Welcome to the August issue of Blakes Competitive Edge, a monthly publication of the Blakes Competition, Antitrust & Foreign Investment group. Blakes Competitive Edge provides an overview of recent developments in Canadian competition and foreign investment law, including updates on enforcement activity by the Canadian Competition Bureau (Bureau), recent initiatives and key trends.
Key Highlights
- Merger review activity in 2025 is up compared to the last two years, with the Bureau completing 125 merger reviews through the end of July, a 17% increase from the 107 completed through July 2024 and a 20% increase from the 104 completed through July 2023. Merger reviews resulting in No Action Letters have also risen to 58% in 2025 through July, compared to 53% through July 2024 and 53% through December 2024.
- The Bureau reaches a consent agreement with Schlumberger related to its acquisition of ChampionX.
- Under the ICA, the United States remains the most common investor country of ultimate control for non-cultural investments, representing 58% of all Investment Canada Act notifications and approved net benefit applications through June 2025. France and Germany have the second-highest proportion of notifications and approved net benefit applications through June 2025 at 7%.
- Hikvision Canada Inc. seeks a judicial review of the Government of Canada’s wind-up order.
Competition Act
Merger Monitor
July 1 – July 31, 2025 Highlights
- 23 merger reviews announced, 21 merger reviews completed
- Primary industries of completed reviews: manufacturing (19%); finance and infrastructure (19%); real estate and rental and leasing (19%); mining, quarrying, and oil and gas extraction (14%); construction (10%)
- Eleven transactions received an Advanced Ruling Certificate (52%); nine transactions received a No Action Letter (43%); and one transaction was completed via consent agreement (5%)
January – July 31, 2025 Highlights
- 129 merger reviews announced, 125 merger reviews completed
- Primary industries of completed reviews: real estate and rental and leasing (19%); mining, quarrying, and oil and gas extraction (16%); finance and insurance (14%); manufacturing (12%); wholesale trade (10%); transportation and warehousing (8%)
- 73 transactions received a No Action Letter (58%); 45 transactions received an Advance Ruling Certificate (36%); four transactions were resolved through other means; two transactions were resolved via consent agreement; and one transaction was abandoned by the merging parties
Merger Reviews Completed Year to Date Through July 31, 2025, by Primary Industry
Enforcement Activity
Bureau Reaches Consent Agreement with Schlumberger Limited
- On July 16, 2025, the Bureau announced that it had reached a consent agreement with Schlumberger Limited (Schlumberger), related to its proposed acquisition of ChampionX Corporation (ChampionX). The Bureau found that the transaction would likely result in reduced innovation and access to polycrystalline diamond (PCD) cutters, PCD bearings and quartz transducers. These products are used as inputs in the construction of drill bits for oil and gas wells, along with the provision of directional drilling services and well completion services. Under the consent agreement, Schlumberger has agreed to sell US Synthetic, a subsidiary of ChampionX and manufacturer of PCD cutters and bearings, and to license intellectual property relating to quartz transducers owned by Quartzdyne, another business of ChampionX.
Section 36 Actions
Federal Court Certifies Drip Pricing Class Action Against Canada Post
- On July 15, 2025, the Federal Court in Deane v. Canada Post Corporation certified a proposed class action proceeding against Canada Post Corporation (Canada Post), concerning alleged breaches of the drip pricing and double ticketing provisions of the Competition Act. The plaintiff alleged that three of Canada Post’s online shipping services (Snap Ship, Ship Online and Shipping Manager) failed to properly disclose a fixed and mandatory “fuel surcharge” fee. The plaintiff sought to represent all Snap Ship, Ship Online and Shipping Manager users who were subject to the fuel surcharge since June 23, 2022. In opposition to the certification, Canada Post had alleged that: (1) all of its pricing information was prominently disclosed on a single webpage, during a single stage of the purchasing process; (2) customers could not complete their purchase without observing the fuel surcharge; and (3) all members of the proposed class who have consumer accounts agreed to contractual terms and conditions disclosing that any additional terms form part of the agreement, which included the fuel surcharge. The Federal Court certified the class proceeding, contingent upon the removal of the double ticketing cause of action from the plaintiff’s amended statement of claim.
Investment Canada Act
Foreign Investment Monitor
Non-Cultural Investments
June 2025 Highlights
- 74 notifications filed (54 filed for an acquisition, 20 for the establishment of a new Canadian business)
- Country of ultimate control: United States (61%); France (8%); United Kingdom (8%); Switzerland (7%); China (3%); Germany (3%); Pakistan (3%)
January – June 2025 Highlights
- One reviewable investment approval and 520 notifications filed (390 filed for an acquisition, 129 for the establishment of a new Canadian business)
- Country of ultimate control: United States (58%); France (7%); Germany (7%); United Kingdom (5%); China (3%)
Investment Canada Act Non-Cultural Investment Filings and Approvals, January – June 2025
Enforcement Activity
Hikvision Canada Inc. Challenges Government of Canada’s Wind-Up Order
- On July 7, 2025, Hikvision Canada Inc. (Hikvision) announced that it had submitted a notice of application to the Federal Court, seeking judicial review of the Government of Canada’s order to wind up Hikvision’s Canadian operations, following a national security review. Among other claims, Hikvision alleged that (1) a disproportionate emphasis was placed on the fact that its parent company is Chinese, and (2) the Government of Canada failed to engage on the substance of the national security concerns identified in its review or allow for Hikvision to take mitigation efforts. Hikvision also filed a motion for a stay of the order until a decision relating to its application was issued and announced that it had reached an agreement with the Attorney General of Canada to resume its Canadian operations until a decision relating to its application was released. More information about the Government of Canada’s wind-up order is available in the Blakes Competitive EdgeTM: July 2025 Update.
TikTok CEO Requests Meeting With Industry Minister Regarding Government of Canada’s Wind-Up Order
- On July 14, 2025, it was reported that Shou Chew, the CEO of TikTok Pte. Ltd. had written a letter to Industry Minister Mélanie Joly requesting a meeting to discuss the Government of Canda’s ordered wind-up of TikTok Technology Canada, Inc.’s (TikTok Canada) operations in November 2024. In the letter, Chew noted that the wind-up order was issued at a time when the United States had taken steps to ban the TikTok application, which has not been pursued to date, and alleged that the wind-up order will result in the firing of more than 350 of the company’s employees located in Canada. In December 2024, TikTok Canada filed an application for judicial review, challenging the Government of Canada’s wind-up order. For more discussion of the Government of Canada’s wind-up order and TikTok Canada’s application for judicial review, see the Blakes Competitive Edge™: December 2024 Update and the Blakes Competitive Edge™: January 2025 Update.
Blakes Notes
- On July 16, 2025, Blakes published Foreign Investment in Canada: Recent Trends and Future Outlook, a guide to the key trends reshaping foreign investment reviews in Canada and what businesses need to know to adapt strategically.
- Browse our thought-leadership insights from the Competition, Antitrust & Foreign Investment group to learn more.
Contact Us
If you have any questions, please do not hesitate to contact your usual Blakes contact or any member of the Blakes Competition, Antitrust & Foreign Investment group.
