Enerplus' sale of Alberta oil assets also in this week's deals roundup
Torys’ role as Canadian legal advisor in TD Bank’s $1.7 billion (US$1.3 billion) acquisition of an American investment bank and financial services firm tops this week’s deals roundup. The $140 million (US$109 million) sale of the Alberta assets of Calgary-based oil and gas producer Enerplus Corporation is also included in this roundup.
TD Bank to buy American investment bank for $1.7 billion
On August 2, TD Bank Group and US-based investment bank and financial services firm Cowen Inc. announced an agreement for TD to buy Cowen for $1.7 billion (US$1.3 billion).
Torys LLP and Simpson Thacher & Bartlett LLP are the Canadian and U.S. legal counsel, respectively, to TD Bank. Perella Weinberg Partners LP is serving as financial advisor to TD.
Cravath, Swaine & Moore LLP is serving as legal counsel and Ardea Partners and Perkins Advisors LLC as financial advisors to Cowen.
"Cowen is a leading independent dealer with a premier U.S. equities business and a strong, diversified investment bank that, when combined with TD Securities, will allow us to accelerate our strategic US growth plans," said TD Bank Group President and CEO Bharat Masrani. "Most importantly, the acquisition will provide new capabilities and increased depth in key business lines to meet our clients' needs and will allow us to leverage our combined expertise, talent, and integrated offerings across a much larger client base."
Cowen Chair & CEO, Jeffrey Solomon, said, “At Cowen our success comes from striving to outperform in all we do by exceeding expectations and providing innovative solutions to, and partnering with, our clients. Taking this step will make us even stronger and more effective in serving their growing needs.”
Upon deal completion, Solomon will join the senior leadership of TD Securities.
The deal is expected to close in the first quarter of 2023.
Calgary-based Enerplus to sell Alberta assets to Journey Energy for $140 million
Enerplus Corporation, a Calgary-based oil and gas exploration and production company, agreed to sell certain Alberta assets to Journey Energy for $140 million (US$109 million) in a move to divest Enerplus’ remaining properties in Alberta and Saskatchewan.
Tudor Pickering Holt & Co. and Scotiabank are serving as financial advisors to Enerplus.
The deal includes Enerplus’ Ante Creek, Medicine Hat, and the West Five and West Six areas of Alberta. These assets produce 3,400 Barrels of Oil Equivalent (BOE) per day (60 percent crude oil) from over 400 net wells.
The deal is anticipated to be completed by the third quarter of 2022.
WSP to buy real estate and infrastructure consultancy firms from UK-based Capita for $94 million
WSP entered into an agreement with UK-based Capita for WSP to buy two of Capita’s real estate and infrastructure consultancy businesses for approximately $94 million (£60 million).
Deloitte Corporate Finance is serving as Capita’s financial advisor.
The deal includes Capita Real Estate and Infrastructure (REI) and GL Hearn (GLH) and follows the recent completion of Capita’s four other sales processes.
According to a press release by Capita, the sale is expected to generate proceeds of more than £800 million from the non-core disposal programme.
Capita’s CEO, Jon Lewis, said, “We are pleased to have agreed the sale of these two businesses to WSP following a competitive sale process. It marks another significant step, as we continue to simplify and strengthen Capita, and become a more successful business for the long term.”