Tilray and Aphria combine to create largest global cannabis company

On Dec. 16, 2020, Tilray, Inc. and Aphria Inc. announced that they had entered into a definitive agreement to combine their businesses and create the world’s largest global cannabis company based on pro forma revenue of $874 million (US$685 million). The implied pro forma equity value of the combined company is approximately $5 billion (US$3.9 billion).

Blake, Cassels & Graydon LLP represented Tilray as Canadian counsel with a team led by
Kathleen Keilty,
and including
Shlomi Feiner,
Michelle Audet,
Trevor Simpson,
Christina Huber,
Sebastian Lowes,
Michelle Perini (corporate/securities/M&A);
Christopher Hunter,
Ankita Kapur (IP);
Navin Joneja,
David Dueck,
Joe McGrade (competition);
Beth Earon,
Evan Kirsh (real estate);
Pei Li,
Chanelle Desrosiers-Stewart,
Hilary Zarnett,
Marianne Richer-Lafleche (regulatory);
Seumas Woods,
Peter Rubin,
Matthew Liben,
Ryan Morris,
Laura Cundari (litigation); 
Kevin Zimka (tax).

Cooley LLP represented Tilray as U.S. counsel with a team led by
Alan Hambleton,
Steve Tonsfeldt,
and including
Rishab Kumar,
Julia Stark,
Justine Chiu,
Natalie Vernon,
Rodrigo Seira (corporate/M&A);
effrey Tolin (tax); 
Joshua Friedman (compensation and benefits);
Jacqueline Grise,
Sharon Connaughton (antitrust and competition);
Mischi a Marca,
Timothy Nguyen (debt finance);
Tijana Brien,
Janelle M. Fernandes (litigation).

Cowen represented Tilray as financial advisor.

DLA Piper (Canada) LLP represented Aphria as Canadian counsel with a team led by
Russel Drew,
Chris Pejovic (corporate/securities/M&A).

DLA Piper LLP (US) represented Aphria as U.S. counsel with a team led by
Christopher Giordano (corporate/securities/M&A),
that included
Jon Venick,
Stephen Alicanti,
Sanjay Shirodkar,
Carina Meleca,
Scott Luftig (corporate/securities/M&A),
Jennifer Cumming (corporate),
Paolo Morante (antitrust and trade),
Drew Young (tax).

Fasken Martineau Dumoulin LLP represented Aphria as Canadian counsel with a team led by
Grant McGlaughlin,
and including
Bradley Freelan,
Alex Nikolic,
Gordon Raman,
Florind Polo,
Zach Austin,
Allison Marks (corporate/securities/M&A);
Huy Do,
Chris Margison (competition);
Ingrid VanderElst,
Mark Vanderveken (regulatory);
Armand Benitah,
Nathan Haldane (IP);
Zohar Levy,
Lily MacLeod (litigation);
Rosa DeFilippis,
Rachel Loizos (real estate);
Christopher Steeves,
Kevin Yip (tax).

Jefferies LLC represented Aphria as financial advisor.

Davies Ward Phillips & Vineberg LLP acted for Jefferies LLC with a team including
Aaron Atkinson
,
Ghaith Sibai.