In this article we take a closer look at Canada’s most significant mergers and acquisitions of 2024, and discover the key M&A trends behind these transformative deals. From energy and technology to finance and retail, these deals offer a glimpse into the sectors that are leading change and shaping the future of the economy.
The Competition Bureau’s Mergers Directorate recorded 200 monthly and quarterly ARC request filings for the fiscal year 2023-24. Slightly up from previous years, it’s a good indicator of where industries are headed and what big strategies companies are chasing.
We’ll take a look at what industries are on the rise, which are integrating together, and what trends are shaking loose from this year's big moves. If you're a business owner, investor, or just someone looking to see where you can make your mark in Canada’s bigger financial picture, these deals have a lot to tell you.
What Did Canada’s M&A Activity Look Like in 2024?
2024 saw Canada’s M&A landscape hold steady despite global economic bumps in the road. From January through May, 952 deals were completed, reaching a total value of $72 billion . The numbers have stayed fairly consistent compared to earlier quarters, showing businesses weren’t exactly hitting the brakes.
Which Industries Took the Spotlight?
Here is a quick overview of the three sectors that have taken center stage in Canada in 2024:
Technology : The tech sector led the charge, fueled by demand for digital solutions and rapid AI development. The standout deal was Toronto-based Fengate Asset Management acquiring a controlling stake in eStruxture Data Centers for C$1.8 billion . With the need for more data storage and computing now becoming a global issue, this move made a lot of sense.
Energy : Big things happened too over in the energy market. Enbridge’s $9.4 billion purchase of three natural gas utilities from Dominion Energy was one of the year’s largest energy-related transactions. This positioned the company to expand its reach in the natural gas distribution market.
Financial Services : Over in the financial sector, things weren’t quiet either. Royal Bank of Canada made big waves with its $10 billion acquisition of HSBC’s Canadian operations. This deal strengthened RBC’s footprint in both retail and commercial banking.
Across the board, 2024 showed a mix of strategic consolidations and ambitious growth in some of Canada's most crucial industries. Global economic shifts were responsible for a big part of these acquisitions, but the relentless push for technological innovation also played a huge role.
The Biggest Mergers and Acquisitions of 2024
Here we’ll take a closer look at some of the year’s most valuable transactions, breaking down why they matter, what industries they’re making a mark on, and what exactly they tell us about how the economy of Canada is adapting to global pressures.
1. Alimentation Couche-Tard’s Attempted Bid for 7-Eleven
One of the biggest M&A attempts of 2024 occurred in August when Alimentation Couche-Tard, the Canadian parent company of Circle K, made a bold move. They put in a non-binding offer to Japan’s Seven & i Holdings, the owner of 7-Eleven, for an eye-watering $38 billion.
The deal's goal was to make them an even bigger player in the convenience store market, but things haven’t exactly gone according to plan.
Seven & i’s board turned down the offer in September, citing reservations about the price and the red tape that could ultimately stymie progress. Not one to take no for an answer, Couche-Tard came back with a modest increase in October, upping their initial bid by 22% to $47 billion.
Even with the better offer, Seven & i hasn’t been fully convinced, and both sides are still hashing out the finer details.
2. Overseas investment in the coal market
Back in 2023, Swiss multinational trading and mining company Glencore plc struck a deal to acquire a 77% stake in Teck Resources Limited’s steelmaking coal business, Elk Valley Resources (EVR) for $6.93 billion US. By July 2024, the transaction was all wrapped up, albeit with some clear commitments.
The Canadian EVR headquarters had to remain, and job levels needed to stay intact. These conditions were a reflection of the careful stance that Canadians take when it comes to foreign investments in key mineral industries.
This acquisition marked quite a big step in Glencore’s push to grow its steelmaking coal operations. At the same time, it definitely sheds a lot of light on the competitive pressures that have shaped the modern mining sector of late, especially in industries tied to critical resources.
3. Consolidation in natural resources
In October 2024, Canadian Natural Resources Limited (CNRL) sealed the deal for a purchase of Chevron Canada’s assets in Alberta for $6.5 billion . Included in the deal is a 20% non-operated stake in the Athabasca Oil Sands Project (AOSP) and a 70% operated interest in the Duvernay shale play.
