Sandy Walker is a member of the Firm's National Competition Law and Foreign Investment Review Practice Group. Sandy has extensive experience in competition and antitrust law matters and is recognized as one of the country’s leading Investment Canada Act specialists. Her practice focuses on securing regulatory approvals for mergers from the Competition Bureau, Investment Canada and other regulatory agencies. She also advises on compliance issues relating to pricing, distribution and trade practices, as well as anticorruption matters under Canada's Corruption of Foreign Public Officials Act.
Sandy represents clients in an array of diverse industries such as mining, financial services, oil and gas, automotive, media, food and beverage, manufacturing, transportation and retail.
An active member of the Canadian Bar Association, Sandy is Chair of the Mergers Committee, Competition Law Section and is the former Chair of the Foreign Investment Review Committee. She is also Vice-Chair of the International Antitrust Committee of the American Bar Association's International Law Section and an active member of the Antitrust Law Section and regular speaker at ABA, CBA and other conferences.
Sandy is recognized in Best Lawyers in Canada 2013 and 2014, and Euromoney's Expert Guides to the World's Leading Lawyers (2012 and 2014) in the area of Competition and Antitrust Law. She is also recognized in Chambers Global 2013: The World’s Leading Lawyers for Business as one of Canada’s leading lawyers for Competition/Antitrust: Investment Canada. She has authored numerous articles on competition law and foreign investment review (including state-owned investors), as well as a book on trade law. For several years, Sandy was also an adjunct professor at the University of Toronto Faculty of Law, lecturing on European Union competition and trade law.
Beijing Tairui Innovation Capital Management Ltd.: Advising the China based private equity investment company on its CA$80 million strategic equity investment in Western Potash Corp., a Canadian development stage potash company, resulting in a 51% ownership stake in Western Potash Corp. The deal represents one of the few significant Chinese investments in the mining space in 2015.
Mercuria Energy Group Limited: Advised as Canadian counsel on its US$3.5 billion acquisition of JP Morgan’s physical energy commodities business.
Berkshire Hathaway Energy: Counsel on the connection with a CA$3.2 billion acquisition agreement to acquire AltaLink, a subsidiary of SNC-Lavalin Group Inc.
Patheon Inc. (TSX: PTI): Canadian counsel to a leading provider of contract development and manufacturing services to the global pharmaceutical industry, in its US$2.6 billion going private transaction by way of plan of arrangement, and business combination with DSM’s pharmaceutical products business.
Katz Group Canada Inc.: Counsel on the sale of a large portion of its independent banner and franchise business to McKesson Corporation.
BP Canada: Counsel on the connection with its US$1.67 billion agreement to sell its Canadian natural gas liquids business to Plains Midstream Canada.
US Gold Corporation: Canadian counsel on its acquisition by plan of arrangement of Minera Andes Inc. with a transaction value at the time of closing of approximately CA$1.4 billion for the combined company, which was renamed McEwen Mining Inc.
Capital Power Income L.P.: Counsel on its CA$1.1 billion acquisition by Atlantic Power Corporation.
Bridgewater Systems Corporation: Counsel on its CA$211 million acquisition by Amdocs Limited by way of plan of arrangement.
Stillwater Mining Company: Counsel on the connection with its US$487 million acquisition of Peregrine Metals Ltd. by way of a plan of arrangement.
Teledyne Technologies Incorporated: Counsel on its CA$337 million acquisition of DALSA Corporation.
Consolidated Thompson Iron Mines Limited: Counsel with respect to its CA$4.9 billion acquisition by Cliffs Natural Resources Inc.
Aon Corporation: Acted as Canadian Counsel in respect of its acquisition of Hewitt Associates, Inc.
Perilya Ltd.: Counsel on its CA$184 million take-over bid for GlobeStar Mining Corporation.
PetroChina International Investment Company Limited: Acted on the competition and foreign investment review aspects of its CA$1.9 billion acquisition of interests in two projects of Athabasca Oil Sands Corp.
Tata Motors Limited: Acted on its acquisition of the Jaguar and Land Rover businesses of the Ford Motor Company.
NRDC Equity Partners: Acted for NRDC in the connection with its acquisition of Hudson’s Bay Company.
Altagas Income Trust: Acted in connection with its CA$590 million acquisition of Taylor NGL L.P.
