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ARTICLE · 03 MARCH 2026

Strategic Complexity: Canadian M&A Outlook 2026

The Canadian M&A market in 2026 will reward certainty of execution over transaction speed. Domestic transactions will continue to anchor activity as foreign capital faces heightened scrutiny...

GlobalCorporate/Commercial Law

The Canadian M&A market in 2026 will reward certainty of execution over transaction speed. Domestic transactions will continue to anchor activity as foreign capital faces heightened scrutiny under the Investment Canada Act (ICA) and a revamped Competition Act. Government priorities spanning defence readiness, energy transition, critical minerals and sovereign AI infrastructure will direct capital flows. Private equity will deploy with discipline. Success will depend on structuring around regulatory presumptions, securing capital beyond traditional channels and aligning with federal industrial policy.

Federal industrial policy is expected to drive sustained capital flow into defence and critical minerals over the coming decade. Domestic transactions will dominate as foreign buyers face longer approval timelines and higher rejection risk. For dealmakers, regulatory preparedness and strategic clarity will determine outcomes.

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