đ Canada Deal Flow News â 2025-11-14
Valuations steady, but policy tailwinds and fast-tracks are stirring the pot.
đ¨đŚ National Deal Watch
Major Projects Office just fast-tracked Canada Nickelâs Crawford Project (Timmins, ON) and Nunavutâs Iqaluit Nukkiksautiit Hydro, signaling Ottawaâs intent to de-risk timelines and juice infrastructure valuations.
If youâre in the supply chain, watch for partnership or M&A windows as these projects go shovel-ready. Read more | Read more
Cenovus finally closes its MEG Energy buyout in a deal worth over $8.6B, landing another 110,000 barrels a day of production from what had been MEGâs flagship operation. Read more
đ Ontario & QuĂŠbec Investments
MDA Space (Montreal) posted 45% Q3 revenue growth to $283.5M, but net income slid to $24.4M from $29.5M last yearâmargin compression in action. If youâre scaling fast, expect buyers to scrutinize whether your growth is profitable or just burning cash. Read more
Warburg Pincus is snapping up ECN Capitalâno price or multiple disclosed, but itâs another global PE bet on Ontarioâs specialty finance. If youâre running a lender or sticky-margin fintech, expect more inbound from funds chasing recurring revenue. Read more
Ottawa drops $220K into Hypertronic Technologies for digital upgrades and export push. Small cheque, but a clear signal: government grants are still in play for manufacturers modernizing ops or chasing international sales. Read more
đ˛ Western Canada Watch
Vistara Growth closes a $450M fund for B2B tech, pushing âless dilutiveâ capitalâthink debt and hybrid structures. Western founders: growth-stage money is out there, and non-dilutive options can boost your leverage at the table. Read more
CereCura (UBC spinout) raised $1.4M to tackle brain disorders with COVID-era vaccine techâa fresh comp for early-stage biotech, and proof that translational research still draws capital. Read more
Cura, a new cement decarbonization startup from ex-Deep Sky and UBC talent, launches with no funding disclosed yet. Watch this space if climate capital is hunting for industrial decarb plays. Read more
Decisive Dividend (Kelowna) sticks to its $0.045/share payout and DRIP, reinforcing its cash flow discipline. For yield-focused buyers, this is the kind of stability that anchors multiples. Read more
Eastern Platinumâs Q3 numbers (Vancouver) are out, but with no capital moves or M&A, itâs just a baseline for mining compsâwait for margin or production shifts before benchmarking. Read more
Neo Performance Materials (Toronto/global) raised full-year EBITDA guidance after a strong Q3, a reminder that margin resilience still moves the needle for specialty materials and mining valuations. Read more
Calfrac swaps expensive debt for $35M in fresh equity via a rights offering, redeeming second lien notes. This is textbook balance sheet triageâdilutive, but it buys time and flexibility. If youâre carrying high-cost debt, track how the market prices this recap. Read more
đ Surf, Turf and Arctic
Clearlake Capitalâs buyout of Pathway Capital Management doubles its AUM to $185B. No multiple disclosed, but when a buyerâs wallet swells overnight, expect more aggressive bidding for fee-based, recurring-revenue platforms. Read more
Iqaluitâs hydro project hits the federal fast-track, setting up a wave of capital and contract awards in the Northâif youâre a supplier or JV hunter, get ready for RFP season. Read more
Carneyâs ânation-buildingâ shortlist adds Nunavut and B.C. projects, but details are thin so far. Fast-tracking means expedited permits and a green light for major inflowsâadjacent businesses should prep for valuation bumps as certainty firms up. Read more
đ Cross-Border Connections
TCED acquires Total Battery to boost distribution and plant a retail flag in Ontario. No price, but the playbook is clear: buyers want reach and technical know-how, not just product. Read more
Sonder collapses after burning $3.7M on a failed Marriott dealâreminder that even big names can run out of runway if bets donât pay off. Scrutinize your capital allocation and partnership ROI. Read more
Anthropic and Microsoft are pouring $50B into new AI data centers (U.S.-focused, but the infrastructure arms race is global). Canadian data infra and construction players: prep for spillover demand and cross-border M&A. Read more
India-Canada just wrapped a ministerial dialogue, signaling a thaw and a push for new trade corridors. No new capital yet, but if youâre in agri-food, cleantech, or digital, watch for incentives and cross-border M&A appetite. Read more
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