Canaccord Financial Acquires Genuity Capital Markets

On April 23, 2010, Canaccord completed its acquisition of all of the partnership interests of Genuity Capital Markets. Pursuant to terms set out in a definitive agreement signed by the parties on March 3, 2010, Canaccord acquired Genuity for consideration consisting of cash of $30 million and 26.5 million Canaccord common shares and up to an additional $28 million of cash as a working capital adjustment subsequent to closing. Canaccord's shareholders approved the issuance of the common shares at a meeting held on April 22, 2010. The value of the transaction as at closing was approximately $352.7 million.

Canaccord Financial Inc. was represented by in-house counsel Martin MacLachlan, Senior Vice President, Legal Affairs, and by Goodmans LLP led by Stephen Pincus, with Michael Partridge, Kari MacKay, Jaclyn Seidman, Lee Waxberg and Lauren MacLeod (business); Meredith Roth (regulatory); Joe Conforti (employment); Richard Annan (competition) and Jon Northup, Mitchell Sherman and Jarrett Freeman (tax).

Genuity Capital Markets and the vendors were represented by McCarthy Tétrault LLP led by Graham Gow, with Ian Michael, Jennifer Brent, Danielle Traub, Matthew Appleby and Nicola Geary (business); Michael Nicholas (regulatory); Oliver Borgers (competition) and Douglas Cannon, Brian Pel, Elaine Jewitt-Matthen and Alison Minard (tax); and for related employment matters by Rob Wortzman of Wildeboer Dellelce LLP.