Looking back on 2025
Transactions that marked the year

February 11th, 2026

In 2025, global economic and political news was largely dominated by U.S. tariffs. These measures fuelled uncertainty, shaped risk analysis and influenced business decisions. However, the market remained stable and buoyant, and inflation trended toward the central bank’s targets, easing pressure on interest rates and making the business climate more favourable for transactions in Canada and abroad. Despite the real impact of tariffs on some of our clients, many of them have shown resilience, demonstrating the value of a bold and well-executed strategy that can drive progress, investment and transactions.

It was in this context that our Corporate and Commercial Law team applied themselves last year, managing an impressive volume of transactions that covered all sectors, with a total value of nearly C$22 billion. The team was able to nimbly anticipate emerging trends, adapt to numerous changes on the fly, and provide sound legal and strategic advice. Leveraging its multidisciplinary expertise and ability to innovate, the team successfully brought complex files to a close and supported the growth of clients of all sizes, from SMEs to multinationals.

The mandates completed this year attest to the strength of our client base and the talent of our team, which was able to identify business opportunities despite the prevailing uncertainty, both in Québec and in international markets. Here is an overview of some of our most notable transactions in 2025.

CAPITAL MARKETS

Represented GardaWorld Security Corporation in a North American private placement of senior secured notes due in 2031 in an aggregate principal amount of US$650 million at a rate of 6.500%, and in the finalization of its redemption of senior secured notes due in 2027 with an outstanding principal amount of US$570 million.
Assisted GardaWorld throughout its efforts to revise the rates on its existing Term Loan B credit facility, in an amount of US$2.3 billion, to reduce its interest rates by 0.5% and increase its revolving credit facility by US$102.9 million. The amendments were entered into with a syndicate of North American lenders led by New York City-based JPMorgan Chase Bank, N.A., among others.
Represented a family office in negotiations with a Canadian financial institution for bank financing totalling C$140 million, secured by collateral in Canada and the U.S. Langlois played a key role in coordinating the various parties involved in the file, including several law firms representing the borrower, the guarantors and the lender.
Assisted Citadelle, Maple Syrup Producers’ Cooperative in expanding its credit from the Fédération des caisses Desjardins du Québec.
Assisted an automation and control solutions provider, as borrower, in connection with its bank refinancing, including integrating its U.S. subsidiaries into the financing, amending its credit agreement to allow for syndication of the loan, and establishing new security interests on all the group’s entities.
Represented an investment company in negotiating and drafting call and put option agreements for shares in a private company with a market value of C$180 million. Working closely with various tax and legal advisors, Langlois implemented, within tight deadlines, option and share exchange mechanisms to meet the parties’ specific tax requirements and work within the contractual constraints, and amended the legal status and several agreements between the target company’s shareholders.
Advised a stage design and manufacturing company with global operations on all aspects of its financing from a Crown corporation, consisting of a C$4.75 million term loan secured by a package of collateral.

