Gregg M. Benson

Partner

Gregg M. Benson

Gregg M. Benson

Partner

Expertise
Bar Admissions
  • New York, 2001

Gregg’s business mindset and strong technical skills inform the creative tax solutions he develops for clients.

Gregg advises clients on a wide range of tax issues relating to mergers and acquisitions, cross-border transactions, partnerships and limited liability companies, and structured finance and securitization. He represents non-U.S. investors in private equity funds, as well as investors and developers in renewable energy projects. Gregg counsels domestic and international high-net-worth individuals, family offices and closely held businesses on a variety of U.S. and cross-border estate planning and wealth preservation matters, with a particular focus on estate and gift tax minimization strategies. He is regularly called upon to coordinate due diligence teams preparing U.S. tax disclosure for securitization transactions, including offerings of REMIC interests to U.S. and foreign investors.

Before joining Davies, Gregg practised law at leading New York firms, developing significant expertise in negotiating and documenting tax provisions in complex corporate transactions. His clients included American Securities, Onex Corporation and Citigroup, as well as Visa Inc., which he advised during its IPO and pre-IPO restructuring.

Gregg performs pro bono work for various non-profit organizations, including community organizations focusing on arts education and poverty reduction.

Gregg M. Benson

Partner

Gregg’s business mindset and strong technical skills inform the creative tax solutions he develops for clients.

Gregg advises clients on a wide range of tax issues relating to mergers and acquisitions, cross-border transactions, partnerships and limited liability companies, and structured finance and securitization. He represents non-U.S. investors in private equity funds, as well as investors and developers in renewable energy projects. Gregg counsels domestic and international high-net-worth individuals, family offices and closely held businesses on a variety of U.S. and cross-border estate planning and wealth preservation matters, with a particular focus on estate and gift tax minimization strategies. He is regularly called upon to coordinate due diligence teams preparing U.S. tax disclosure for securitization transactions, including offerings of REMIC interests to U.S. and foreign investors.

Before joining Davies, Gregg practised law at leading New York firms, developing significant expertise in negotiating and documenting tax provisions in complex corporate transactions. His clients included American Securities, Onex Corporation and Citigroup, as well as Visa Inc., which he advised during its IPO and pre-IPO restructuring.

Gregg performs pro bono work for various non-profit organizations, including community organizations focusing on arts education and poverty reduction.

Waterton Global Resource Management, Inc.

Acting for Waterton Global Resource Management, Inc. in its sale of the Getchell gold project in Nevada to Premier Gold Mines Limited for consideration of up to US$85 million.

InstarAGF Asset Management Inc.

Acted for InstarAGF Asset Management Inc. in the formation of US$1.2-billion InstarAGF Essential Infrastructure Fund II, an infrastructure fund focused on investments in North America, with limited partners from Canada, U.S., Europe and Asia.

Fortis Inc.

Acted for Fortis Inc. with concurrent offerings of common shares for aggregate proceeds of approximately $1.2 billion. The offerings included a $690-million bought deal in Canada and the U.S. using the multijurisdictional disclosure system, including the exercise by the underwriters of their over-allotment option, and a concurrent $500-million registered direct offering to an institutional investor. Each of the offerings was made pursuant to a prospectus supplement under Fortis' existing base shelf prospectus.

BMO Capital Markets

Acted as Canadian and U.S. counsel to BMO Capital Markets in an at-the-market equity offering by cannabis company Organigram Holdings Inc. in Canada and the United States under the multijurisdictional disclosure system.

Bank of Montreal

Acted for Bank of Montreal and a syndicate of lenders in the establishment of a $275-million revolving credit facility for Jamieson Laboratories Ltd. and its U.S. subsidiary.

Russel Metals Inc.

Acted for Russel Metals Inc. in its $160-million acquisition of City Pipe & Supply Corp., a Texas-based supplier of pipe, valves, and fittings to oil and gas companies in the United States.

Amcor Flexibles LLC

Acted for Amcor Flexibles LLC in the US$215-million sale of its three healthcare manufacturing facilities to Tekni-Plex, a globally-integrated company focused on developing and manufacturing products for a wide variety of end markets, including medical, pharmaceutical, food, beverage, personal care, household and industrial.

AirBoss of America Corp.

Acted for AirBoss of America Corp. to form a new defense business, AirBoss Defense Group, through the merger of its AirBoss Defense business and other operations in Acton Vale, Québec, with privately owned, U.S.-based Critical Solutions International, Inc., in a transaction valued at approximately US$132.7 million.

