Helen Mallovy Hicks

Helen Mallovy Hicks

Partner, Global Valuations Leader, PwC Canada

Helen Mallovy Hicks is a partner in the Deals practice of PwC Canada working in the Toronto office. She is the network's Global Valuations Leader and also the GTA Deals Leader.

Helen helps clients save time and money by providing independent, credible, professional valuation reports.

She provides business valuation advice in the context of corporate governance, independent valuations, Multi-lateral Instrument 61-101 valuations, fairness opinions and fairness reviews, financial accounting requirements, acquisitions and divestitures, corporate reorganizations, estate planning, and shareholder disputes. Her advisory experience centres on assisting clients in disputes involving value and negotiations for purchases/sales of businesses.

Helen's valuation and advisory experience includes both public and privately funded companies, from multinationals to sole proprietorships and professional practices. She has conducted assignments in industry sectors including automotive, information and communication technology, consumer and packaged goods, financial services, mining, real estate, and the service sector, including professional and government enterprises.

Recent transactions:

  • 50+ fairness opinions and analysis, totaling over $50B in transaction value;
  • expert testimony before the Province of Quebec Superior Court on fairness opinions re. proposed plan of arrangement of Yellow Media Inc. et al;
  • fairness opinion to the special committee of Shear Wind re. an offer from Sprott Power;
  • fairness opinion to the independent committee of the Board of Brookfield Renewable Power Fund re. related party transaction involving acquisition of Comber Wind Farm, with investment value of $567 million;
  • valuation pursuant to MI 61-101 and fairness opinion re. Great Lakes Hydro Income Fund proposed acquisition for $1.4 billion (enterprise value) of 15 hydroelectric facilities and a wind power project;
  • valuation analysis of BCE, to assist BCE re. proposed $51 billion privatization transaction.

A University of Toronto graduate, Helen earned a BCom, subsequent CA designation, and in 2009 was elected a Fellow of the Institute of Chartered Accountants of Ontario (FCA). She is also a Fellow Chartered Business Valuator (FCBV) and has given expert testimony before the Ontario Superior Court of Justice and the Ontario Court of Justice.

Helen co-authored the chapter “Fairness Opinions” in the book Corporate Finance for Canadian Executives (2007) with PwC partner Kristian Knibutat.

She also authored "Fairness Opinions: What Directors Need to Know" in The Journal of the Institute of Corporate Directors, April 2010, Issue 149, “The changing face of fairness opinions,” Lexpert Magazine September 2009, and “Fairness Opinions Provide Solid Support for Business Decisions,” Lexpert Magazine October 2007 and numerous other articles and public speaking engagements include the Ontario Securities Commission, CICA, the Canadian Institute, Federated Press Conference Division, Canadian Bar Association, Canadian Corporate Counsel Association, Canadian Venture Capital Association, Canadian Automotive Dealers Association, National Automotive Dealers Association and various private groups. 

Currently, Helen sits on the Board of Directors of the Canadian Partnership Against Cancer and is the chair of the Finance Audit Committee and a member of the Executive Committee. She is also a Vice Chair of the 2016 Princess Margaret Cancer Centre Ride to Conquer Cancer and founder and leader of the Hicksfire team in the Ride to Conquer Cancer (June 2012 to 2016).

Helen is also a member of the Board of Directors of PricewaterhouseCoopers LLP.

Contact details

Tel: +1 416 814 5739

Fax: +1 416 814 3211



  • Deals
  • Automotive
  • Financial Services
  • Mining
  • Real Estate


  • Fairness opinions
  • Transactions
  • Disputes


  • University of Toronto


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