MERGERS & ACQUISITIONS

Acted as legal counsel to Doctor No Parent Limited and Stéphan Crétier (Founder, Chairman, President, and CEO of GardaWorld) in connection with the financial closing of the recapitalization of GardaWorld’s parent company, valued at over C$14 billion, with BC Partners and various investors, including HPS Investment Partners, which is leading a group of minority investors. This transaction represented the largest recapitalization in Canadian history.
Advised the selling shareholders of IRT Technologies, a global leader in the design, development and manufacture of advanced satellite RF systems and products, on the sale of all their shares to ETL Systems, a British global leader in the design and manufacture of key components in satellite communications infrastructure. The Langlois team provided comprehensive legal expertise, particularly in mergers and acquisitions, business transfers, corporate law and tax law.
Assisted Garda Security Corporation Canada in all aspects of its acquisition of Gestion Groupe Trak Inc., a company offering investigation, surveillance, monitoring, undercover operations, intelligence, security guard and security services, as well as emergency response measures.
Assisted a traffic management company in Québec with the acquisition of all the issued and outstanding shares of a private company in the same industry.
Advised an insurance company on its acquisition of all the shares of a private company in the same industry.
Assisted Environmental 360 Solution Ltd., an environmental management company, in connection with its acquisition of all of the issued and outstanding shares of Profusion G.N.P. Inc., a company specialized in hydro-excavation, industrial cleaning and pumping, bridge relocation, and pipe fusion, extrusion and electrofusion.
Assisted Can-Explore Inc., a Québec leader in engineering, infrastructure inspection, surveying and geomatics services, in connection with its major reorganization, the restructuring of its financing and the acquisition of all the shares of Laboratoire de Canalisations Souterraines (LCS) Inc., a company specializing in performance testing and maintenance of sewer and water mains.
Supported 9537-4633 Québec Inc. (Groupe Santé Expert), a leading manager of medical clinics, pharmacies and health care businesses, in connection with its acquisition of the assets of La Cité Médicale Inc. pursuant to an order under the Bankruptcy and Insolvency Act and a formal solicitation process.
Advised a Canadian leader in smart parking solutions on its acquisition of a Canadian company specialized in parking technologies, with a view to offering Canada’s first nationwide smart parking solution. More specifically, Langlois was involved in preparing the company’s reorganization documents and drafting employment contracts.
Represented most of the sellers in the sale of Complexe Vision, a major building located in the heart of the Lebourgneuf business district, to a new group of owners. Spread over several months, this highly complex transaction included an escrow agreement, an amendment to a property management agreement, and a corporate reorganization.
Assisted a registered charity in its acquisition, from another registered charity, of assets related to a business in the printing industry.

REAL ESTATE

Advised the developer EDF Power Solutions Canada Inc., a subsidiary of EDF Power Solutions North America, on securing all the land rights necessary for the construction of the Haute-Chaudière Wind Project, covering the municipalities of Audet and Frontenac and the City of Lac-Mégantic, in the Granit RCM, for a total value of C$750 million. Langlois handled all the land-related work: drafting purchase option agreements, surface rights deeds and easements; researching the titles to numerous properties; negotiating agreements with the authorities and other stakeholders; and negotiating and drafting the leases and land rights required to install the wind turbines, the transformer station, the service building and the collector network.
Assisted Remcorp Inc. and Sina Group in establishing the corporate structure and obtaining the bank financing required to carry out a mixed-use real estate development (commercial and 196 residential units) in the Kanata region of Ontario, totalling over C$100 million.
Assisted a municipality with the transfer of long-term leasehold rights on buildings in order to carry out a public utility project worth C$45 million.
Assisted Village Urbain with the organizational, tax and contractual structure needed to complete the first social and economic co-housing project in the Montréal region, one aimed at reducing the impact of the housing crisis by building mixed-use buildings comprising condominiums and rental units connected by a common house that will provide numerous benefits and services to its residents.
Assisted a port authority in securing surface and emphyteutic rights with respect to port facilities, for a total value of C$8 million.
Assisted a public body in its efforts to regain full ownership of certain buildings, in particular by negotiating and drafting agreements leading to the transfer of surface rights back to the public body.

COMMERCIAL SECTOR

Represented a Canadian holding company as part of the underwriting, with a syndicate of insurers, of primary and excess specialized insurance policies to provide total coverage of over C$100 million of tax risks on transactions. Langlois coordinated the file, working closely with tax advisors and an international insurance broker, answered questions during the due diligence process, and set up a confidential data room.

SUCCESSION PLANNING

Assisted a hearing aid specialist with the sale of all the issued and outstanding shares of her hearing clinic.
Assisted Ms. Jade Lemaire and Mr. Martin Tremblay in their acquisition of all issued and outstanding shares of Plant Sélect Inc. as well as certain properties required for the company’s activities.
Assisted the sellers with the sale of all the issued and outstanding shares of a company specialized in water meters.
Assisted 9420-5952 Québec Inc. (McPro Excavation) throughout the process of acquiring all the shares of Gérald Théorêt Inc., a company specialized in infrastructure and civil engineering works.
Assisted Mr. Francis Pelletier with his integration as the new buyer of Anacolor Inc., a leader in the treatment and coating of high-end architectural metal products.