT-led consortium (incl. Blackstone Real Estate funds, Crestpoint, PSP Investments and CRAL)

H&R REIT agreed to sell all of its assets to GO Residential REIT and a consortium of co-purchasers by plan of arrangement for $4.28 cash plus 0.5688 GO REIT units per unit, a transaction valued at about $6.7 billion.

Zabka Group

Exclusive financial adviser to Buyer; Lead Arranger of acquisition financing · Convenience Retail

Buyer Alimentation Couche-Tard Inc.

Couche-Tard launched a tender offer for Polish convenience chain Zabka at PLN 32.00 per share, a total equity value of about PLN 32.62 billion. J.P. Morgan is Couche-Tard's exclusive financial adviser and underwrote the committed debt facilities as lead arranger.

MDA Space Ltd. common shares

Joint Active Bookrunner · Aerospace / Space

Seller MDA Space Ltd.

Upsized bought deal of 23 million common shares at US$35.60 to help fund MDA Space's acquisition of about 70% of CLS. The date is the closing announcement.

Metro Supply Chain

Exclusive financial advisor to Metro Supply Chain · Logistics

Buyer NX Group · Seller LDC and financial partners (incl. La Caisse)

Montréal-based Metro Supply Chain agreed to join Japanese logistics group NX Group at a purchase price of up to C$2.2 billion.

TRC Companies, Inc.

Financial advisor to WSP · Engineering Services

Buyer WSP Global Inc.

WSP agreed to acquire U.S. power and energy engineering firm TRC for a cash price of US$3.3 billion (about C$4.5 billion), backed by committed term loans and an equity raise.

Laurentian Bank retail and SME banking portfolios

Lead financial advisor to Seller · Financial Services / Banks

Buyer National Bank of Canada · Seller Laurentian Bank of Canada

Laurentian Bank agreed to sell its retail and SME banking portfolios to National Bank as part of a shift to a specialty commercial bank. J.P. Morgan was lead financial advisor to Laurentian Bank.

Laurentian Bank of Canada

Lead financial advisor to Laurentian Bank; fairness opinion · Banking

Buyer Fairstone Bank of Canada

Fairstone Bank agreed to acquire all Laurentian Bank shares for $40.50 in cash (about $1.9 billion), alongside a sale of Laurentian's retail and SME banking business to National Bank.

Canadian National Railway Company

Joint bookrunner · Transportation (Rail)

CN announced a US$700 million public debt offering in two tranches.

NuVista Energy Ltd.

Financial advisor to Ovintiv · Oil & Gas

Buyer Ovintiv Inc.

Ovintiv agreed to acquire NuVista in a cash-and-stock deal at a blended price of about C$17.80 per share, total consideration of about C$3.8 billion (US$2.7 billion) including net debt.

Perpetua Resources Corp.

M&A financial advisor to Perpetua on the sale of equity to Agnico Eagle · Mining & Metals

Buyer Agnico Eagle Mines Limited and JPMorganChase

Perpetua agreed to raise $255 million in strategic equity, $180 million from Agnico Eagle and $75 million from JPMorganChase, at $23.30 per share with warrants.

Rockpoint Gas Storage Inc. Class A shares

Joint Lead Bookrunner · Energy / Natural Gas Storage

Seller Rockpoint Gas Storage Inc. / Brookfield affiliates

Upsized initial public offering of 32 million Class A shares at C$22.00 by the Calgary-based gas storage company, led by RBC Capital Markets and J.P. Morgan.

Rockpoint Gas Storage Inc.

Joint lead bookrunning manager · Energy Infrastructure (Gas Storage)

Rockpoint priced an upsized IPO of 32 million Class A shares at C$22.00 for gross proceeds of about C$704 million (date is the pricing announcement).

Dayforce, Inc.

Financial advisor to Thoma Bravo · Software / HCM Technology

Buyer Thoma Bravo

Thoma Bravo agreed to take Dayforce private for US$70 per share in cash, an enterprise value of about US$12.3 billion.

vLex

Exclusive financial advisor to vLex · Technology - Legal Software

Buyer Clio

Legal technology company Clio signed a definitive agreement to acquire legal-research platform vLex for US$1 billion.

Westport Fuel Systems Italia S.r.l. (Light-Duty segment)

Financial advisor to Westport; fairness opinion to the board · Industrials - Automotive Components

Buyer Heliaca Investments Coöperatief U.A. · Seller Westport Fuel Systems Inc.

Westport agreed to sell its Light-Duty segment to a Heliaca Investments vehicle for a base price of $73.1 million plus potential earnouts.

GFL Environmental Services business

Financial advisor to GFL · Environmental Services

Buyer Funds managed by affiliates of Apollo and BC Partners · Seller GFL Environmental Inc.

GFL agreed to sell its Environmental Services business to Apollo and BC Partners funds at an $8.0 billion enterprise value, rolling $1.7 billion of equity into the new structure.

Orion Health

Financial advisor to HEALWELL on the acquisition · Healthcare technology

Buyer HEALWELL AI Inc. · Seller Orion Health Holdings Limited

HEALWELL AI agreed to acquire New Zealand-based Orion Health for about C$144 million upfront in cash and stock plus an earn-out, and launched a C$50 million bought deal financing.

Paramount Resources Ltd. (Karr and Wapiti Montney assets)

Financial advisor to Ovintiv on the Montney acquisition · Oil & Gas (E&P)

Buyer Ovintiv Inc. · Seller Paramount Resources Ltd.

Paramount Resources agreed to sell its Karr and Wapiti Montney assets in Alberta to Ovintiv for about C$3.325 billion in cash (US$2.377 billion).

Algonquin Power & Utilities Corp. renewable energy business (excluding hydro)

Exclusive financial advisor to Algonquin · Power & Utilities (renewables)

Buyer LS Power · Seller Algonquin Power & Utilities Corp.

Algonquin agreed to sell its non-hydro renewable energy business to a subsidiary of LS Power for up to US$2.5 billion, following a competitive sale process, to become a pure-play regulated utility.

New Mexico Gas Company

Exclusive financial advisor to Emera · Power & Utilities (gas distribution)

Buyer Bernhard Capital Partners · Seller Emera Inc.

Emera agreed to sell New Mexico Gas Company to Bernhard Capital Partners for an aggregate transaction value of US$1.252 billion, including about US$500 million of assumed debt.

Stelco Holdings Inc.

Financial advisor to Cliffs; committed financing · Steel

Buyer Cleveland-Cliffs Inc.

Cleveland-Cliffs agreed to acquire Stelco for C$60.00 in cash plus 0.454 Cliffs shares per Stelco share (C$70 per share), a total enterprise value of about C$3.4 billion (US$2.5 billion).