CIBC Capital Markets has been awarded Financial Adviser of the Year in North America, judges said it demonstrated impact and performance over the year.

Judges said CIBC demonstrated a diversified sector coverage on a number of different transactions.

One member of the judging panel said: “This score is linked directly to the Cameco Corporation transaction which was not just a large transaction by size but also large in terms of its potential to generate real change in the market.”

While another said: “CIBC demonstrated very clear on impact and performance over the year.”

CIBC maintains a market-leading presence in the power, renewables, infrastructure, transport, utilities and midstream energy sectors, across Canada, the US, and Latin America, delivering best-in-class advice and solutions to clients.

It also continues to differentiate as a leader in M&A and advisory with a number of complex, unique and diversified transactions.

The submission said: “Increased volatility in the market particularly with respect to underlying interest rates and inflation has created a significant amount of uncertainty with a number of M&A processes, delays in refinancings and longer development timelines for greenfield projects with increased pressure on valuations. In addition, capital raising has been more muted for funds and a reduction in public equity valuations has resulted in overweighting of infrastructure assets within broader portfolios.

“CIBC has worked closely with our clients to help manage through these issues through a number of innovative solutions and execution options: Strategic reviews which has resulted in a decision to sell certain assets or explore partnership options; multi-phased sell-side processes designed to reduce bid costs for both binding and non-binding offers along with payment of bid costs for lead buyers; the use of vendor due diligence to help streamline bidding timelines and costs; deal contingent hedging to minimize interest rate volatility on refinancings and M&A; working closely with clients to negotiate offtakes in which inflation risk is shared and downside risks are better managed; and refinancings/optimization of capital structure prior to launching sales process to enhance value.”

CIBC worked on a number of transactions that took home IJInvestor Awards this year.

CIBC acted as exclusive financial adviser to Vinci Highways for their acquisition of the Northwest Parkway toll road concession in Denver, Colorado, for about $1.55 billion. The 8.6-mile toll road is located in one of the fastest-growing US metropolitan areas, and serves as a crucial link in the Denver metro, providing essential infrastructure for drivers accessing the Denver International Airport and the local highway network. 

The acquisition marked VINCI’s first major highway investment in the US and aligns with the company’s growth strategy to enhance its presence in North America.

CIBC advised Cameco Corporation (49%) on the formation of a strategic partnership with Brookfield Renewable Partners (51%) to acquire Westinghouse Electric Company. The deal closed in November 2023. Westinghouse is an industry leader providing mission-critical and specialized technologies, products and services across the nuclear power sector. The transaction created a global champion in the clean energy transition better capable of serving the world’s ambitious decarbonization targets and goals for energy security.

It also acted as exclusive financial adviser to EDP Renewables for the sale of an 80% interest in the newly constructed 297MW Sharp Hills Wind Project to CC&L Infrastructure. The transaction closed in April 2024. Sharp Hills is one of the largest wind farms in Alberta, fully contracted under a 15-year PPA with TC Energy. EDPR’s primary goal was to maximize value at a time of significant market volatility and uncertainty.