Canada’s capital markets hit new heights in 2021, setting records for the amount of money raised in initial public offerings, and for the total value of mergers and acquisitions.
BofA Securities Inc. was the year’s top M&A adviser, and worked on 27 deals involving Canadian companies with a total value of US$99.6-billion. The U.S.-based investment bank advised on the year’s two largest deals: Canadian Pacific Railway Ltd.’s US$31-billion acquisition of Kansas City Southern, and Rogers Communications Inc.’s proposed $26-billion takeover bid for Shaw Communications Inc.
Deal volume dipped in the second half of 2021 after a roaring start to the year. There were more than 1,200 deals in each of the first two quarters of the year, but fewer than 1,100 transactions in the third and fourth quarters. Even so, those figures were still high historically.
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