Stephen J. Kelly

Norton Rose Fulbright Canada LLP

Stephen J. Kelly

Stephen J. Kelly


Related services and key industries


Stephen Kelly practises corporate and securities law, with particular emphasis on corporate finance and mergers and acquisitions. He regularly acts for large public companies, underwriters and investors in public offerings, including initial public offerings, bought-deal transactions and cross-border offerings as well as private placement transactions.

Mr. Kelly frequently advises on public and private mergers and acquisitions both nationally and internationally and has advised numerous boards of directors and independent committees in the context of M&A, compliance, corporate investigations and governance matters generally. He also advises clients on corporate reorganizations, continuous disclosure obligations, corporate governance matters, preparing shareholders’ meetings and other ongoing securities law questions.

Mr. Kelly is national practice head of our Canadian business law practice and also sits on our national management committee.

Professional experience

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LL.B./B.C.L., McGill University, 1998
B.A., Carleton University, 1994

  • Quebec 1999


Mr. Kelly has acted recently in the following matters:

Corporate Finance

  • Dollarama Inc., for the underwriting group, with over $1.5 billion in aggregate financings through an IPO, subsequent bought deals and debt private placements
  • Aimia Inc. in numerous public offerings of debt and rate‑reset preferred shares
  • Power Corporation and Power Financial Corporation, for the underwriting group, in numerous public offerings of debt and preferred shares
  • SNC‑Lavalin Group Inc. in its public offering of $350 million in debentures
  • Rona Inc. on numerous public offerings of common shares and rate‑reset preferred shares
  • Fiera Capital Inc., for the underwriting syndicate, on various private placements effected by way of bought deals

Mergers & Acquisitions

  • SNC‑Lavalin Group Inc. in its acquisition of Kentz Corporation, a publicly listed corporation in the UK, for $2.1 billion, its sale of Altalink to Berkshire Hathaway for approximately $3.1 billion and numerous other mergers and acquisitions
  • Domtar Inc. with its cross-border combination with Weyerhaeuser’s fine paper business, creating the largest fine paper company in North America
  • Garda Inc. for the special committee of the board of directors in the sale of Garda to Stephan Cretier and Apax Capital Partners for $1.1 billion
  • Fiera Capital Inc. for the special committee of the board of directors in the acquisition of substantially all of the assets of Natcan Investment Management from the National Bank of Canada for $310 million


  • Canadian Legal Lexpert Directory, 2020: recommended in Corporate Commercial Law; Corporate Finance & Securities 
  • Acritas Stars 2020 – Designated as an "Independently rated lawyer"  
  • Acritas Stars 2019 – Designated as an "Independently rated lawyer"  
  • Chambers Canada, Quebec: Corporate/Commercial, Chambers and Partners, 2020
  • International Financial Law Review 1000, Canada: Capital Markets: equity; M&A (Highly Regarded), 2020
  • The Legal 500 Canada, 2016: Corporate/Commercial (Quebec)
  • Lexpert, 2007: ranked as one of the “Top 40 Lawyers Under 40 in Canada” and “20 Canadian Corporate Lawyers to Watch”
  • Canadian Bar Association
  • St. Mary’s Hospital Annual Ball Committee
  • Wine auction, Starlight Foundation
  • Canadian Irish Studies Foundation, Concordia University




Publication | May 18, 2020

M&A outlook 2020

Publication | January 20, 2020