Canadian M&A deal volume has slightly declined for the second consecutive year, but has increased in disclosed implied enterprise value (EV) – mostly accredited to a few megadeals that closed during the period. Even with high levels of inflation, increased interest rates and reduced access to capital, transaction volume has stayed relatively consistent. In 2023, 1,606 Canadian companies were sold, with the total disclosed EV amounting to CA$112.1 billion, indicating a 47% increase in deal value compared to 2022.
2023 saw 55 megadeals close, averaging $3.1 billion in EV, a decrease from 2022, which had 60 recorded closed megadeals.* The largest Canadian transaction in 2023 was the acquisition of Shaw Communications for $26.2 billion by Rogers Communications. The second- and third-largest megadeals in 2023 involving a Canadian party were the acquisitions of National Grid Gas and Qualtrics International for $18.6 and $15.0 billion, respectively.
Significant megadeals announced in 2023 but not yet closed include Enbridge’s acquisition of Dominion East Ohio, Questar Gas and PSNC Energy for $19.1 billion and Glencore’s acquisition of Elk Valley Resources for $12.3 billion.
