Corrado Cardarelli
Corrado Cardarelli
Partner at Torys LLP
(416) 865-7386
(416) 865-7380
79 Wellington St W, Suite 3000, Box 270, TD Ctr, Toronto, ON
Year called to bar: 1983 (ON)
Corrado regularly focuses on mergers, acquisitions, dispositions, financings, reorganizations and other business restructurings. Corrado also brings sophisticated skill and perspective to structuring collective investment vehicles with domestic, tax-exempt and foreign investors, including REITs and structured products, many of which have involved Canadian and US cross-border aspects. Corrado was notably instrumental in designing Canadian income funds, cross-border income funds and analogous products, including US income securities products.
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Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, itself a subsidiary of Power Corporation of Canada, successfully closed a substantial issuer bid to purchase $2 billion of its common shares
On July 13, 2017, Cheung Kong Property Holdings Ltd. (CKP) completed the acquisition of Reliance Home Comfort (Reliance) from investment funds managed by Alinda Capital Partners (Alinda), for an equity purchase price of approximately $2.82 billion.
On July 2, 2015, Alamos Gold Inc. (Alamos) and AuRico Metals Inc. (AuRico Metals) completed a previously announced arrangement in which Alamos Gold Inc., a predecessor to Alamos (Former Alamos), and AuRico Gold Inc., a predecessor to Alamos (Former AuRico), amalgamated to form Alamos, a leading intermediate gold producer. As part of the arrangement certain assets of Former AuRico, including the Kemess project, certain royalties and cash, were transferred to AuRico Metals, AuRico Metals was listed on the TSX and the AuRico Metals shares were distributed to the shareholders of Alamos.
Revera Inc. and Health Care REIT, Inc. (HCN) have completed a transaction resulting in shared ownership of an additional 23 Canadian seniors living residences previously owned by Revera. As a result of the transaction, Health Care REIT owns a 75 per cent interest in the approximately US$634 million portfolio and Revera owns the remaining 25 per cent in Manitoba. Revera continues to manage these residences, earning fees through an incentive-based management contract. The 23 seniors living residences comprising the portfolio have approximately 2,900 suites and are located primarily in major Canadian markets in Ontario, Alberta. The HCN-Revera joint venture now owns a total of 70 seniors living residences across Canada with an aggregate 7,900 suites
On April 13, 2015, Brookfield Infrastructure completed a public offering of 12,000,000 limited partnership units at a price of US$45.00 per unit, for total gross proceeds of US$540 million.
On March 11, 2015, Brookfield Infrastructure Finance ULC, a subsidiary of Brookfield Infrastructure Partners L.P., completed a public offering of an aggregate principal amount of $450 million of medium term notes, Series 2, due March 11, 2022 and which will bear interest at a rate of 3.452 per cent per annum.
On March 6, 2015, Morgan Stanley Infrastructure Partners, LP, a subsidiary of Morgan Stanley Infrastructure, announced that it had sold Montreal Gateway Terminals to a consortium led by Fiera Axium Infrastructure and comprised of Fiera Axium Infrastructure Canada II L.P., Desjardins Group, via its insurance subsidiaries and its Pension Plan, Manulife, Fonds de solidarité FTQ and Industrial Alliance.
On March 31, 2015, Norbord Inc. (Norbord) and Ainsworth Lumber Co. Ltd. (Ainsworth) completed their previously announced merger. The merger will create a leading global wood products company focused on oriented strand board across North America, Europe and Asia.
On March 13, 2015, Brookfield Asset Management Inc. (Brookfield Asset Management) and Brookfield Residential Properties Inc. (Brookfield Residential) closed the going private transaction of Brookfield Residential, pursuant to which 1927726 Ontario Inc., a wholly owned subsidiary of Brookfield Asset Management, acquired all of the issued and outstanding common shares of Brookfield Residential that Brookfield Asset Management and its affiliates did not already own by way of a plan of arrangement.
NRG Energy, Inc., acquired Pure Energies Group Inc. The value of the transaction was undisclosed.
Reliance Comfort Limited Partnership (Reliance) closed its purchase of National Energy Corporation, which operates under the name National Home Services (NHS), its water heater and HVAC home services business, from Just Energy Ontario Group Inc. for $505 million (US$462.369 million).
EnerCare Inc. and EnerCare Solutions Inc. announced on July 24, 2014, that they entered into a definitive asset purchase agreement with Direct Energy Marketing Limited, a wholly owned subsidiary of Centrica plc, to purchase Direct Energy's Ontario home and small commercial services (OHCS) business for a purchase price of $550 million.
The ADT Corp. acquired Reliance Protectron Inc. from Reliance Comfort Limited Partnership, a portfolio company of investment funds managed by Alinda Capital Partners, for an all-cash deal worth $555 million.
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