The Globe and Mail reports in its Wednesday edition that more than a dozen Canadian companies were plucked out of public markets last year, new analysis shows, extending a spike in privatizations from 2024. The Globe's Jameson Berkow writes there were 38 delistings from the Toronto Stock Exchange in 2025, according to data from TSX parent TMX Group. Most of them were the result of public companies being purchased by other public companies, but 15 were delisted after having been taken private. That number nearly matched the 16 privatizations of TSX-listed companies in 2024 and is dramatically higher than the handful of Canadian public companies that are taken private in a typical year. Part of the reason privatizations are surging is simple serendipity, said John Ciardullo at Stikeman Elliott LLP, as many of the deals completed in 2024 and 2025 had been several years in the making. Another driver of the privatization trend is that the amount of money private investors have available to spend -- known as dry powder -- has recently started to fall from record highs as more of that cash gets spent. Globally, 2025 was the third-highest year ever for take-private activity in terms of both deal count and total deal value.