Fortis Completes Acquisition of ITC for US$11.3 Billion

Davies advised Fortis Inc. in its US$11.3-billion acquisition of ITC Holdings Corp., the largest independent electric transmission company in the United States. This transformative transaction, structured as a cash and share exchange merger, made Fortis a top-15 North American utility.

In connection with offering shares as consideration, Fortis obtained the approval of its own shareholders, became a U.S. public company and listed on the New York Stock Exchange. To finance the cash portion of the purchase price, Fortis secured acquisition bank financing, executed a US$2-billion debt capital markets transaction and brought in a minority equity partner for US$1.2 billion.

Fortis today has assets of approximately $48 billion and 2016 revenue of $6.8 billion. It serves over 3 million utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.

The Davies team on this transaction included James Reid, Robin Upshall, Matthew Rosen and Emily Uza (M&A/Securities); Carol Pennycook (Finance); and Raj Juneja and Kimberly Brown (Tax).


Canadian and U.S. Tax Laws: A Review of 2019 and a Look Ahead to 2020

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...

U.S. Tax Laws: A Review of 2019 and a Look Ahead to 2020

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,...