Sundial Growers announces C$346M acquisition of Alcanna
October 07, 2021
346.00 Million CAD
On October 7, 2021, Sundial Growers Inc. (Sundial Growers) announced it has entered into an arrangement agreement with Alcanna Inc. (Alcanna) to acquire all of the issued and outstanding common shares of Alcanna by way of a statutory plan of arrangement for total consideration of approximately C$346 million.
Sundial Growers Inc. is an Alberta-based licensed cannabis producer, that operates as a pharmaceutical company, and serves customers in Canada.
Alcanna is Canada’s largest private liquor retailer, operating 171 locations predominantly in Alberta under its three retail brands. Alcanna’s strategic partner, in which it holds an approximately 63% equity interest, is Nova Cannabis Inc., a 62-store cannabis retailer. Sundial's current retail network combined with Nova Cannabis Inc.'s store count implies that the combined company will be a Canadian cannabis retail market leader with more than 170 locations.
McCarthy Tétrault is advising Sundial with a team led by Ranjeev Dhillon and Jessica Brown, that includes Matthew Sanders, Maria Rooney, Ashley Wilson, Ivor Selimovic (M&A), Brett Anderson, Kathryn Walker, Matthew Kraemer (Tax), Conrad Lee (Privacy and IT), Vincent Yip (IP), Debbie Salzberger, Gideon Kwinter (Anti-Trust and Competition), Shana Wolch, Patrick Pengelly, Justin Turc, Simmy Sahdra, Danielle Douglas (Labour and Employment), Selina Lee-Andersen (Environmental), Mark Christensen (Real Property), Keith Guinn (Alcohol Regulatory), Deron Waldock, and Tracy Solhi (Benefits).