Fraser Malcolm, Toronto

About Fraser

Fraser is a member of the Competition, Antitrust & Foreign Investment group at Blakes, widely regarded as the leading competition law practice in Canada and the Regional Firm of the Year – Americas (2019 GCR Awards).

Fraser advises on all aspects of competition law, including merger review, joint ventures and strategic alliances, criminal and civil investigations, and regulatory compliance matters. Fraser also advises on foreign investment and national security reviews under the Investment Canada Act. Fraser has worked with clients in many of Canada's key industries including energy, financial services, real estate, beverage alcohol, consumer products, telecommunications and insurance. During his articles, he completed a secondment in the legal department of a major Canadian bank.

Prior to joining Blakes, Fraser held a variety of senior positions with the federal government in Ottawa, including advising the Ministers of Public Safety, International Trade and Fisheries & Oceans, as well as the Leader of the Government in the House of Commons.

Select Experience

Mubadala Capital in its C$4.7-billion going private acquisition of CI Financial Corp
BCE Inc. on the C$4.7-billion sale of its ownership stake in Maple Leaf Sports & Entertainment (MLSE) to Rogers Communications Inc.
Cleveland-Cliffs Inc. on its acquisition of Stelco Holdings Inc., a transaction representing an enterprise value of approximately C$3.4-billion
AstraZeneca AB on its US$2.4-billion acquisition of Fusion Pharmaceuticals Inc.
Royal Bank of Canada on its C$13.5-billion acquisition of HSBC's Canadian business
Mubadala Capital, the wholly owned asset management subsidiary of Mubadala Investment Company, on its acquisition of Canada Cartage
UBS Group AG on its US$3.2-billion acquisition of Credit Suisse
Canadian competition counsel to VMware in connection with its acquisition by Broadcom for US$69-billion
Sidara in connection with its acquisition of CopperTree Analytics
Sierra Wireless, Inc. on its US$1.2-billion proposed acquisition by Semtech Corporation
IAA, Inc. on its US$7.3-billion proposed sale to Ritchie Bros. Auctioneers Incorporated
Pacific Woodtech Corporation on its announced acquisition of Louisiana-Pacific Corporation's Engineered Wood Products (I-Joist and LVL) division
Penn National Gaming, Inc. on its US$2-billion acquisition of Score Media and Gaming, Inc.
Nasdaq, Inc. on its US$2.75-billion acquisition of Verafin Inc.
Kinder Morgan Canada Limited on its C$2.3-billion acquisition by Pembina Pipeline Corporation
General Electric Company on its C$11.1-billion merger of GE Transportation with Wabtec Corporation
Trinidad Drilling Ltd. with respect to the hostile take-over bid made by Ensign Energy Services Inc.
Maple Leaf Foods Inc. on its C$215-million acquisition of Viau Foods
Kinder Morgan Canada Ltd. on its C$4.5-billion sale of the Trans Mountain Pipeline System and the Trans Mountain Expansion Project to the Government of Canada
Stewart Information Services Corporation on its proposed US$1.2-billion sale to Fidelity National Financial, Inc.
Canadian Real Estate Investment Trust (CREIT) on its C$3.9-billion combination with Choice Properties Real Estate Investment Trust
Mowi (Marine Harvest) on its C$315-million acquisition of Northern Harvest

Professional Appearances

Moderator : How much “Securing” and “Benefiting” is Too Much? A Discussion of the Canadian Government’s Evolving Approach to Foreign Direct Investment
CBA Competition Law Spring Conference, Toronto, Ontario, May 8, 2025.
Moderator : Foreign Direct Investment Spotlight: State-Owned Enterprises
American Bar Association: Foreign Investment and National Security Committee, March 12, 2024.
Panellist : Foreign Investment and National Security: Year in Review and Outlook for 2024
American Bar Association Webinar, February 7, 2024.