Biggest B.C. (non-mining) mergers and acquisitions of 2021


Ranked by size of the deal in CAD

Published April 4, 2022. Sources: Interviews with companies below, agents and/or advisers and BIV research. Foreign currency has been converted using Bank of Canada's closing rate on date of deal announcement. NP = Not provided

Scroll to the end to download the list, as well as versions from previous years. One of two lists that make up the Top 100 Corporate Finance Deals of 2019; see also biggest stock and debt deals of 2021.

For mining M&As, see biggest B.C. mining mergers and acquisitions of 2021.

Rank '21 Acquiring company Target company Date deal announced/closed Deal description Primary law firms involved Partial list of financial agents and advisers involved Deal value in CAD

Tilray Inc

Aphria Inc

December 16, 2020
January 5, 2020

Merger of Aphria Inc. and Tilray Inc

Blake, Cassels, & Graydon LLP and Cooley LLP


$10.28 billion



Great Canadian Gaming

November 10, 2020
September 22, 2021

Blake, Cassels & Graydon LLP, McMillian LLP / Akin, Gump, Strauss, Hauer & Feld LLP, Osler, Hoskin & Harcourt LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP


$3.3 billion


Diligent Corp

ACL Services Ltd

February 24, 2021
April 6, 2021

ACL Services Ltd. (dba Galvanize) acquired by Diligent for US$1 billion

Fasken Martineau DuMoulin LLP; Willkie Farr & Gallagher LLP

Evercore Inc.; Ernst & Young LLP

$1.25 billion



Pinnacle Renewable

February 8, 2021
April 13, 2021

Acquisition of target Pinnacle Renewable

Stikeman Elliott LLP / Kirkland & Ellis LLP / Osler, Hosin & Harcourt LLP / Slaughter & May


$831 million


FNC Holdings Limited Partnership (First Nations, and Premium Brands Holding),

Clearwater Seafoods

November 9, 2020

Clearwater Seafoods entered into a definitive agreement with FNC Holdings Limited Partnership, representing a coalition of Mi'kmaq First Nations, and Premium Brands Holdings, pursuant to which they would acquire all of the outstanding shares of Clearwater Seafoods for approximately $537 million

Osler, Hoskin & Harcourt LLP advised First Nations Finance Authority


$537 million

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