Tracked deals
30
30 tracked deals across 2019-2026.
Who's Buying Infrastructure Companies in Canada
Buyer mix
Mixed buyer set
21 strategic · 10 pe
Top trend
Volume peaked in 2026
16 tracked deals announced in 2026.
Primary Insight
What Stands Out
- Energy & midstream are a repeated focus: Keyera Corp. pursues both pipeline ownership (e.g., KAPS) and natural gas liquids platform expansion.
- Data centre and AI-ready infrastructure appears via large-scale capital: CPP Investments and EQT Group back EdgeConneX, and La Caisse finances Cologix’s Montréal MTL8 site.
- British Columbia shows frequent deal activity linked to infrastructure-adjacent resource and royalties themes (e.g., exploration funding and royalty acquisitions/investments).
- Transaction formats vary: full acquisitions (including all-stock deals and court-approved plans), stake purchases, private placements, and strategic investments.
- Ongoing platform consolidation is a visible pattern, such as acquiring remaining interests or expanding operational control over established systems.
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Enbridge Inc. | 2 | Energy infrastructure company operating natural gas, oil,... | Strategic |
| Keyera Corp. | 2 | Integrated Canadian energy infrastructure operator focuse... | Strategic |
| La Caisse | 2 | Long-term Canadian investment group active across infrast... | Mixed |
| Abrams Capital Management, L.P. | 1 | Investment manager holding equity positions and influenci... | PE |
| Aegion Corporation | 1 | Provider of infrastructure maintenance, rehabilitation an... | Strategic (PE-backed) |
| Apollo | 1 | Alternative investment manager with substantial infrastru... | PE |
| Argyle Capital Partners | 1 | Toronto-based private equity firm focused on partnering w... | PE |
| BMI Group Inc. | 1 | Canadian industrial infrastructure and development platfo... | Strategic |
| Barrick Mining Corporation | 1 | Global gold and copper mining, exploration, and developme... | Strategic |
| Bit Digital, Inc. | 1 | Public company operating bitcoin mining and AI/HPC infras... | Strategic |
Acquisition Volume in Infrastructure in Canada by Year
Last 7 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
- Buyer
- Enbridge Inc., KKR, Apollo
- Target
- Aspen Point expansion programme (Westcoast natural gas pipeline system), Sunrise expansion programme (Westcoast natural gas pipeline system), Westcoast natural gas pipeline system (Aspen Point and Sunrise projects)
- Industry
- Infrastructure
- Location
- British Columbia, Canada
- Type
- Growth capital
Enbridge agreed to form a C$2.7 billion joint venture with capital managed by KKR and Apollo to fund its Aspen Point and Sunrise expansion programs on the Westcoast natural gas pipeline system in British Columbia. Enbridge retains majority ownership and operational control, receiving C$700 million in cash at closing, while KKR and Apollo obtain an indirect cumulative 29% interest in the aggregate system once Sunrise enters service.
-
August 26, 2026
- Buyer
- Enbridge Inc.
- Target
- Salt Creek Midstream's crude oil gathering business, Orla gathering system, Wink North gathering system, Delaware Crossing (DCX) system
- Seller
- Salt Creek Midstream
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Buyout
Enbridge has signed a definitive agreement to acquire Salt Creek Midstream’s crude oil gathering business for US$600 million in cash. Through a wholly owned subsidiary, Enbridge will acquire 100% of the Orla and Wink North gathering systems and a 50% interest in the Delaware Crossing (DCX) system, with expected closing later in 2026 subject to customary conditions including Hart-Scott-Rodino clearance.
-
July 22, 2026
- Buyer
- Plum Acquisition Corp. III
- Target
- Tactical Resources Corp.
- Industry
- Infrastructure
- Location
- British Columbia, Canada
- Type
- Buyout
Tactical Resources Corp. announced the exchange ratio under its previously announced business combination with Plum Acquisition Corp. III. Following amalgamation transactions, Tactical will continue as a wholly owned subsidiary of a new parent entity (“New PubCo”), renamed Tactical Resources Corp., with the deal expected to close on July 28, 2026 and New PubCo shares expected to trade on Nasdaq.
-
- Buyer
- Barrick Mining Corporation
- Target
- Kingfisher Metals Corp.
- Industry
- Infrastructure
- Location
- British Columbia, Canada
- Type
- Growth capital
Barrick Mining Corporation agreed to subscribe for 15,470,934 units of Kingfisher Metals Corp. in a non-brokered private placement for total consideration of approximately C$20.9 million. The investment is expected to close on or before July 27, 2026 and will fund exploration and development of Kingfisher’s Highway 37 project in British Columbia.
