This article provides an overview of the M&A activity in
Canada during 2014 and an outlook for the coming year.
The number of Canadian companies sold in 2014 declined to 1,705
– the lowest level since 2005. However, transaction value
(which was disclosed for 852 transactions) increased to $132
billion (Exhibit 1). By contrast, the number of U.S. companies sold
in 2014 rose to 16,515 vs. 15,422 in 2013, and U.S. transaction
value (where disclosed) increased to USD$1.2 trillion in 2014 vs.
USD$959 billion in 2013.
Exhibit 1
Source: S&P Capital IQ
The largest Canadian transaction in 2014 was Brookfield's
acquisition of the remaining 50.69% of Brookfield Office Properties
(TSX: BPO) that it did not already own, at a purchase price that
implied a value of $22 billion (Exhibit 2). However, the most
notable transaction of 2014 was the acquisition of Tim Hortons by
Restaurant Brands International (aka Burger King) for $14.6
billion. Last year also saw the