These are no minor assets. Both the shale play and AOSP contribute over 84,000 barrels of oil per day, and the acquisition itself now brings the CNRL’s ownership share of the assets up to 90%. SHELL owns the remaining 10%.
Interestingly, Allen Good, an analyst from Morningstar, states that shedding high-cost assets like oil sands is becoming somewhat of a trend for major oil and gas companies: “oil majors have been moving away from the oil sands in recent years, this continues the trend.”
4. National Bank of Canada’s Acquisition of Canadian Western Bank
Onto the finance sector, June of 2024 saw the National Bank of Canada reveal its plans to acquire Canadian Western Bank (CWB) through a share-swap arrangement worth $5 billion .
This deal is a strategic one. Mostly because the National Bank is looking to strengthen its foothold in Western Canada and is now set to own 52% . Together, the two banks aim to give Canadians a much wider range of products and services.
The Competition Bureau has alright greenlit the transaction and is waiting on final approval from the Office of the Superintendent of Financial Institutions and the Minister of Finance.
5. TFI International’s Acquisition Spree
Canada is a big country and relies heavily on logistics companies to move produce and products around the country. It comes as no surprise then that transportation company TFI International has eyed off the sector and made several big moves to strengthen its position across North America.
In March, we saw TFI acquire Hercules Forwarding , a Less-Than-Truckload (LTL) carrier based in the U.S. Not being content with just one acquisition, TFI purchased Daseke, Inc ., a leading flatbed and transportation specialist in North America, for $1.1 billion.
By June, TFI had added yet another acquisition to its portfolio with the purchase of Entreposage Marco Inc. , a Quebec-based tank truck carrier handling food-grade liquids. They also acquired Groupe CRS Express, fully committing to the bumper sticker slogans we’ve all seen: “Without trucks, Canada stops.”
Implications of M&A Activity on Canada’s Economy
If you’re a business owner or looking to invest in the Canadian economy, it's important to understand M&A trends in Canada. They can have huge impacts, felt all the way from the C-suite to aspiring job hunters.
Deals of this magnitude create stronger and more efficient businesses that help to drive economic growth and can be used as a litmus test for what sectors are likely to be ripe in the future for investment.
Opportunities in M&A for Buyers
When a larger company takes over a smaller business or franchise, it often comes with upgrades, whether that’s through fresh capital, better systems, or expanded operations. For those looking at buying a business , they can expect that it’s now backed by a stronger, more established parent company.
That kind of support generally means access to better branding, proven processes, and, of course, the benefit of economies of scale.
Many sectors, especially renewable energy, logistics, and technologies, can be especially hot during M&A spikes. This makes franchises in these areas quite appealing for buyers looking to tap into a growing market.
Pathways into a Career in Mergers and Acquisitions
If you’re looking at how to get into mergers and acquisitions, most M&A consulting professionals tend to start with a foundation in finance, business administration, or law. These fields give you the core knowledge that you will need to work and thrive in such a complex industry.
Getting hands-on experience via an internship or entry-level roles in areas like investment banking, corporate finance, and, of course, consulting is ideal for learning the ropes. These positions give you exposure to the M&A process, from evaluating potential deals to managing post-acquisition integration.
Succeeding in mergers and acquisitions jobs depends on specific skills like analytical thinking, negotiation, and project management. It’s a fast-paced, detail-oriented field that offers high stakes and high rewards.
Looking Ahead: Opportunities in a Changing Market
The big mergers and acquisitions of 2024 show clearly that the Canadian business scene is still quite dynamic. From trends of consolidation to strategic logistics mergers, these transactions will shape industries and drive trends well into 2025.
If you’re thinking about buying a Canadian business or franchise , the market signals are clear: there are plenty of opportunities and possibilities ahead. Whether you’re eyeing a fast-growing sector or looking for a stable long-term investment, keeping tabs on M&A can help you make smarter decisions.
Canada’s business world is brimming with potential for entrepreneurs and investors who are ready to move forward right now. At BFS, you’ll find all the tools, resources, and listings you need to help you explore opportunities and find your way around Canada’s thriving business landscape.
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