Jean Tessier speaks with Canadian Lawyer about Bennett Jones' latest quarterly M&A report—and how foreign investment in Quebec's energy transition has driven M&A in Q2 2024. Interest rate cuts are providing optimism the momentum will continue.
"It looks like a bounce-back quarter, at least in Quebec," says Jean. He says it has been slow for a year but has recently been involved in several competitive M&A auctions. "There's a lot of optimism and a general sense that we've probably turned the corner."
He says many M&A transactions are byproducts of the major investments in Quebec's energy transition and EV battery manufacturing industry. These include strategic real estate, including land acquisitions and acquisitions for specific technologies that feed into the EV industry.
"We've been quite fortunate in Quebec with the government's will to invest in the energy transition quite heavily and aggressively."
On July 24, the Bank of Canada cut its key interest rate to 4.5 percent, following a previous 0.25 percent cut in June. "This is part of the good news that may make it so that players looking in on the sidelines will gain confidence and jump in," says Jean.
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