One Deal Closes, Another Case Opens: Competition Bureau Brings Another Challenge To A Consummated Merger

On December 1, 2021, Canada's Competition Bureau ("Bureau") filed an application before the Competition Tribunal ("Tribunal") under the merger provisions (section 92) of the Competition Act  challenging GFL Environmental Inc.'s ("GFL") recent acquisition of Terrapure Environmental Inc. ("Terrapure"), which GFL completed on August 17, 2021.  Under the Competition Act, the Bureau can challenge a merger at any time up to one year after its substantial completion.  The Bureau's challenge is particularly noteworthy because it serves as another example of a recent line of challenges by the Bureau to completed mergers. 

Whereas historically merging parties have typically insisted that some form of Bureau approval – in the form of an advanced ruling certificate ("ARC") or a no-action letter ("NAL") – be obtained before a deal would close, more recently, companies have shown a willingness to close once the statutory waiting period associated with the Bureau review has