GE Money Acquires HBC's Financial Services Business

On April 3, 2006, GE Money, the Canadian consumer lending unit of General Electric Company, completed the acquisition of Hudson's Bay Company's financial services business for approximately $1.3 billion. As part of the acquisition, GE Money and Hudson's Bay entered into a 10-year alliance whereby GE Money will provide credit marketing and analytic support, credit servicing and customer care for Hudson's Bay Company's 3.1 million retail cardholders.

GE Money's legal team was led by Stephen Ambrose, Jr., general counsel, GE Consumer Finance - Americas, Duncan de Chastelain, general counsel, GE Money Canada, Michael Buckner and Marvin Campbell; and assisted in Canada by McCarthy Tétrault LLP with a team led by Barry Ryan that included Robert Metcalfe, Jonathan Grant, Steven Rapkin, Nancy Carroll, Sean Sorensen, Theo Colombo, Olivier Kaade, Julie Belley Perron and Tara Rosenblatt (business), Gabrielle Richards and James Warnock (tax), Oliver Borgers (competition), Gregory Winfield and Lorraine Allard (pension), Robb Macpherson (labour and employment), Douglas Thomson and Joanna Rosengarten (environmental) and Danny Grandilli and David Bross (real estate); and in the US by Weil, Gotshal & Manges LLP's Joseph Gelb, Raymond Gietz and Joseph Verdesca.

Hudson's Bay Company was represented by James Ingram, vice-president, secretary and general counsel, and Catherine Chamberlain, senior legal counsel; and assisted in Canada by Blake, Cassels & Graydon LLP with a team led by Steve Ashbourne and Peter Viitre that included Rob Collins, Sheila Murray, Ian Binnie, James Papadimitriou, Ronan Levy, Andrew Spiro and Anthony Zaidi (business), Paul Tamaki, Allan Gelkopf, Sheldon Vanderkooy and Robert Kreklewich (tax), Rob Kwinter (competition), Kathryn Bush (pension), Connie Reeve (labour and employment), Jonathan Kahn (environmental), Silvana D'Alimonte (real estate) and Elizabeth McNaughton, Gary Daniel and Chris Hale (intellectual property); and in the US by Simpson Thacher & Bartlett LLP's Maripat Alpuche and Jason Cohen.