Merger review activity remains strong in 2022, with 129 merger reviews having been completed to date. This is in line with the number of reviews completed during the same period in 2021 (128). When compared to 2020, which saw a reduction in merger activity resulting from the pandemic, completed merger reviews through the first half of 2022 are 45% higher than the number of completed reviews through the same period in 2020 (89). 

Pembina and KKR entered into a consent agreement with the Commissioner of Competition (Commissioner) to divest Energy Transfer Canada ULC’s interest in the KAPS project. 

Amendments to the National Security Review of Investments Regulations came into effect on August 2. The amendments create a voluntary filing mechanism for certain investments by non-Canadians and increase the review period for such investments where the non-Canadian does not make a voluntary filing. 

19 merger reviews completed 

Primary industries: transportation and warehousing (21%); real estate and rental and leasing (16%); manufacturing (16%); mining, quarrying, and oil and gas extraction (11%); professional, scientific and technical services (11%) 

One consent agreement (remedy) filed 

Seven transactions received an Advance Ruling Certificate (37%), 11 transactions received a No Action Letter (58%) 

129 merger reviews completed 

Primary industries: real estate and rental and leasing (20%); manufacturing (16%); wholesale trade (12%); mining, quarrying and oil and gas (12%); and finance and insurance (9%) 

Three consent agreements (remedies) filed 

On July 27, 2022, the Commissioner entered into a consent agreement with Pembina Pipeline Corporation and KKR’s Global Infrastructure Funds relating to their proposed gas-processing joint venture, which will combine Pembina’s and KKR’s western Canadian natural-gas-processing assets. To address the Commissioner’s concerns that the joint venture’s acquisition of Energy Transfer Canada ULC’s (ETC) interest in the KAPS project could prevent competition substantially in the supply of pipeline transportation for natural gas liquids between northwest Alberta and Fort Saskatchewan in Alberta, Pembina and KKR have agreed to divest ETC’s 50% interest in the KAPS project. 

On August 2, 2022, the Competition Bureau announced that it will be hosting a Competition and Green Growth Summit on September 20, 2022. The summit will focus on the interaction between competition law and sustainability and how sustainability and environmental considerations are impacting competition. The summit is a full-day event involving three panels, including an enforcement roundtable, and it will take place virtually.  

On August 4, 2022, the Competition Bureau announced that it will host two virtual public information sessions on September 8 and 9, 2022, to inform the public about the recent amendments to the Competition Act. For more information on the proposed amendments, please see our June 24 bulletin. 

On August 2, 2022, amendments to the National Security Review of Investments Regulations came into force. The amendments create a voluntary filing regime for certain investments into Canadian entities by non-Canadian investors and increase the review period for investors that choose not to use the new regime. For more detail on these amendments, please see our June 2022 Blakes Competitive Edge.  

One reviewable investment approval and 98 notifications filed (65 for acquisitions and 33 for the establishment of a new Canadian business) 

Country of origin of investor: U.S. (57%); Hong Kong (8%); U.K. (7%); China (4%); France (4%); India (4%) 

One reviewable investment approval and 584 notifications filed (428 for acquisitions and 155 for the establishment of a new Canadian business) 

Country of origin of investor (non-cultural): U.S. (54%); U.K. (7%); France (5%); China (3%); India (3%); Hong Kong (3%); Austria (3%); Sweden (3%)

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