Apax Partners: Acted as Canadian counsel, in a US$7.75 billion acquisition with OMERS Capital Partners of Thomson Learning Higher Education Assets.
Harbinger Capital Partners: Acted on its acquisition of Calpine Power Income Fund.
Thomas Weisel Partners Group Inc.: Acted on its acquisition of Westwind Partners Inc.
BASF Canada: Acted in connection with the global acquisition by the BASF Group of the construction chemicals business of Degussa AG.
The Clorox Company: Acted on its US$126 million acquisition of Colgate-Palmolive Company's Canadian household bleach brands.
INEOS Group Limited: Acted on its proposed US$9 billion acquisition of the Innovene Group of Companies.
Bertelsmann AG: Acted on the connection with its music recording business joint venture with Sony Corporation.
RR Donnelley: Acted on its US$6 billion merger with Moore Wallace.
Duke Energy Corp.: Acted on the connection with its acquisition of Westcoast Energy Inc.
- Recognized by Chambers Canada as a leading lawyer in the areas of Competition/Antitrust Law (2016) and Competition/Antitrust: Investment Canada (2016)
- Recognized by Best Lawyers in Canada as one of Canada’s leading lawyers in the area of Competition/Antitrust Law (2013–2016)
- Recognized by Chambers Global as a leading lawyer in the areas of Competition/Antitrust Law (Canada) (2015) and Competition/Antitrust: Investment Canada (2010–2015)
- Recognized by Expert Guides in the areas of Competition and Antitrust (2013, 2014), Leading Practitioners: China: (Competition and Antitrust: International) (2013, 2014) and Women in Business: Competition and Antitrust (2013, 2014)
- Recognized by Best Lawyers in Canada 2015 as one of Canada’s leading lawyers in the area of Competition/Antitrust Law (2013-2015)
- Recognized in the area of Competition and Antitrust Law by Euromoney's Expert Guides to the World's Leading Lawyers, 2012 and 2014
- Recognized in the area of Competition and Antitrust Law by Expert Guides Women in Business Law 2012, 2013 and 2014
In the Media
Quoted in Julius Melnitzer’s article, “Chinese competition law sharpening its teeth,” Law Times, February 3, 2014
Sandy was quoted in Andrew Mayeda and Theophilos Argitis' Bloomberg article "Security Trumping Investment Risks Canada BlackBerry Deal", regarding security concerns surrounding foreign investors' interest in purchasing BlackBerry Ltd.
Sandy was quoted in Matthew McClearn's Canadian Business article, "Is Canada closed to foreign investment?", regarding Canada's foreign investment policies.
Sandy was quoted in Judy Van Rhijn's Law Times article, "Foreign Investment Promises Fall Short", regarding the government's promise for an increase in transparency of foreign investment reviews.
Sandy was quoted in Bill McConnell's The Deal Magazine article, "Great white merger revisions," regarding proposed changes to the Competition Bureau's Merger Enforcement Guidelines.
Sandy was quoted in Business Week for her expertise on approvals from foreign investment and competition regulators.
