Ontario Sells Teranet Interest

The province of Ontario, as represented by Ontario SuperBuild Corporation, sold its 50 per cent interest in Teranet Inc. to its long-time partner, Teramira Holdings Inc. The deal closed on August 5, 2003. The province received $370 million as a result of the transaction and will receive 50 per cent of any additional net proceeds from any future resale.

Teramira Holdings was represented by Fraser Milner Casgrain LLP, with a team that included Chris Turney, Jim Janetos, Heidi Clark, Peter Shiroky, Don Luck and Andrea Feltham.

The province was represented by Goodmans LLP, with a team that included John Alton, Ken Wiener, Don Pierce, Q.C., Susan Zimmerman and Chantal Thibault; and by in-house counsel Catherine Ballantyne, Ministry of Consumer and Business Services; Craig Slater and Tony Golding, Ministry of Finance; and Larry Fox, Ministry of the Attorney General.

Teranet was represented by Cassels Brock & Blackwell LLP, with a team that included Greg Peebles, Tom Koutoulakis, Frank Monteleone, Bruce Bell and Chris Besant; by Michael Erdle of Deeth Williams Wall LLP in Toronto; and by in-house counsel Pamela Fruitman.

Royal Bank of Canada provided the financing, and was represented by Osler, Hoskin & Harcourt LLP with a team that included Richard Borins, Florence Weinstock and Julie Godkin. National Bank Financial Inc. was financial advisor to the province, and Capital Canada Limited was financial advisor to Teramira Holdings.