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ARTICLE · 13 FEBRUARY 2012

Canadian Merger Notification And Investment Review Thresholds Increase

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Increases to a merger notification threshold under Canada's Competition Act and the investment review threshold under the Investment Canada Act have been announced.

CanadaAntitrust/Competition Law
John Clifford
John Clifford
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Increases to a merger notification threshold under Canada's Competition Act and the investment review threshold under the Investment Canada Act have been announced:

Competition Act

The Competition Act generally requires advance notification of certain merger transactions involving operating businesses in Canada where "size-of-parties" and "size-of-target" financial tests are both exceeded:

  • The "size-of-parties" test requires that the parties to a transaction, together with their affiliates, have assets in Canada, or annual gross revenues from sales in, from or into Canada exceeding C$400 million.
  • Currently, the "size-of-target" test generally requires that the assets to be acquired or the value of assets in Canada owned by the corporation the shares of which are being acquired exceeds C$73 million, or the annual gross revenue from sales in or from Canada generated by those Canadian assets exceeds C$73 million.

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