- Editor and Contributor, "Seven global regulatory trends to watch in 2014", Dentons Insights, February 4, 2014
- "First SOEs, now telecom? With its rejection of Accelero’s bid for Allstream, is Canada’s welcome mat for foreign investors wearing thin?", October 16, 2013
- "Update on State-Owned Enterprises under the Investment Canada Act" Canadian Bar Association, October 3, 2013
- "SOE Amendments to Investment Canada Act Passed", July 18, 2013
- "Canada Proposes Amendments to Allow Greater Scrutiny of SOE Investments", International M&A and Joint Ventures Committee Newsletter, ABA Section of International Law, June 28, 2013
- "New Bill Heightens Potential for More Investment Canada Reviews of SOE Acquisitions", May 10, 2013
- "Canada Gets Tough on Corruption", February 2013
- "Investment Canada and Competition Law – 2012 in Review and Outlook for 2013", Focus on Competition | Antitrust | Foreign Investment, January 2013
- "Canada Gives Green Light to CNOOC and Petronas Deals, But Red Light to Future SOE Takeovers in Oil Sands", Focus on Foreign Investment, December 2012
- "Canada's Evolving Treatment of State-Owned Investors under Foreign Investment and Competition Laws", presented at ABA Section of International Law Conference in Miami, October 18, 2012
- "A new economic nationalism? Lessons from the PotashCorp decision in Canada", Perspectives on topical foreign direct investment issues by the Vale Columbia Center on Sustainable International Investment, No. 77, August 27, 2012
- "A Midsummer Round-Up of Recent Competition and Foreign Investment Developments", Focus on Competition | Antitrust | Foreign Investment Review, August 2012
- Focus on Competition | Antitrust | Foreign Investment Review, May 2012
- "Modest Steps to Reform Canada’s Foreign Investment Review Process", Focus on Foreign Investment Review, May 2012
- Focus on China (Chinese) - 聚焦中国 - 2012 二月
- Focus on China, February 2012:
- “Bridge to China: PM Harper’s Visit to China to Facilitate Canada-China Investment and Trade”, Focus on China, February 2012 (with Patrick Robert)
- “Update on Foreign Investment Review in Canada”, Focus on China, February 2012
- "Competition and Foreign Investment in Canada: Taking Stock of 2011 and Looking Ahead to 2012", Focus on Competition | Antitrust | Foreign Investment, January 2012
- "New Guidance on Hostile Transactions", Focus on Competition | Antitrust, August 2011
- "Recent Canadian M&A Activity Shines Spotlight on Foreign Investment Approval Regime", Global Business Magazine, August 2011
- “Draft Revised Merger Enforcement Guidelines Issued”, Focus on Competition | Antitrust, July 2011
- “Commissioner of Competition Challenges Air Canada and United Continental Joint Venture”, Focus on Competition | Antitrust, July 2011
- "Foreign Investment Review in Canada - After Potash", Fraser Milner Casgrain LLP, May 2011
- "Refusals to Deal Under Canada's Competition Act", presented at the ABA Section of International Law conference, April 2011
- "Climate Change for Foreign Investors in Canada? Taking the Temperature of Foreign Investment Review in 2011", presented at the ABA Section of International Law conference, April 2011
- "Competition Bureau Issues New Guidance on Merger Review", Focus on Competition | Antitrust, November 2010
- Co-author of chapter on foreign investment review in Competition Act & Commentary, published by Butterworths, 2010 edition
- Editor of chapter, “Statutory History and Institutional Overview”, Competition Law Fundamentals Handbook, published by the CBA, Competition Law Section, 2007 and 2010
- “Draft Investment Canada Regulations Released: Details on National Security Regime and New Review Threshold”, The Competitor (Stikeman Elliott), July 2009
- “Amending the Investment Canada Act: An Assessment of the Government’s Response to the Wilson Report”, Canadian Competition Record (March 2009)
- Co-author of “Answers to FAQs on Foreign Investment Review in Canada” in The 2009 Canadian Legal LEXPERT Directory and The 2009 LEXPERT/American Lawyer Guide to the Leading 500 Lawyers in Canada, January 2009
- “Canada to Scrutinize Foreign State Investors”, Financier Worldwide, April 2008
- “Foreign State Investors Face Greater Scrutiny in Canada”, International Antitrust Bulletin, Vol. No. 1, Issue No. 2008, published by the American Bar Association, Antitrust Section, International Committee, April 2008
- Co-author of “Sovereign Wealth Fund Investment: What’s next for Canada?”, M&A Update (Stikeman Elliott), March 2008
- “New Guidelines for Canadian Investments by Foreign State-Owned Enterprises”, M&A Update, February 2008
- “Canada Takes a Stand”, International Financial Law Review, February 2008
