Canadian team advised NordStar Capital on acquisition and privatization of Torstar Corporation, parent of Canada’s largest circulation daily newspaper
Canada | Press release | August 7, 2020
Global law firm Norton Rose Fulbright advised NordStar Capital LP on its acquisition of TSX-listed Canadian print and digital media organization Torstar Corporation, providing counsel on all aspects of the transaction, including privatization.
The plan of arrangement was approved by the Ontario Superior Court of Justice on July 27, 2020, and a motion for a stay pending appeal was subsequently denied by the Divisional Court on July 31, 2020 (reasons issued).
NordStar Capital is controlled by Jordan Bitove and Paul Rivett, and owned entirely by the Bitove and Rivett families.
Torstar publishes 85 community papers and 7 dailies including its namesake the Toronto Star, and operates dozens of digital businesses across Canada. The media giant’s flagship newspaper has been family-run for its 128-year history, and controlled by a group of five families since 1957.
Complex purchase agreement negotiations began earlier this year. Members of a number of the firm’s practice areas provided counsel on legal matters including M&A, employment and labour, tax, litigation and intellectual property.
Norton Rose Fulbright partner and Canadian chair Walied Soliman said:
“This was one of the most fascinating deals of my career, and one that marks a new chapter for the company, including the highest-circulation daily newspaper in Canada. Canadians have an emotional connection to the Toronto Star and its other publications across Canada. We were honoured to have been a part of this transformative transaction.”
The multidisciplinary legal team included Evelyn Li, Paul Fitzgerald, Kristopher Miks, Christopher Horte, C. Nicole Sigouin, Adrienne F. Oliver, Carl Deeprose, Ruth I. Wahl, Orestes Pasparakis, Andrew McCoomb, Richard J. Charney, Anne K. Gallop, Elizabeth Williams, Oliver Moore, Andrew Schafer, Mark Bissegger, Daniel Weiss, Coco Chen, Fahad Siddiqui, Elana Friedman, Iwan Davies, Allison Numerow, Travis Bertrand, Sadaf Samim, Lauren Ditschun, Jason Worobetz, André Shymanski, Kathy Snow, Fiorella Bellissimo, Julie Packer and Todd Schroeder (US tax).
The plan of arrangement was approved by the Ontario Superior Court of Justice on July 27, 2020, and a motion for a stay pending appeal was subsequently denied by the Divisional Court on July 31, 2020 (reasons issued).
NordStar Capital is controlled by Jordan Bitove and Paul Rivett, and owned entirely by the Bitove and Rivett families.
Torstar publishes 85 community papers and 7 dailies including its namesake the Toronto Star, and operates dozens of digital businesses across Canada. The media giant’s flagship newspaper has been family-run for its 128-year history, and controlled by a group of five families since 1957.
Complex purchase agreement negotiations began earlier this year. Members of a number of the firm’s practice areas provided counsel on legal matters including M&A, employment and labour, tax, litigation and intellectual property.
Norton Rose Fulbright partner and Canadian chair Walied Soliman said:
“This was one of the most fascinating deals of my career, and one that marks a new chapter for the company, including the highest-circulation daily newspaper in Canada. Canadians have an emotional connection to the Toronto Star and its other publications across Canada. We were honoured to have been a part of this transformative transaction.”
The multidisciplinary legal team included Evelyn Li, Paul Fitzgerald, Kristopher Miks, Christopher Horte, C. Nicole Sigouin, Adrienne F. Oliver, Carl Deeprose, Ruth I. Wahl, Orestes Pasparakis, Andrew McCoomb, Richard J. Charney, Anne K. Gallop, Elizabeth Williams, Oliver Moore, Andrew Schafer, Mark Bissegger, Daniel Weiss, Coco Chen, Fahad Siddiqui, Elana Friedman, Iwan Davies, Allison Numerow, Travis Bertrand, Sadaf Samim, Lauren Ditschun, Jason Worobetz, André Shymanski, Kathy Snow, Fiorella Bellissimo, Julie Packer and Todd Schroeder (US tax).