CIT / Newcourt

The U.S. $2. 9 bn. acquisition of Newcourt Credit of Toronto by U.S.-based CIT Group is now scheduled to close mid-Autumn, 1999. Newcourt is represented by Blake, Cassels & Graydon with the Blakes team comprised of Gordon Currie (securities), David Toswell (securities), Paul Tamaki (tax), and J. Paul Belanger (regulatory). With client consent, Goodman Phillips & Vineberg is representing both CIT Group and the Canadian Imperial Bank of Commerce, the largest shareholder in Newcourt. GPV Montreal represents CIT with that team led by Sidney Horn and Nathan Boidman. GPV Toronto represents CIBC with that team led by Stephen Halperin and Meredith Roth. U.S. counsel for Newcourt is Skadden, Arps, Slate, Meagher & Flom (New York). U.S. counsel for CIT Group is Schultz Roth & Zabel (New York).