Minority Stockholder

Acted for a minority stockholder of a private company in a buyout of the majority stockholder of that company by way of a cross-border acquisition of all the assets of that company through both equity and debt financing from a private equity firm and an institutional lender.

International Imaging Materials, Inc.

Acted for International Imaging Materials, Inc., a leading developer and manufacturer of value-added consumable solutions for industrial and medical applications and a portfolio company of Altus Capital Partners, in its sale to ACON Investments, LLC.

Canadian Technical Tape Ltd.

Acted for Canadian Technical Tape Ltd. in connection with its acquisition by Intertape Polymer Group Inc., a TSX-listed company.

500 Startups

Acted for 500 Startups in the formation of its first Canadian venture capital seed fund.

BMO Capital Markets and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. in connection with a $193-million bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust. The REIT intends to use the proceeds from the offering to fund a portion of the purchase price for its US$242-million acquisition of a portfolio of six multi-family properties.

Bulletin

IRS Issues New Proposed Regulations Under the Section 1061 Carried Interest Rules

Sept. 29, 2020 - The U.S. Internal Revenue Service (IRS) published proposed regulations (the Proposed Regulations) on August 14, 2020, providing much-needed guidance on the implementation of the carried interest rules under Section 1061. 1 These rules will be of great interest to investment fund managers as well...

Bulletin

IRS Releases Final Regulations on Deductibility of Business Interest Expense

Aug. 05, 2020 - The IRS recently released long-awaited final regulations (Final Regulations) on the limitation on the deductibility of interest expenses under section 163(j), along with new proposed regulations (New Proposed Regulations) that address a variety of highly technical issues that are not covered by the...

Bulletin

IRS Finalizes High-Tax Exception to GILTI

July 22, 2020 - The U.S. Treasury Department and the IRS have released final regulations (2020 Final Regulations) allowing certain domestic shareholders of a “controlled foreign corporation” (CFC) to elect under a high-tax exception to opt out of the tax imposed on the CFC’s “global intangible low-taxed income”...

Bulletin

IRS Issues Final and Proposed Regulations on Hybrid Entities and Transactions

Apr. 15, 2020 - U.S. tax practitioners were the first to use hybrid instruments and entities in international tax planning. It is therefore neither surprising nor inappropriate that the United States was the first country (in 1997) to enact an anti-hybrid rule (in section 894(c) of the U.S. Internal Revenue...

Bulletin

U.S. Congress Provides COVID-19 Relief by Passing CARES Act

Mar. 30, 2020 - The emergence of COVID-19 has sent a shock wave through the world economy, resulting in significant disruption to the financial markets, the shuttering of entire industries and the lockdown of major cities across the globe. As a result, many national governments are applying every policy tool at...

Bulletin

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, including...

Bar Admissions

New York, 2001

Education

New York University, LLM, 2005
Fordham University, JD, 2000
Cornell University, BS (Applied Economics & Business Management), 1997

Gregg’s business mindset and strong technical skills inform the creative tax solutions he develops for clients.

Gregg advises clients on a wide range of tax issues relating to mergers and acquisitions, cross-border transactions, partnerships and limited liability companies, and structured finance and securitization. He represents non-U.S. investors in private equity funds, as well as investors and developers in renewable energy projects. Gregg counsels domestic and international high-net-worth individuals, family offices and closely held businesses on a variety of U.S. and cross-border estate planning and wealth preservation matters, with a particular focus on estate and gift tax minimization strategies. He is regularly called upon to coordinate due diligence teams preparing U.S. tax disclosure for securitization transactions, including offerings of REMIC interests to U.S. and foreign investors.

Before joining Davies, Gregg practised law at leading New York firms, developing significant expertise in negotiating and documenting tax provisions in complex corporate transactions. His clients included American Securities, Onex Corporation and Citigroup, as well as Visa Inc., which he advised during its IPO and pre-IPO restructuring.

Gregg performs pro bono work for various non-profit organizations, including community organizations focusing on arts education and poverty reduction.

Waterton Global Resource Management, Inc.

Acting for Waterton Global Resource Management, Inc. in its sale of the Getchell gold project in Nevada to Premier Gold Mines Limited for consideration of up to US$85 million.

InstarAGF Asset Management Inc.

Acted for InstarAGF Asset Management Inc. in the formation of US$1.2-billion InstarAGF Essential Infrastructure Fund II, an infrastructure fund focused on investments in North America, with limited partners from Canada, U.S., Europe and Asia.

Fortis Inc.

