Circa Completes Amalgamation with Sicane Group SAS and Spinout of Telecom Assets

On April 14, 2023, Circa Enterprises Inc. (TSVX: CTO) (“Circa”) and Sicame Group SAS (“Sicame”) announced the completion of the amalgamation of Circa and 2023 Sicame Amalco Inc. (“SubCo”) (the “Amalgamation”) pursuant to the amalgamation agreement among Circa, Sicame Canada Holdings Inc. (“Sicame Canada”) and SubCo, as well as the closing of the Telecom Business Sale (collectively, the “Transaction”).

The Transaction involved a spinout of telecom assets to a group led by certain members of management under the name Guardian Telecom Ltd., as well as an amalgamation of Circa’s core metals business with a wholly-owned subsidiary of Sicame Group SAS (France) under the name Hydel Inc. (“Hydel”).

Based in Vaughan, Ontario, Circa, which includes the well-known Hydel product range, is a fully integrated industrial company fabricating metallic enclosures, pole line hardware and customized cabinets for various applications.

McMillan LLP was retained as independent legal advisors to a special committee of independent directors of Circa Enterprises Inc., on this cross-border transaction. Paul Barbeau expertly led McMillan’s multidisciplinary team with support from Ted Thiessen.

As a national business law firm with exceptional capabilities to lead businesses through cross-border transactions and investments into Canada and within multifaceted regulatory regimes, McMillan provides real-time business solutions to our clients. Our Capital Markets & Securities Group is skilled at structuring and closing complex deals of all shapes and sizes in Canada, the US and internationally and in providing innovative transactional advice and solutions. Our understanding of business imperatives and our relationships with the regulators helps our clients stay ahead.