Stikeman, Faegre and Osler lead $1.85b Canadian Target deal

January 18, 2011 Target Corporation has made its first move to expand outside the US with a $1.85 billion deal to buy leases on up to 220 stores in Canada.

Stikeman Elliott represented Zellers on the transfer of the leasehold interests to Target. The Stikeman Elliott team included M&A partner Ian Putnam, real estate partner Douglas Klaassen, antitrust partner Jeffrey Brown, counsel Lawson Hunter, and tax partners Dean Kraus and Alan Kenigsberg. Zellers was also advised by in-house lawyer David Pickwoad.

In the US, Target is represented by Faegre & Benson, with a team led by M&A partner Michael Stanchfield and real estate partner John Wheaton. Canadian counsel is supplied Osler, Hoskin & Harcourt, with a team that includes M&A partner Terrence Burgoyne, real estate partners Heather McKean and Stephen Luff, antitrust partner Michelle Lally and tax partner Monica Biringer. Target’s in-house legal team is led by general counsel Timothy Baer.

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