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Aphria and Tilray complete C$5 billion business combination to create largest global cannabis company

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Aphria Inc.

On December 16, 2020, Aphria Inc. (“Aphria”) announced that it had entered into a definitive agreement with Tilray, Inc. (“Tilray”) pursuant to which Tilray will acquire all the issued and outstanding shares of Aphria by way of a plan of arrangement under the Business Corporations Act (Ontario) (the “Transaction”).

Upon completion of the Transaction, Aphria shareholders will own approximately 62 percent of the outstanding Tilray shares on a fully diluted basis, resulting in a reverse acquisition of Tilray by Aphria. The all-share acquisition is valued at approximately C$5 billion (US$3.9 billion) and the combined company will be the world’s largest global cannabis company based on pro forma revenue.

Fasken advised Aphria with a team led by Grant McGlaughlin and Bradley Freelan that included Alex Nikolic, Gordon Raman, Florind Polo, Zach Austin, Allison Marks, Ryan Kleinman, Evan Conover, George Soules, Nazish Mizra and Onyi Ubah (Corporate/Securities/M&A); Huy Do, Chris Margison and Justine Reisler (Competition); Ingrid VanderElst and Mark Vanderveken (Regulatory); Armand Benitah and Nathan Haldane (IP); Brad Moore, Zohar Levy and Lily MacLeod (Litigation); Rosa DeFilippis and Rachel Loizos (Real Estate); Christopher Steeves and Kevin Yip (Tax); Dev Singh and Martin Owusu (Banking); Katherine M. Pollock, Ross Gascho and Rosalind H. Cooper (Employment/Benefits); Daniel Fabiano (Privacy); Alexis Shamess; Matthew Rebus and Julie He.


  • Ontario



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