-
- Buyer
- Canada Pension Plan Investment Board (CPP Investments), EQT Group
- Target
- EdgeConneX
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Growth capital
Canada Pension Plan Investment Board (CPP Investments) will invest US$1.75 billion (C$2.4 billion) alongside EQT to support the strategy to build AI-ready digital infrastructure. The investment is led by global data centre developer and operator EdgeConneX, which EQT acquired in 2020 and has since scaled rapidly.
-
June 19, 2026
- Buyer
- Keyera Corp.
- Target
- KAPS Pipeline (Key Access Pipeline System)
- Seller
- Stonepeak
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Buyout
Keyera Corp. acquired the remaining 50% non-operating interest in the KAPS Pipeline from Stonepeak for C$1.215 billion, giving Keyera full ownership and operational control of the system. The transaction closed concurrently with Keyera’s announcement on June 17, 2026.
-
- Buyer
- Argyle Capital Partners
- Target
- H&S Building Supplies Ltd.
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Growth capital
Argyle Capital Partners announced an investment in H&S Building Supplies Ltd., a Vaughan, Ontario-based distributor serving Canada’s purpose-built residential rental market. The partnership is intended to support H&S’s next phase of growth while preserving its customer-first culture and management continuity.
-
- Buyer
- Elemental Royalty Corporation
- Target
- Vizsla Royalties Corp.
- Industry
- Infrastructure
- Location
- British Columbia, Canada
- Type
- Buyout
Elemental Royalty Corporation entered into a definitive arrangement agreement to acquire all of the issued and outstanding shares of Vizsla Royalties Corp. via a court-approved plan of arrangement. Consideration is approximately CAD 327 million (about CAD 290 million reported in one source), with Vizsla Royalties shareholders able to elect shares of Elemental, cash, or a combination, and the deal is expected to close in Q3 2026.
-
- Buyer
- Abrams Capital Management, L.P.
- Target
- SECURE Waste Infrastructure Corp.
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Growth capital
Abrams Capital Management, L.P. acquired an additional 160,000 common shares of SECURE Waste Infrastructure Corp. on the open market through the Toronto Stock Exchange. The purchases increased Abrams Capital’s ownership from about 9.93% to about 10% of SECURE’s outstanding shares and the firm announced it intends to vote against SECURE’s proposed arrangement with GFL Environmental Inc.
-
April 8, 2026
- Buyer
- BMI Group Inc.
- Target
- Rock Tech Lithium Inc.
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Growth capital
Rock Tech Lithium and the BMI Group announced a strategic partnership, expected to be structured as a general partner/limited partner arrangement, to develop Rock Tech’s lithium converter facility in Red Rock, Ontario. The BMI Group is intended to invest CAD $200 million as an anchor investment, alongside an initial non-dilutionary funding program of up to CAD $30 million to advance engineering and permitting toward a final investment decision by end of 2026.
-
- Buyer
- Keyera Corp.
- Target
- Plains Midstream Canada ULC (Plains’ Canadian natural gas liquids business)
- Seller
- Plains All American Pipeline, L.P., Plains GP Holdings
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Buyout
Keyera has completed its $5.3 billion acquisition of substantially all of Plains’ Canadian natural gas liquids (NGL) business, marking a major expansion of Keyera’s integrated NGL platform. The deal closed on May 12, 2026 and strengthens connectivity across Canada’s basin, improving market access, flexibility, and reliability for customers.
-
- Buyer
- Centerra Gold Inc.
- Target
- Nevada King Gold Corp.
- Industry
- Infrastructure
- Location
- British Columbia, Canada
- Type
- Growth capital
Nevada King Gold Corp. completed a non-brokered private placement of common shares totaling approximately C$16.3 million, which included a strategic investment by Centerra Gold Inc. for approximately C$10.4 million. Centerra acquired 49,681,622 common shares, representing 9.9% of Nevada King’s issued and outstanding shares after closing.
-
- Buyer
- Sphere 3D Corp.
- Target
- Cathedra Bitcoin Inc.
- Industry
- Infrastructure
- Location
- British Columbia, Canada
- Type
- Buyout
Sphere 3D Corp entered into a definitive agreement to acquire Cathedra Bitcoin Inc in an all-stock transaction, with Cathedra becoming a wholly owned subsidiary of Sphere upon closing. The combined company will retain Sphere’s name and NASDAQ listing under ticker “ANY,” and is expected to initially operate 53 MW of managed power capacity and 1.2 EH/s of installed proprietary mining hash rate across data centers in Iowa, Kentucky, and Tennessee.
-
March 5, 2026
- Buyer
- La Caisse
- Target
- Cologix
- Industry
- Infrastructure
- Location
- Quebec, Canada
- Type
- Buyout
La Caisse and Cologix announced that La Caisse has concluded an agreement to provide CAD 240 million of senior financing to support Cologix’s Montréal MTL8 colocation data centre. The MTL8 facility in Technoparc Montréal is in service and delivered 21 MW of capacity with AI-ready infrastructure and LEED Gold certification.
