Jan. 30, 2020 - In our annual Tax Review and Outlook report, we look back at significant developments that shaped the Canadian and U.S. tax landscapes in 2019 and offer our predictions on what to expect in the year ahead. Key Canadian Developments in 2019 Proposed changes to the employee stock option rules...
Couche-Tard Enters into Agreement to Acquire Imperial Oil Retail Assets in Ontario and Québec for $1.68 Billion
Davies acted for Alimentation Couche-Tard Inc. (Couche-Tard), the leader in the Canadian convenience store industry, in connection with its $1.68-billion acquisition of 279 Esso-branded fuel and convenience sites; 229 of which were located in Ontario and 50 were located in Québec. The acquisition also included land banks and dealer-operated sites, as well as a long-term supply agreement with Imperial Oil. Couche-Tard is the largest independent convenience store operator in terms of company-operated stores in the United States and operates a broad retail network across Scandinavia (Norway, Sweden and Denmark), Poland, the Baltics (Estonia, Latvia and Lithuania) and Russia.
This transformative acquisition enabled Couche-Tard to expand its network and reach even more Canadian customers than before. The acquisition was funded from Couche-Tard’s available cash and existing credit facilities. The transaction closed within six months, on September 7, 2016.
The Davies team on this transaction was led by Richard Cherney and Sébastien Thériault, and included Véronique Gaumond-Carignan and Félix Bernard (M&A); Gabriella Lombardi (Real Estate); Adam Fanaki and Elisa Kearney (Competition); Marie-Emmanuelle Vaillancourt (Tax); Alexandria J. Pike and Diana Lyrintzis (Environmental); and Louise Patry and Jessica Bullock (Labour & Employment).
Jan. 30, 2020 - Review of U.S. Tax Developments in 2019 In 2019, the U.S. tax world continued to be primarily concerned with developing guidance under the monumental Tax Cuts and Jobs Act (TCJA), which was enacted at the end of 2017. Major regulatory projects were proposed beginning in 2018,...