Canadian M&A outlook: cautious optimism in a reshaped market

In this article — “Canadian M&A outlook: cautious optimism in a reshaped market” — we review developments in the Canadian M&A market in 2025. Although there were fewer transactions overall, deal value surged. As larger players continue to transact and demonstrate executable deal paths, we expect new opportunities to emerge in 2026.This article is authored by Emmanuel Pressman, Osler’s National Co-Chair, Alex Gorka, Co-Chair of the Mergers and Acquisitions Group and Diana Windrim, an associate in Corporate. Osler Legal Outlook is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus — your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 600 lawyers to provide the answers you need, when you need them.Osler Legal Outlook, published on December 4, 2025, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.For more information about Osler and for the full Osler Legal Outlook, please visit our website, osler.com.