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ARTICLE · 09 FEBRUARY 2015

2015 Merger Review Thresholds For Competition Act And Investment Canada Act

Norton Rose Fulbright Canada LLP
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The threshold for a pre-closing net benefit review under the Investment Canada Act and the threshold for a pre-closing merger notification under the Competition Act have been increased for 2015.

CanadaAntitrust/Competition Law
Kevin Ackhurst
Kevin Ackhurst
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The threshold for a pre-closing net benefit review under the Investment Canada Act and the threshold for a pre-closing merger notification under the Competition Act have been increased for 2015.

Investment Canada Act

The direct acquisition of control of a Canadian business by a non-Canadian from a WTO-member country is subject to pre-closing review and approval where the assets of the acquired business had a net book value of more than $369 million as at the end of the target's last completed fiscal year prior to the acquisition. The 2014 threshold was $354 million. Amendments to the ICA to change the threshold to one based on the enterprise value of the Canadian business have been passed, but are not yet in force. In addition, the minister can review any investment by a non-Canadian, regardless of its value, that he has reasonable grounds to believe may be injurious to Canada's national security.

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