Ahmed Elsaghir Partner | Calgary

Ahmed's recent representative experience includes advising or representing:

Public and Private M&A, Reorganizations and Transactions

• TC Energy Corporation on its separation into two independent, investment-grade, publicly listed companies through the spinoff of South Bow Corporation

• Strathcona Resources Ltd. in its partnership with Canada Growth Fund Inc. to develop up to C$2-billion of major carbon capture and sequestration infrastructure on Strathcona's steam-assisted gravity drainage oil sands facilities in Saskatchewan and Alberta

• Enerplus Corporation on its US$11-billion combination with Chord Energy

• Cenovus Energy Inc. on its C$711-million acquisition of warrants from Hutchison Whampoa Europe Investments S.à r.l. and L.F. Investments S.à r.l.

• Strathcona Resources Ltd. on its all-share transaction to acquire Pipestone Energy Corp., creating a combined public entity with an approximate C$11.5-billion enterprise value

• Strathcona Resources Ltd. and Waterous Energy Fund on the acquisitions of Serafina Energy Ltd., Caltex Resources Ltd., Pengrowth Energy Corporation and the take-over bid acquisition of Osum Oil Sands Corp.

• Pacific Energy on its strategic partnership with Enbridge Inc. for the construction and operation of the C$5.1-billion Woodfibre LNG Project near Squamish, B.C. (Enbridge Inc.: 30%, Pacific Energy: 70%)

• TC Energy Corporation in respect of its sale of a 65% equity interest in the Coastal GasLink Pipeline to KKR and AIMCo

• ArcLight Capital Partners on the sale of its affiliate, Amphora Canada Gas Storage

• The Riverside Company on its C$178-million acquisition of PFB Corporation

• Hg Capital in connection with its acquisition of Benevity, Inc. alongside General Atlantic, JMI Equity and the Benevity management team

• ENMAX Corporation on its US$1.3-billion acquisition of Emera Inc.'s interest in Emera Maine

• Cenovus Energy Inc. on its C$17.7-billion acquisition of assets from ConocoPhillips

Capital Markets

• South Bow Corporation in connection with its C$7.9-billion cross-border private placement offering of senior notes and junior subordinated notes, undertaken in connection with TC Energy Corporation's spin-out transaction

• Coastal GasLink Pipeline Limited Partnership in connection with its private placement of C$7.15-billion aggregate principal amount of first lien senior secured notes, the largest Canadian dollar-denominated corporate bond offering to date

• TC Energy Corporation and its subsidiaries on over C$20-billion of financing transactions comprised of offerings of hybrid securities, preferred shares, U.S. senior notes, medium term notes and common shares

• Strathcona Resources Ltd. on its inaugural offering of US$500-million of aggregate principal amount of debt securities

• Intact Financial Corporation on its inaugural offering of C$300-million aggregate principal amount of limited recourse capital notes

Ahmed has been recognized in the following publication:

• Best Lawyers: Ones to Watch in Canada – 2023–2025 (Tax Law)

Ahmed is a member of the Law Society of Alberta, the Canadian Bar Association, the Canadian Tax Foundation, and the Canadian Petroleum Tax Society.

He is a board member of the Canadian Petroleum Tax Society and is a former member of the executive committee of the Canadian Bar Association (Alberta South) Taxation Law Section.

• Co-author : Four Things to Know About Indigenous Equity Requirements in BC Hydro’s Call for Power
  Blakes Bulletin on Indigenous / Power, March 5, 2024.
• Co-author : Canada Proposes Updates to Green-Energy Tax Incentives
  Blakes Bulletin on Tax, September 15, 2023.
• Co-author : 2023 Federal Budget: Green-Energy Tax Incentives
  Blakes Bulletin on Tax / Energy, April 5, 2023.
• Co-author : Alta Energy Luxembourg: Canada Held to its Treaty Bargain
  Canadian Tax Focus, Canadian Tax Foundation, February 2022.
• Co-author : Distress Preferred Shares: Debt Refinancing During COVID-19
  National Insolvency Review, Vol. 38, No. 1, February 2021.
• Co-author : Distress Preferred Shares: Tips and Traps
  COVID-19 and Canadian Tax, Canadian Tax Focus, Canadian Tax Foundation, July 2020.
• Co-author : Distress Preferred Shares: Debt Refinancing During COVID-19
  Blakes Bulletin on Tax, May 2020.
• Author : Crossing Provincial Lines: Alberta Courts Tackle 20(1)(c)
  CCH, Tax Topics, No. 2414, June 2018.
• Author : Rectification: Not Equity’s Version of a Mulligan
  Federated Press, Corporate Structures and Groups, Vol. XIV, No. 2, 2017.
• Author : ETA: Winding Down a Business – Input Tax Credit Issues
  CTF, Tax for the Owner-Manager, Vol. 17, No. 2, April 2017.
• Author : Transfer Pricing in Canada and Recent Trends
  International Association of Tax Judges, Newsletter, Vol. XVI, June 2016.

• Presenter : Paragraph 55(3)(b) Butterfly Reorganizations
  Tax Executives Institute, Inc., 57th Annual Canadian Tax Conference, Ottawa, Ontario, May 2025.
• Presenter : Overview of the Clean Economy Investment Tax Credits
  Canadian Bar Association, Taxation Law Section, Calgary, Alberta, March 2025.
• Presenter : Navigating Clean Energy Tax Incentives
  Canadian Tax Foundation, Prairie Provinces Tax Conference, Saskatoon, Saskatchewan, June 2024.
• Presenter : Tax Litigation, Audit Updates, and Judicial Trends
  Blakes Business Class Seminar, November 2023.
• Presenter : Potpourri of CRA Audit and Tax Litigation Topics
  Canadian Petroleum Tax Society Fall Lecture Series, Calgary, Alberta, October 2023.
• Panellist : How to Achieve the Sustainability of Decarbonisation Industries such as CCUS and Low Carbon Fuels on a Standalone Basis?
  New York Energy Capital Assembly, Energy Council, April 19–20, 2023
• Presenter : Taxable Canadian Property & Section 116: Select Issues
  Canadian Petroleum Tax Society Fall Lecture Series, Calgary, Alberta, October 2021.
• Moderator : Fireside Chat with Justice Wyman Webb of the Federal Court of Appeal
  Canadian Bar Association, Taxation Law Section, Calgary, Alberta, 2021.
• Moderator : Fireside Chat with Chief Justice Eugene Rossiter of the Tax Court of Canada
  Canadian Bar Association, Taxation Law Section, Calgary, Alberta, 2019.
• Presenter : Recent Cases of Interest
  Canadian Petroleum Tax Society Fall Lecture Series, Calgary, Alberta, October 2018.

In-Depth Tax Course, CPA Canada – 2020
Admitted to the Alberta Bar – 2016
JD (Cum Laude), University of Ottawa – 2015
BComm (With Distinction), University of Calgary – 2012