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.


Susan C. Zimmerman Michael Erdle John D. Alton Donald G. Pierce Kenneth R. Wiener Donald F. Luck Richard M. Borins Tom Koutoulakis Chantal Thibault Heidi Clark Jim Janetos Christopher W. Besant Bruce C. Bell Peter A. Shiroky Chris Turney