Clients turn to Jim for his strategic and insightful approach to their critical matters – whether capital markets financings, public mergers or private acquisitions. His business-minded approach adds value on complex transactions. “Jim understands our needs well and is effective in getting things done.” (Client – Chambers Canada 2017)
Jim advises clients on a broad range of transactions, including public offerings of equity and debt, and the sale and acquisition of public and private companies. He has particular expertise in the real estate and energy sectors.
Large, sophisticated clients value Jim’s ongoing advice. Fortis Inc. has relied on his experience and judgment for all its mergers and acquisitions, and capital markets transactions. Highly regarded for his technically sound and creative solutions, Jim achieves great success for clients in transformative financings – both Canadian and cross-border.
Jim is an adjunct professor at Osgoode Hall Law School, where he teaches the Advanced Business Law Workshop on mergers and acquisitions and corporate finance.
Merrill Lynch Canada Inc., HSBC Securities (Canada) Inc. and TD Securities Inc.
Acted for a syndicate of underwriters, comprising Merrill Lynch Canada Inc., HSBC Securities (Canada) Inc. and TD Securities Inc., in connection with the offering by United Parcel Services, Inc., of $750 million of 2.125% notes due 2024.
Acted for Fortis Inc. in connection with its $500-million direct registered offering of common shares to a U.S. institutional investor. The shares were sold pursuant to a cross-border shelf prospectus filed by Fortis under the multi-jurisdictional disclosure system.
Acted for Fortis Inc. in connection with its $500-million public offering, by way of prospectus supplement, of 2.85% senior unsecured notes due 2023. Fortis established its first cross-border shelf prospectus on November 30, 2016, using the multijurisdictional disclosure system.
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.
Acted for Fortis Inc. in connection with its US$2 billion notes offering under Rule 144A with registration rights in the United States. The net proceeds were used to finance a portion of the cash consideration for the previously announced acquisition of ITC Holdings Corp.
DAK Americas LLC
Acted for DAK Americas LLC, a producer of PET (polyethylene terephthalate) resins, in connection with its acquisition of a controlling interest in Selenis Canada from IMG Group. Selenis Canada operates a PET plant in Montréal.
Acted for Fortis Inc. in connection with the US$1.2-billion sale of a 19.9% interest in ITC Holdings Corp. to GIC, a sovereign wealth fund of the Government of Singapore.
Desjardins Securities Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.
Acted for a syndicate of underwriters led by Desjardins Securities Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. in connection with a US$69 million bought deal public offering of trust units issued by WPT Industrial REIT.
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 $181.5-million secondary bought deal public offering of trust units of Milestone Apartments Real Estate Investment Trust.
Acted for Fortis Inc. in connection with its US$11.3-billion acquisition of Novi, Michigan-based ITC Holdings Corp., the largest independent electric transmission company in the United States.
Canadian Capital Markets Report 2017: Looking Back, Looking Ahead
Mar. 31, 2017 - Canadian capital markets in 2016 were turbulent and unpredictable, to say the least. Factors that contributed to shaky investor confidence included the unprecedented British vote to exit the European Union, the hard fought and (to some) surprising result of the U.S. presidential election, a...
Public Company Disclosure in the Age of Social Media: A Canadian Perspective
Mar. 14, 2017 - Could your company’s next tweet or post violate Canadian securities rules? The answer may be yes, according to a Canadian Securities Administrators (CSA) report on a review of social media practices conducted by the regulatory authorities in Alberta, Ontario and Québec. Businesses are increasingly...
Canadian Electricity Association, “Cross-Border M&A in the Electric Utility Sector”; Toronto, ON
Oct. 27, 2016
Fortis Completes Acquisition of ITC for US$11.3 Billion
Oct. 14, 2016 - 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...
BMO Capital Markets, “Due Diligence for Capital Markets Transactions”; Calgary, AB
May 18, 2016
In the News
Bought Deals in Canada Still Healthy Despite Choppy Market – Lexpert
Apr. 14, 2016 - In a Lexpert article examining why “bought deal” structures remain popular in Canada despite uncertain market conditions, Davies partner Jim Reid discusses why these deals are attractive to issuers, and managing partner Shawn McReynolds explains why the development of bought deals in Canada was...
2016 Canadian Capital Markets Report: Looking Back, Looking Ahead
Mar. 09, 2016 - The past year was a roller coaster of a year for Canadian capital markets, beginning much how it ended – with a devalued Canadian dollar, lower interest rates in Canada and a shift in regional growth from the west to central Canada. Against the background of these market realities, the focus of ...
Fortis Enters into Agreement to Acquire ITC for US$11.3 Billion
Feb. 09, 2016 - Davies is acting 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...
Federated Press, Preparing the MD&A course, “Objective and Evolution of MD&A Requirements: Underlying Principles and Goals”; Toronto, ON
Sept. 17, 2015
OSC Provides New Guidance on Disclosure Regarding REIT Distributions
Jan. 27, 2015 - The Ontario Securities Commission has conducted a review of the disclosure of selected Real Estate Investment Trusts (REITs), and on January 26, 2015 published OSC Staff Notice 51-724 – Report on Staff’s Review of REIT Distributions Disclosure. The Notice identifies four areas in which the OSC...
Chambers Canada: Canada’s Leading Lawyers for Business—REITs
IFLR1000: The Guide to the World’s Leading Financial Law Firms—Capital Markets: Debt and Equity (Rising Star)
Report on Business/Lexpert Special Edition Canada’s Leading Energy Lawyers
The Canadian Legal Lexpert Directory—Corporate Finance and Securities; Corporate Commercial Law
Lexpert Rising Stars: Leading Lawyers Under 40