KROLL年夏季加拿大并购行业洞察（英）

Industry InsightsSummer 2025Canadian M&A2692 Canadian companies were sold in 1H 202580% of deals completed were under CAD100 million in enterprise valueMegadeals represented 87% of disclosed deal valueExecutive Summary3In the 1H 2025, Canadian M&A activity declined in deal volume, but increased in disclosed implied enterprise value (EV) – mostly attributed to an uptick in larger deals. General economic uncertainty, especially around trade policy, has led to hesitancy amongst buyers and sellers, which has sidelined and delayed certain transaction processes. In the first half of 2025, 692 Canadian companies were sold, with total disclosed EV amounting to CAD 56.8 billion, representing a 6% decline in deal volume when compared to 1H 2024.Sources: S&P Global Market Intelligence as of July 31, 2025; Kroll analysis. All publicly disclosed transaction information available in S&P Global Market Intelligence. For all data herein: All transaction values are in Canadian dollars (unless otherwise noted) and refer to transactions with reported financial data. All transaction data refers to acquisitions of majority stakes (minority deals were excluded). M&A transactions in 1H 2025 include those between January 1 and June 30, 2025.Canadian M&A TransactionsCanadian M&A Update - 500 1,000 1,500 2,000 2,500 - 50,000 100,000 150,00020152016201720182019202020212022202320241H 20241H 2025Number of TransactionsImplied EV (CAD millions)Implied EVNumber of TransactionsCanadian M&A Update4In the 1H 2025, 39 megadeals closed averaging $3.0 billion in EV, an increase from 1H 2024, which recorded 21 closed megadeals. The largest transaction including a Canadian party in 1H 2025 was the acquisition of Nord Anglia Education by consortium of investors for $20.1 billion. The second- and third-largest deal involving a Canadian party was the acquisition of Neoen S.A. by Temasek, Brookfield and Brookfield Renewable for $14.6 billion; and Veren by Whitecap Resources for $9.2 billion.Significant megadeals that were announced in the 1H 2025 but not yet closed include Sunoco’s acquisition of Parkland Corporation for $13.9 billion; Welltower’s acquisition of Amica Senior Lifestyles for $5.2 billion; and Keyera’s acquisition of Plains Midstream Canada for $5.2 billion.*Deals involving a Canadian company as the buyer or seller, with an implied EV of $500 million or more (minority deals excluded).1H 2025 Large Closed Canadian Transactions*Sources: S&P Global Market Intelligence as of July 31, 2025; Kroll analysis. All publicly disclosed transaction information available in S&P Global Market Intelligence. TargetTarget CountryBuyerBuyer CountryEnterprise Value CAD BillionsIndustryNord Anglia Education LimitedUnited KingdomCorporación Financiera Alba S.A., Canada Pension Plan Investment Board, EQT Private Capital Asia, Neuberger Berman Group, Dubai Holding Investments GroupMultiple(incl. Canada)20.1Consumer DiscretionaryNeoen S.A.FranceTemasek Holdings Limited, Brookfield Corporation (TSX:BN)