Yes, if the enterprise is at least fifty percent Canadian-owned and the buyer develops and directs it. With equal ownership, the operating agreement must give the buyer operational control or establish equal control with his E-2 role recognised.
Half the shares meets the ownership rule; the agreement must still show control
The nationality requirement is met when treaty nationals own at least fifty percent of the enterprise, so a fifty-fifty purchase satisfies it with nothing to spare; any option or dilution that could take the buyer below half must be excluded. The develop-and-direct requirement is where equal ownership becomes difficult. The Foreign Affairs Manual accepts that an investor with fifty percent ownership may qualify where he has operational control through the agreement, or where two equal owners each retain full management rights and control, and the file must show which applies.
Draft the operating agreement so the buyer's authority over hiring, equipment, pricing and finances is explicit and not subject to the partner's veto on ordinary matters. If the American partner insists on keeping final say over everything, the buyer is a passive investor and E-2 is not available, whatever the price paid.