Acted for Fortis Inc. with concurrent offerings of common shares for aggregate proceeds of approximately $1.2 billion. The offerings included a $690-million bought deal in Canada and the U.S. using the multijurisdictional disclosure system, including the exercise by the underwriters of their over-allotment option, and a concurrent $500-million registered direct offering to an institutional investor. Each of the offerings was made pursuant to a prospectus supplement under Fortis' existing base shelf prospectus.

BMO Capital Markets

Acted as Canadian and U.S. counsel to BMO Capital Markets in an at-the-market equity offering by cannabis company Organigram Holdings Inc. in Canada and the United States under the multijurisdictional disclosure system.

Bank of Montreal

Acted for Bank of Montreal and a syndicate of lenders in the establishment of a $275-million revolving credit facility for Jamieson Laboratories Ltd. and its U.S. subsidiary.

Russel Metals Inc.

Acted for Russel Metals Inc. in its $160-million acquisition of City Pipe & Supply Corp., a Texas-based supplier of pipe, valves, and fittings to oil and gas companies in the United States.

Amcor Flexibles LLC

Acted for Amcor Flexibles LLC in the US$215-million sale of its three healthcare manufacturing facilities to Tekni-Plex, a globally-integrated company focused on developing and manufacturing products for a wide variety of end markets, including medical, pharmaceutical, food, beverage, personal care, household and industrial.

AirBoss of America Corp.

Acted for AirBoss of America Corp. to form a new defense business, AirBoss Defense Group, through the merger of its AirBoss Defense business and other operations in Acton Vale, Québec, with privately owned, U.S.-based Critical Solutions International, Inc., in a transaction valued at approximately US$132.7 million.

Minority Stockholder

Acted for a minority stockholder of a private company in a buyout of the majority stockholder of that company by way of a cross-border acquisition of all the assets of that company through both equity and debt financing from a private equity firm and an institutional lender.

International Imaging Materials, Inc.

Acted for International Imaging Materials, Inc., a leading developer and manufacturer of value-added consumable solutions for industrial and medical applications and a portfolio company of Altus Capital Partners, in its sale to ACON Investments, LLC.

Canadian Technical Tape Ltd.

Acted for Canadian Technical Tape Ltd. in connection with its acquisition by Intertape Polymer Group Inc., a TSX-listed company.

500 Startups

Acted for 500 Startups in the formation of its first Canadian venture capital seed fund.

BMO Capital Markets and CIBC World Markets Inc.

Acted for a syndicate of underwriters co-led by BMO Capital Markets and CIBC World Markets Inc. in connection with a $193-million bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust. The REIT intends to use the proceeds from the offering to fund a portion of the purchase price for its US$242-million acquisition of a portfolio of six multi-family properties.

Bulletin

IRS Issues New Proposed Regulations Under the Section 1061 Carried Interest Rules

Sept. 29, 2020 - The U.S. Internal Revenue Service (IRS) published proposed regulations (the Proposed Regulations) on August 14, 2020, providing much-needed guidance on the implementation of the carried interest rules under Section 1061. 1 These rules will be of great interest to investment fund managers as well...

Bulletin

IRS Releases Final Regulations on Deductibility of Business Interest Expense

Aug. 05, 2020 - The IRS recently released long-awaited final regulations (Final Regulations) on the limitation on the deductibility of interest expenses under section 163(j), along with new proposed regulations (New Proposed Regulations) that address a variety of highly technical issues that are not covered by the...

Bulletin

IRS Finalizes High-Tax Exception to GILTI

July 22, 2020 - The U.S. Treasury Department and the IRS have released final regulations (2020 Final Regulations) allowing certain domestic shareholders of a “controlled foreign corporation” (CFC) to elect under a high-tax exception to opt out of the tax imposed on the CFC’s “global intangible low-taxed income”...

Bulletin

IRS Issues Final and Proposed Regulations on Hybrid Entities and Transactions

Apr. 15, 2020 - U.S. tax practitioners were the first to use hybrid instruments and entities in international tax planning. It is therefore neither surprising nor inappropriate that the United States was the first country (in 1997) to enact an anti-hybrid rule (in section 894(c) of the U.S. Internal Revenue...

Bulletin

U.S. Congress Provides COVID-19 Relief by Passing CARES Act

Mar. 30, 2020 - The emergence of COVID-19 has sent a shock wave through the world economy, resulting in significant disruption to the financial markets, the shuttering of entire industries and the lockdown of major cities across the globe. As a result, many national governments are applying every policy tool at...

Bulletin

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, including...

Bar Admissions

New York, 2001

Education

New York University, LLM, 2005
Fordham University, JD, 2000
Cornell University, BS (Applied Economics & Business Management), 1997