NordStar Capital LP acquires Torstar Corp., parent of Canada’s largest circulation daily newspaper

On Aug. 5, NordStar Capital LP acquired Torstar Corporation by way of statutory plan of arrangement pursuant to which NordStar Capital acquired all of the issued and outstanding Class A voting and Class B non-voting shares of Torstar for an aggregate consideration of approximately $60 million. Torstar’s shares were delisted from the Toronto Stock Exchange on Aug. 6, and Torstar has ceased to be a reporting issuer under applicable Canadian securities laws. 

The parties completed the transaction amidst the COVID-19 pandemic, a time that placed the need for trusted and accurate reporting at the forefront. NordStar Capital’s purchase helps secure a future for world-class journalism and journalists as independent and investigative writing continue to be uninterrupted.

Norton Rose Fulbright Canada LLP represented NordStar Capital with a team composed of
Walied Soliman,
Evelyn Li, 
Paul Fitzgerald, 
Kristopher Miks, 
Ruth Wahl, 
Mark Bissegger,
Daniel Weiss (securities/M&A), 
Orestes Pasparakis, 
Andrew McCoomb, 
Fahad Siddiqui,
Elana Friedman (litigation), 
Adrienne Oliver, 
Kristy Balkwill,
Carl Deeprose (tax), 
Todd Schroeder (U.S. tax), 
Kevin Ackhurst (competition), 
Christopher Horte, 
Nicole Sigouin,
Coco Chen (financial services), 
Richard Charney, 
Anne Gallop, 
Travis Bertrand, 
Lauren Ditschun,
Sadaf Samim (labour and employment), 
Andrew Schafer (pensions and benefits), 
Oliver Moore,
André Shymanski,
Jason Worobetz (real estate),
Elizabeth Williams, 
Iwan Davies,
Allison Numerow (intellectual property).

Marie Beyette, senior vice president, general counsel and corporate secretary of Torstar, represented Torstar.

Blake, Cassels & Graydon LLP also represented Torstar with a team composed of
Jeff Lloyd
Eric Moncik, 
Shlomi Feiner, 
Joe Zed, 
Raees Nakhuda,
Jeremy Ungerman-Sears (securities/M&A), 
Ryan Morris, 
Daniel Szirmak (litigation), 
Paul Stepak (tax), 
Brian Facey, 
Cassandra Brown,
Psalm Cheung (competition), 
Alexis Levine,
Jennifer Hancock (financial services), 
Anna Abbott (labour and employment), 
Caroline Helbronner,
Sean Maxwell (pensions and benefits), 
Patrick Gordon (real estate),
Christopher Hunter (intellectual property).

Gary Girvan represented the Torstar Voting Trust, a significant shareholder of Torstar.

Derek Bulas, general counsel of Fairfax Financial Holdings Limited, represented Fairfax, a significant shareholder of Torstar.

Torys LLPalso represented Fairfax with a team composed of
David Chaikof
Thomas Yeo,
Stephen Abrahamson.

Canso Investment Counsel, Ltd., as portfolio manager acting for and on behalf of certain accounts managed by it, provided debt financing to NordStar Capital. 

Bennett Jones LLP represented Canso with a team composed of
Mark Rasile
Kristopher Hanc,
Dom Sorbara.

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