- “State-Owned Investors Face Greater Scrutiny in Canada”, The Competitor, December 2007
- “State Investors: On the Rise and Under Scrutiny”, M&A Update, November 2007
- “Canada Earmarks Funds to Advance Trade and Investment and Considers Foreign Investment Law Amendments”, North American Free Trade & Investment Report, March 31, 2007
- “Canada Considers Investment Canada Act Amendments: Potential Focus on Foreign State-Owned Investors”, The Competitor, December 2006
- “Canadian Merger Review: Key Distinctions From U.S. Law”, Access Antitrust: A Newsletter of the Antitrust Committee, Business Law Section of the American Bar Association, Fall 2004
- Co-author with Paul Collins of Competition Law chapter on Merger Review in Canada, Mergers and Acquisition Yearbook 2004, International Financial Law Review, February 2004
- “Experiments in Notification: Lessons from the European Union”, Canadian Competition Record, Fall 2003
- “Competition Act Amendments – Bureau to Issue Discussion Paper on the Next Round”, The Competitor, June 2003
- “Changes to Fees, Thresholds and Service Standards Will Significantly Affect Businesses Dealing with the Competition Bureau”, The Competitor, April 2003
- “Update on Amendments to the Competition Act, Developments Related to Bill C-23 and Proposals for the Next Round of Reforms”, The Competitor, June 2002
- Co-author with Lawson Hunter and Susan Hutton of the Canada chapter on Antitrust/Competition, Mergers & Acquisitions Yearbook 2002, International Financial Law Review, 2002
- “Competition and Antitrust, A Legal Guide”, International Financial Law Review 2001, 2001, co-author with Lawson Hunter
- “Canada Introduces Amendments to Competition Act”, The Competitor, April 2001
- “Northern Exposure: Prosecution of U.S. Residents for Canadian Competition Act Offences”, Federated Press 1999
- Co-editor of the Canada chapter in and author of the abuse of dominant position section therein, Antitrust Law and Trade Regulation (Matthew Bender & Co., Inc.), 1999
- “Bureau Wades into Intellectual Property Debate: Canada’s Watchdog Sees its Guidelines as Means of Reducing Uncertainty in Business Community”, Computing Canada, September 1999
- Editor of Cases and Materials on European Community Law prepared for the Faculty of Law, University of Toronto, 1994, 1996 and 1999
- Environmental Protection Versus Trade Liberalisation: Finding the Balance (An Examination of the Legality of Environmental Regulation Under International Trade Law Regimes), Publications des Facultés Universitaires St-Louis, Brussels, Belgium, 1993
Activities and Affiliations
- Vice-Chair, International Antitrust Committee, American Bar Association's International Law Section
- Chair, Mergers Committee of the National Competition Law Section, Canadian Bar Association
- Former Chair (2007 to 2009), Foreign Investment Review Committee of the National Competition Law Section, Canadian Bar Association
- Member, American Bar Association's Antitrust Law, International Law and Business Law Sections
- Speaker, “Introduction to Merger Review”, Mergers and Acquisitions Workshop: Meet the Competition Bureau and an Update on the Investment Canada Act, June 24, 2015, Van Horne Institute, Calgary.
- Chair, Chinese FDI: A Global Outlook – The Legal and Policy Environment, China Institute Conference, Toronto, May 2, 2015.
- Moderator, “The View from the Top: the Supreme Court of Canada’s decision on Tervita”, CBA Competition Law Section Mergers Committee panel, Toronto, February 9, 2015.
- Speaker, “Foreign Investment Review in Canada”, presentation to the Toronto Japanese Association of Commerce and Industry, Toronto, June 11, 2014
- Moderator, “Anti-corruption issues when selling into China”, American Bar Association International Law Section teleconference, June 10, 2014
- Chair, Mergers Roundtable, Canadian Bar Association, Toronto, May 9, 2014
- Speaker, "The Net Benefits Debate", China Institute, Calgary, May 2, 2014
- Moderator, “Doing the Right Thing (in the Right Way): Collaborating to Achieve CSR Objectives Abroad and the Antitrust Limits Thereto”, Panel at ABA International Law Section Spring Meeting 2014, New York City
- Program Chair, “Testing the Plumbing: Antitrust and Regulatory Scrutiny of Information Infrastructure in Energy and Financial Markets”, Panel at ABA International Law Section Spring Meeting 2014, New York City
- Speaker, “International Competition Laws: Bridging Differences & Reducing Risks”, Panel at ABA Antitrust Law Section Spring Meeting 2014, Washington DC
- Moderator, “Vertical Mergers under Canadian Competition Law”, Canadian Bar Association teleconference, March 5, 2014
