Bank of America was the top adviser for Canadian mergers and acquisitions (M&A) in 2021 during a record run of dealmaking across the country.
Bank of America advised on 28 Canadian deals with a combined value of $120.7 billion U.S. The total value of all Canadian acquisitions announced last year was $437.6 billion U.S., beating the previous $330 billion U.S. record set in 2007.
Bank of America last topped the rankings for Canadian dealmaking in 2001.
The record activity was driven by cheap financing for buyers, attractive prices for sellers, and extra capital that companies had stockpiled during the pandemic. Takeovers were further bolstered by a handful of megadeals last year.
Bank of America advised on the two biggest deals announced in Canada last year: Canadian Pacific Railway’s $26.7 billion U.S. acquisition of Kansas City Southern, and Rogers Communications’ $15.3 billion U.S. takeover of Shaw Communications.
Morgan Stanley handled 35 deals with a total value of $106.5 billion U.S. in 2021, putting it in second place for Canadian deals last year. Goldman Sachs worked on 36 deals in Canada last year with a total value of $106.4 billion U.S., putting it in third place.
