With the Andrew Peller and Boralex deals closing Friday, we figured it’s a good time for a pulse check on Canadian M&A activity - where our non-exhaustive list of YTD take-privates are tracking ahead of 2024 and 2025…

… which were already elevated relative to historical norms, as private capital took advantage of valuations that didn’t rebound as fundamentals did post-COVID. That dynamic has let buyers take bigger swings…

… as evidenced by the $2.5B Jamieson and $1.2B Info Services deals, which won’t be the last if Canadian small/mid cap names can’t get the capital they deserve from public markets.

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