-
March 4, 2026
- Buyer
- SeaFort Capital, Roynat Equity Partners
- Target
- Allmar Inc.
- Industry
- Infrastructure
- Location
- Manitoba, Canada
- Type
- Buyout
SeaFort Capital has made a majority investment in Allmar Inc., a Canadian door and hardware solutions supplier serving commercial, industrial, institutional and residential markets. Allmar’s leadership will retain a significant equity stake, and Roynat Equity Partners invested alongside SeaFort as a co-investor.
-
February 10, 2026
- Buyer
- Gibson Energy Inc.
- Target
- Teine Energy Ltd. (Chauvin Infrastructure Assets)
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Buyout
Gibson Energy has entered into a definitive agreement to acquire Teine Energy Ltd.’s Chauvin Infrastructure Assets for total cash consideration of $400 million (subject to closing adjustments). The assets include a crude oil gathering pipeline system and related infrastructure connecting Chauvin to Gibson’s Hardisty hub, with long-term take-or-pay and area-of-dedication agreements supporting durable cash flows.
-
October 31, 2025
- Buyer
- Sunoco LP
- Target
- Parkland Corporation
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Buyout
Sunoco LP entered into a definitive agreement to acquire Parkland Corporation in a cash-and-equity transaction valued at approximately US$9.1 billion (including assumed debt), with the goal of expanding fuel supply, scale, and geographic reach. The deal received required regulatory approvals, including Investment Canada Act approval, and ultimately closed on October 31, 2025.
-
September 17, 2025
- Buyer
- Qatar Investment Authority (QIA)
- Target
- Ivanhoe Mines
- Industry
- Infrastructure
- Location
- Canada
- Type
- Growth capital
Ivanhoe Mines will issue 57,516,666 common shares to Qatar Investment Authority (QIA) in a private placement at C$12.00 per share, raising gross proceeds of approximately US$500 million. QIA will own about 4% of Ivanhoe Mines following completion, with proceeds intended to support growth opportunities in critical-minerals exploration and development.
-
July 1, 2025
- Buyer
- DigitalBridge Group, Inc., La Caisse, DigitalBridge Fund (managed investment fund)
- Target
- Yondr Group
- Seller
- Cathexis Holdings, L.P.
- Industry
- Infrastructure
- Location
- Canada
- Type
- Buyout
DigitalBridge Group, Inc. and La Caisse have completed the acquisition of Yondr Group, a global developer, owner, and operator of hyperscale data centers, from Cathexis Holdings, L.P. The deal strengthens DigitalBridge’s and La Caisse’s digital infrastructure partnership and positions Yondr to expand hyperscale and AI-ready data center capacity. Aaron Wangenheim was appointed CEO and Sandip Mahajan appointed CFO effective immediately.
-
October 16, 2024
- Buyer
- Bit Digital, Inc.
- Target
- Enovum Data Centers
- Industry
- Infrastructure
- Location
- Quebec, Canada
- Type
- Buyout
Bit Digital, Inc. (NASDAQ: BTBT) has acquired Enovum Data Centers, a Montreal-based operator of a 4MW Tier 3 high-performance computing (HPC) datacenter, for approximately CAD 62.8 million (about USD 46 million). The acquisition vertically integrates Bit Digital's HPC and GPU hosting initiatives, enabling the company to offer colocation, on-demand computing and to host its own GPUs while supporting expansion plans for additional capacity.
-
- Buyer
- North American Rail Solutions, Universal Rail Systems, DFW Capital Partners
- Target
- Condor Signal & Communications
- Seller
- Maggie DiPede-Sullivan
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Addon
North American Rail Solutions, through its Canadian subsidiary Universal Rail Systems, has acquired Condor Signal & Communications, a rail signals and communications provider based in Oakville, Ontario. The deal brings Condor into Universal Rail's Signals group as an add-on to expand signals & communications capabilities and product offerings across Canada and into the United States; Condor will retain its Oakville offices and continue manufacturing rail switch heaters and related products.
-
- Buyer
- Grain Management, LLC, StratCap
- Target
- 55 Hereford Street (55H data center)
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Buyout
Grain Management, in partnership with StratCap, has acquired a majority stake in 55 Hereford Street (55H), a 127,000 sq. ft., Tier III data center in Brampton, Ontario. The joint-venture plans to expand site power capacity and pursue lease-up opportunities with hyperscalers, wholesale tenants and enterprises as part of a value-add growth strategy.
-
- Buyer
- Aegion Corporation
- Target
- Infraspec Services, Inc.
- Industry
- Infrastructure
- Location
- Quebec, Canada
- Type
- Buyout
Aegion Corporation has acquired Infraspec Services, Inc., a Laval, Quebec-based trenchless water rehabilitation contractor that self-performs CIPP, sewer cleaning & inspection, grouting and lead pipeline replacement. Infraspec will continue to operate under its current name and management in Quebec as Aegion expands its capabilities and resources to better serve the Canadian municipal market.
