Canadian Lawyer

LEGAL REPORT/M&A attention when it happens. "When we look at areas that have more mature P3 markets than we do — in Australia, the U.K., and continental Europe — they are five to 10 years ahead of us," says Bain. These P3 contracts have restric- tions on secondary-market trades until the asset is operational for a couple of years. "They're just starting to hit that stage here and we will see some trading of these contracts for the first time." Public outcry over the sale of public assets has diminished over the years as taxpayers see proof of the benefits; it's still critical as to how projects are positioned. "I think that often a big part of the transaction is being able to anticipate public concern and address it upfront from a legal perspective," says Walch-Watson. or pension funds with capital are look- ing at," says Patrice Walch-Watson, a partner with Torys LLP in Toronto who believes 2012 will be a year in which governments will be key players in driv- ing M&A in Canada, the United States, and around the world. There has been discussion by the City of Toronto of selling a portion of Toronto Hydro but it is mired in polit- ical debate. "There's always concern about undertaking a fire sale to make up a shortfall in your budget and that's in part some of the reason councillors are against the sale of Toronto Hydro," says Sebastiano. While provincial and federal governments have been on a path of divestiture of services and infra- structure for some time, the lingering economic climate of austerity is forcing many to dig deeper and think more creatively. While public-private partnerships have been around for a long time, they continue to draw interest from the pri- vate sector and the public in delivering infrastructure in the way of schools and hospitals. "I think we continue to expect it to be an active area. What we're really seeing is a re-drawing of relationships in the private sector," says Torys' Mark Bain. "P3s are ways of investing in infrastructure and we don't think government is going to leave the field of providing infrastructure and providing services but they're going to do it in a different way." In addition to continued investment in P3s, Bain says the secondary trad- ing of those contracts will also draw www.CANADIAN Lawyermag.com M A RCH 2012 45 CLL - 1-2 page island.indd 1 1/11/12 3:30 PM CANADIAN LAW LIST 2012 YOUR INSTANT CONNECTION TO CANADA'S LEGAL NETWORK Inside you will find: • • • an up-to-date alphabetical listing of more than 58,000 barristers, solicitors and Quebec notaries, corporate counsel, law firms and judges in Canada; contact information for the Supreme Court of Canada, the Federal Court of Canada, Federal Cabinet Ministers, departments, boards, commissions and Crown corporations; legal and government contact information related to each province for the Courts of Appeal, Supreme Courts, County and District Courts, Provincial Courts, law societies, law schools, Legal Aid, and other law-related offices of importance. MORE THAN A PHONE BOOK Hardbound • Published February each year On subscription $149 • L88804-571-26084 One-time purchase $165 • L88804-571 ISSN 0084-8573 Prices subject to change without notice,to applicable taxes and shipping & handling. Visit carswell.com or call 1.800.387.5164 for a 30-day no-risk evaluation CANADIAN LAW LIST

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