Elliot Shapiro

Norton Rose Fulbright Canada LLP

Elliot Shapiro

Elliot Shapiro



Elliot Shapiro's practice is transaction oriented, with a focus on corporate and securities law, public and private M&A, infrastructure and P3 financing. He is renowned as one of Canada's leading securities lawyers as a member of the Quebec securities regulator's (AMF) Financial Advisory Committee for over five years. Mr. Shapiro regularly advises public companies and their boards of directors and committees on strategic, disclosure and governance matters and he has also set up an infrastructure fund and worked on various licensing and commercial arrangements. In recent years, he has been involved in a variety of high-profile, large-value and/or particularly complex public and private M&A transactions across various sectors and has led multiple cross-border Canada-US corporate finance transactions both on a public and private placement basis.

Mr. Shapiro is co-chair of our Canadian corporate, M&A and securities team and also serves as a member of Norton Rose Fulbright's Canadian Risk and Audit Committee.

Mr. Shapiro has received a number of recognitions and rankings from IFLR 1000, Best Lawyers in Canada and Lexpert in a broad range of areas, including M&A, corporate law, corporate finance and securities, project finance and infrastructure.

Professional experience

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LL.B./B.C.L., McGill University, 1999
B.A., McGill University, 1993

  • Quebec 2000

Mr. Shapiro has acted in the following matters:

  • Represented Taiga Motors Corporation, a Canadian company reinventing the powersports landscape with breakthrough electric off-road vehicles, in connection with an extensive review of various options and alternatives by a special committee of independent members of the board of directors, culminating in the completion of a private placement of 10% secured convertible debentures maturing on March 31, 2028 in an aggregate principal amount of C$40.15 million, with the investors having been granted an option to acquire an additional C$10 million of debentures.
  • Represented Turquoise Hill Resources Ltd. in connection with the C$4.3 billion going-private acquisition by Rio Tinto plc of all shares not already held by Rio Tinto by way of Yukon court-approved plan of arrangement and, during approximately the two years preceding the acquisition, various multi-billion dollar funding arrangements and commitments between Turquoise Hill Resources and Rio Tinto
  • Represented HEXO Corp. on its C$925-million acquisition of Redecan, at the time Canada's largest privately owned licensed cannabis producer
  • Represented HEXO Corp. on its acquisitions of Zenabis Global Inc. and 48North Cannabis Corp., each by way of court-approved plan of arrangement
  • Represented Aimia Inc. in connection with the sale of all of the shares of Aimia Canada Inc., the owner and operator of the Aeroplan loyalty program business, to Air Canada for approximately C$500 million
  • Represented Aimia Inc. on concurrent common and preferred share C$150m share buybacks conducted by way "modified Dutch auction" substantial issuer bids following a strategic review process conducted by a special committee of independent directors
  • Represented SNC-Lavalin on the following matters:
    • the sale of 10.01% of the outstanding shares of 407 International Inc., owner and operator of Highway 407, a toll highway outside of Toronto, to companies controlled by the Canada Pension Plan Investment Board (CPPIB), for an aggregate closing purchase price of C$3 billion
    • the creation of the SNC-Lavalin Infrastructure Partners LP infrastructure investment fund and the subsequent transfer of SNC-Lavalin's interests in six Canadian infrastructure assets to the fund, including the William R. Bennett Bridge, Canada Line, Southeast Stoney Trail, Restigouche Hospital Centre, the McGill University Health Centre and the John Hart Generating Station
    • the recommended cash offer made by a wholly owned subsidiary for all of the shares of WS Atkins plc for approximately C$3.6 billion (£2.1 billion), as well as various elements of the debt and equity financing elements entered into to acquire Atkins, and separately represented SNC-Lavalin in connection with multiple private placements of various series of unsecured debentures exceeding C$1 billion in principal
  • Represented Industrial Alliance Insurance and Financial Services Inc. on the creation of a new holding company structure effected by way of court-approved plan of arrangement resulting in the creation of iA Financial Corporation as the new publicly traded parent company atop the iA Financial Group
  • Represented ExCellThera Inc., a clinical-stage molecular medicine company delivering molecules and bioengineering solutions to expand stem and immune cells for therapeutic use, in connection with a licensing agreement with a US subsidiary of Astellas Pharma for the in vitro use of ExCellThera's UM171 compound and certain other molecules in the field of pluripotent stem cells (PSCs) and PSC-derived cells for an upfront payment, future contingent payments and manufacturing and supply fees for the licensed molecules


  • Best Lawyers in Canada: Corporate Law, 2023-2024; Securities Law, 2024 
  • Canadian Legal Lexpert Directory, 2018-2024: recommended in Corporate Finance & Securities; 2019-2024: recommended in Corporate Commercial Law; 2021-2024: recommended in Corporate Mid-Market; 2023-2024: recommended in Mergers & Acquisitions
  • International Financial Law Review 1000, Canada: Mergers and acquisitions; Project finance, 2021-2023
  • Canadian Bar Association


  • English
  • French
  • Polish