📈 Canada Deal Flow News – 2025-11-04

Big cheques, bold exits, and a few curveballs—Canadian deal flow is moving fast, with private capital and cross-border buyers setting new comps.

🇨🇦 National Deal Watch

Coeur Mining’s $7B all-stock merger with New Gold consolidates two mid-tier gold producers. No disclosed multiple, but the scale and structure show buyers are chasing synergies and sector cycles—stock-based deals are back when commodities run hot.
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Volatus Aerospace locks in $20M via a bought deal, led by Stifel Nicolaus Canada. This is proactive capital raising—founders, if you’re eyeing growth or prepping for a sale, move before the window closes.
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Questrade finally got the green light to launch Questbank after a six-year regulatory slog. Not a funding round, but regulatory wins can be as valuable as capital—expect follow-on raises or M&A as Questbank ramps.
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🍁 Ontario & Québec Investments

Gander Social raised $1M from 1,300+ investors in a week, aiming to build a sovereign Canadian alternative to X and Meta. Early-stage, but the speed and syndicate size show appetite for homegrown, mission-driven tech.
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PUSH Media’s SCS acquisition plants flags in LA and Atlanta, adding U.S. scale and naming Julie Berger as North America President. No deal price, but this is a pure-play on cross-border expansion and leadership upgrade—Canadian agencies: this is your comp for buying market access and talent, not just revenue. Watch for future disclosures on earnouts and integration; margin impact will set the next bar.
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Thomson Reuters posted 3% revenue growth, hitting US$1.78B for Q3 and meeting expectations. No M&A, but steady, predictable growth keeps multiples healthy—especially in B2B SaaS, media, and data.
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🌲 Western Canada Watch

Fortis banked $409M in Q3 profit and raised its dividend to 64 cents/share. Not an M&A move, but dividend hikes and profit growth are catnip for buyers—margin resilience and predictable returns drive premium multiples in utilities.
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Source Rock Royalties teamed up for a joint grab of Alberta oilsands and gas leases. No numbers, but JV action means land and resource positions are still hotly contested—partnerships are a way to scale without blowing up your balance sheet.
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🌊 Surf, Turf and Arctic

No Frills is anchoring St. John’s Village Mall this December—no lease terms, but the move could reset local retail asset values and trigger new capex cycles. Owners: benchmark your lease rates and tenant mix now.
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Sea cucumber processors in Newfoundland are fighting tariff pressure and price uncertainty. Margin squeeze from tariffs and buyer reluctance can crater sector multiples and complicate exits—watch for policy shifts or union wins to reset pricing power.
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A new report exposes major transparency gaps in environmental assessments for Canadian mining and quarry projects. Regulatory risk is a silent value drag—clean ESG data is now a must-have for buyers and investors.
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🌐 Cross-Border Connections

Xanadu is going public on Nasdaq and TSX via a $3.6B USD SPAC, with up to $500M USD in new capital. This is a rare, disclosed late-stage comp for Canadian deeptech—SPACs are still a viable path for IP-heavy stories.
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Nvidia is circling a $1B investment in AI startup Poolside (deal in progress). Structure and valuation are TBD, but global capital is still chasing differentiated AI bets at scale—expect scrutiny on IP and growth runway.
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Starbucks is offloading a majority stake in its China business to Boyu Capital, with no price tag revealed. This is classic risk rebalancing—multinationals unlocking capital and de-risking via local partners. Canadian operators with global exposure: carve-outs and local JVs are live comps for unlocking value and refocusing strategy.
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Key question:
How does your margin, customer stickiness, and growth story stack up? Benchmark now—before the market narrative moves on.