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...
Fortis Enters into Agreement to Acquire ITC for US$11.3 Billion
Davies acted for Fortis Inc. in connection with its US$11.3-billion acquisition of ITC Holdings Corp., the largest independent electric transmission company in the United States. Fortis is a leader in the North American electric and gas utility business, serving more than three million customers across Canada, the United States and the Caribbean.
Following the acquisition, Fortis became one of the top 15 North American public utilities ranked by enterprise value, with an estimated enterprise value of C$42 billion. Fortis applied to list its common shares on the NYSE and become a registrant with the United States Securities and Exchange Commission in connection with the transaction. It continues to have its shares listed on the TSX.
The Davies team on this transaction included James Reid, Robin Upshall, Michael Jemczyk and Matthew Rosen (M&A/Corporate Securities); Carol Pennycook (Banking); and Raj Juneja and Kimberly Brown (Tax).
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,...