-
- Buyer
- Osmose Utilities Services, Inc.
- Target
- Effigis Geo-Solutions (Geospatial & Asset Management business)
- Seller
- Cansel, Effigis Geo-Solutions (Geospatial & Asset Management business)
- Industry
- Infrastructure
- Location
- Quebec, Canada
- Type
- Buyout
Osmose Utilities Services, Inc. acquired the Geospatial & Asset Management business of Effigis Geo‑Solutions (a division of Cansel), bolstering Osmose’s data-driven inspection and asset‑management capabilities in Canada. The deal extends Osmose’s Canadian footprint (adding operations in Quebec, British Columbia and Ontario) and combines Effigis’s geospatial expertise with Osmose’s inspection, analysis and restoration services to serve major utilities and telecom customers.
-
August 8, 2022
- Buyer
- SAM Companies
- Target
- Linewise Aerial
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Buyout
SAM Companies, a U.S.-based provider of geospatial and inspection solutions, has acquired Calgary-based Linewise Aerial to expand its aerial mapping and inspection capabilities across the Western U.S. and Canada. The acquisition brings Linewise's team and ultra-high definition aerial mapping technology into SAM to bolster service offerings, geographic footprint, and AI/ML model development for utility transmission and distribution inspections.
-
March 28, 2022
- Buyer
- USD Partners LP
- Target
- Hardisty South terminal assets (entities owning Hardisty South)
- Seller
- USD Group LLC
- Industry
- Infrastructure
- Location
- Canada
- Type
- Buyout
USD Partners LP has entered into an agreement to acquire entities owning the Hardisty South terminal assets from USD Group LLC in a transaction valued at $75 million in cash plus approximately 5.75 million common units. The deal is expected to close in the second quarter of 2022, subject to required consents.
-
- Buyer
- Enerflex Ltd.
- Target
- Exterran Corporation
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Buyout
Enerflex Ltd. (TSX: EFX) announced an all-share business combination to acquire Exterran Corporation (NYSE: EXTN) for approximately US$735 million. The combined company will operate as Enerflex Ltd. and remain headquartered in Calgary, Alberta, Canada.
-
August 16, 2021
- Buyer
- Undisclosed North American infrastructure investor
- Target
- Ontario Excavac Inc.
- Seller
- Market Square Equity Partners
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Divestiture
Ontario Excavac Inc., a Market Square Equity Partners portfolio company headquartered in Vaughan, Ontario, has been sold to an undisclosed North American infrastructure investor. The transaction — advised by Brown Gibbons Lang & Company and Crosbie & Company Inc. — was completed for undisclosed terms and transfers the leading underground utility services platform to the unnamed buyer.
-
- Buyer
- Undisclosed buyer
- Target
- Undisclosed integrated provider of water infrastructure solutions
- Seller
- Principal shareholder
- Industry
- Infrastructure
- Location
- Ontario, Canada
- Type
- Buyout
The Shaughnessy Group announced the completion of a sell-side mandate for an integrated provider of water infrastructure solutions in January 2021. The transaction implemented a succession plan for the company's principal shareholder; the buyer was not disclosed and legal and tax advisors on the deal included Stikeman Elliott, Gowling WLG, MNP and RLB.
-
July 23, 2019
- Buyer
- Compass Datacenters, LLC
- Target
- ROOT Data Center
- Industry
- Infrastructure
- Location
- Quebec, Canada
- Type
- Buyout
Compass Datacenters has completed the acquisition of ROOT Data Center, a wholesale colocation provider in Montreal, Quebec. The deal expands Compass's footprint and hyperscale capacity in North America, giving it strategic presence in Montreal alongside its Northern Virginia and Phoenix campuses.
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Frequently Asked Questions
What kinds of infrastructure deals are shown for Canada?
The page highlights multiple deal types, including acquisitions of operating assets (pipelines and data centres), strategic investments and private placements (including for resource development), and royalty or infrastructure-linked transactions.
Which Canadian provinces show the most activity in these infrastructure acquisitions?
The most recent locations referenced are British Columbia, Ontario, Alberta, and Quebec, with several deals concentrated in those provinces.
Who are some recurring buyers featured on the page?
Recurring buyer names include La Caisse, Keyera Corp., Enerflex Ltd., StratCap, Sphere 3D Corp., and institutional or undisclosed North American infrastructure investors, depending on the specific transaction.
Do the deals focus only on traditional energy infrastructure?
No. While energy (pipelines, midstream/NGL) is prominent, the page also includes AI-ready digital infrastructure and data centre-related transactions, along with waste and royalties/infrastructure-linked investments.