M&A Q&A: The State of National Security Reviews in Canadian Transactions

October 25, 2018

The U.S. publication The Deal recently interviewed Stikeman Elliott partner Michael Kilby about the state of National Security Reviews in Canadian cross-border M&A.

The following are among the key National Security Review (“NSR”) developments that Michael discusses in the interview:

  • While the NSR process inevitably remains somewhat opaque, the Government of Canada has taken some significant steps to clarify the procedures and criteria that it uses.
  • A number of well publicized reviews in recent years have given industry and practitioners deeper insight into the transactional “red flags” that may attract Ottawa’s interest.
  • Foreign buyers are becoming more aware of the advantages (in appropriate cases) of filing their notifications earlier in the process, rather than after closing.

Courtesy of The Deal, we are pleased to provide the complete Q&A to our clients and other readers.

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