- "Investment Canada - The Bumpy Road Ahead", Canadian Bar Association Annual Competition Law Conference, Ottawa, October 3, 2013
- Moderator, "Compliance and Enforcement in Canada, the US, and the UK", Toronto, September 26, 2013
- Moderator, "Challenges Involved in Outbound Investments: Legal Regimes of Host Countries and the Role of International Law", American Bar Association section of International Law, Beijing, China, September 17, 2013
- "The China Dimension of a Global Merger Review Part B: Merger Control and other Reviews Outside China", American Bar Association, Section of International Law, Beijing, China, September 16, 2013
- Moderator, “Structuring Joint Ventures – The Way Forward for Foreign Investment in Canada?”, FIRC (Foreign Investment Review Committee) Conference, Canadian Bar Association, June 27, 2013
- "Investing in Canada", Canada China Business Council Annual Policy Conference, Montreal, November 27, 2012
- "Foreign Investment Review in Canada", Seminar, Shanghai, China, November 9, 2012
- "Canadian Pricing Law" Teleseminar for the ABA Section of Antitrust Law, October 24, 2012
- Moderator, "Deep Pockets, Opaque Governance and Sovereign Status: Unique Challenges in Negotiating Transactions with SWFs and SOEs", American Bar Association Section of International Law conference, Miami, October 18, 2012
- "Reform of the Investment Canada Act - Unfinished Business?", Canadian Bar Association's Foreign Investment Review Committee Conference, June 1, 2012
- "The Policy Framework for Chinese Investment in Canada", China Institute Conference on Public Policy Dimensions of Chinese Investment in Canada, Calgary, May 4, 2012
- "Post Lehman: Will Financial Markets Be Regulated through the Back Door of Competition Policy?" American Bar Association Section of International Law, New York City, April 20, 2012
- "Fundamentals of Canadian Competition Law", ACC - Canadian Corporate Counsel Institute, March 27, 2012
- "Is There a New Economic Nationalism?", Association of Corporate Counsel (ACC) Annual Meeting, Denver, October 25, 2011
- "Foreign Investment Review in Canada", Association of Canadian General Counsel (ACGC), September 23, 2011
- "The Policy Framework for Chinese Investment in Canada", China Institute Conference on Public Policy Dimensions of Chinese Investment in Canada, Calgary, June 10, 2011
- "Current Legal Issues in Canadian Mergers and Acquisitions", ACC Ontario Chapter, May 13, 2011
- Chair, Canadian Bar Association's Competition Law "Spring Forum 2011: Focus on Civil", May 3, 2011
- Co-Chair and Moderator, Panel on "The New Gold Rush - The Race for the World's Resources", ABA Section of International Law Spring Meeting, April 8, 2011
- Co-Chair and Speaker, Panel on "Size Matters: When Do Powerful Firms Attract Antitrust and Regulatory Scrutiny and Sanctions?", ABA Section of International Law Spring Meeting, April 7, 2011
- Appeared before the Parliamentary Standing Committee on Industry, Science and Technology (Canada) to speak on the review of the Investment Canada Act (at the Committee's Invitation), March 24, 2011
- "Investment Canada after BHP/Potash", teleseminar, ABA Section of International Law, December 16, 2010
- "Foreign Investment Review in Canada: The Uncertain Road", 2010 Annual Fall Competition Law Conference, Gatineau, Quebec, September 30, 2010
- "Hostile Takeover Bids Across the Canada-US Border", ABA Section of International Law, September 22, 2010
- "Investment Canada Act: New Law & Policy - State Owned- Enterprises", CBA’s Foreign Investment Review Committee, Toronto, June 4, 2010
- "New Developments in Mergers, Cartels and Distribution Practices in the U.S., Canada, Europe, and Beyond", ABA Business Law Section, 2010 Spring Meeting, April 23, 2010
- "20th Century Economic Nationalism or Essential Security in the 21st Century – An Analysis of Recent Developments in Foreign Investment Review Laws in Canada”, paper presented at the American Bar Association, Section of International Law meeting, Washington DC, April 16, 2009
- “Wary Hosts/Uncertain Guests: A Canadian Perspective on Foreign State Investors”, paper presented at the American Bar Association, Business Law Section Meeting, Frankfurt, Germany, May 29, 2008
- “State-Owned Investment - On the Rise & Under Fire”, paper presented at the Canadian Bar Association Annual Competition Law Conference, October 2007
- “Price Discrimination and Promotional Allowances Under the Competition Act”, The Canadian Institute Conference, March 2007
- “Refusals to License Intellectual Property in Canada”, Ontario Bar Association conference “Where Competition Law and Intellectual Property Meet”, September 2006