In November Hewlett-Packard Company completed the demerger of its Measurement Business (consisting of its Test and Measurement Organization, Medical Products Group, Semiconductor Products Group, and Chemical Analysis Group). The demerger, one of the largest of its kind, was effected by transferring the Measurement Business, on a world-wide basis, to Agilent Technologies, Inc. In mid-November, Hewlett-Packard completed a US$2.16 billion initial public offering of approximately 16% of Agilent Technologies, Inc. The demerger involved a number of issues across Canada in the tax, securities, intellectual property, employment and real estate areas, not the least being the creation of a large new operating company from scratch.
Andrew Harrison and Gordon Raman from Borden & Elliot, supported by a large team of lawyers, advised Hewlett-Packard Company, Hewlett-Packard (Canada) Ltd. (“HP Canada”) and Agilent Technologies Canada Inc. in implementing the Canadian aspects of the demerger. Borden & Elliot worked closely with HP Canada’s Vice-President Law and Corporate Relations, Georgia Sievwright, and with Ailsa Urwin of the New York office of Freshfields, which coordinated the transaction globally.