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Transaction/Case Details

General Electric acquires Bit Stew for C$205 million

DATE CLOSED

November 15, 2016

BUSINESS SECTOR

Technology

LEAD OFFICE

Vancouver

VALUE

205 Million CAD


OVERVIEW

On November 15 2016, General Electric Canada completed its acquisition of Bit Stew Systems Inc., a Vancouver-based start-up focused on industrial IoT technology. The acquisition was completed by way of plan of arrangement and values Bit Stew at US$153 million. Significant institutional shareholders of Bit Stew included Yaletown Venture Partners, Kensington Capital Partners, Cisco and BDC Capital.

General Electric is an American multinational conglomerate corporation incorporated in New York, and headquartered in Boston, Massachusetts.

McCarthy Tétrault LLP advised General Electric on Canadian matters with a team led by Genevieve Pinto that included Sven Milelli, Maxime Léveillé and Sebastian Nishimoto (Corporate), Kevin Wright (Debt), TJ Kang and Brian O’Neill (Tax), Miranda Lam (Litigation), Vincent Yip (IP), Donovan Plomp (L&E) and Oliver Borgers and Michele Siu (Competition).

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