199 Bay St, Suite 4000, Commerce Court West, Toronto, ON
Year called to bar: 1987 (ON)
Chris is a partner who practises in the area of tax law at Blake, Cassels & Graydon LLP. Chris provides tax advice on a variety of domestic and cross-border transactions, including financings, corporate reorganizations, acquisitions and divestitures, particularly those involving foreign affiliates and outbound structures. He has also acted for numerous domestic and foreign financial institutions with respect to a wide range of issues, including the taxation of global trading, derivatives, securities lending and other capital market transactions. Chris has written numerous articles and spoken at various seminars and conferences concerning domestic and international tax issues. He is a member of the Canadian Tax Foundation and the International Fiscal Association.
On March 12, 2018, HLS Therapeutics Inc. (HLS:TSXV) announced the completion of a reverse take-over of TSXV-listed Automodular Corp. to conclude HLS’s going-public transaction. The transaction was implemented by way of a Court-approved plan of arrangement under the OBCA.
On October 3, 2016, Laurentian Bank of Canada (Laurentian Bank) announced the completion of its acquisition of the Canadian equipment financing and corporate financing activities of CIT Group Inc. (CIT), a portfolio valued at approximately $1 billion (the Acquisition).
On November 5, 2015, Hydro One Limited, the largest electricity transmission and distribution company in Ontario, announced the closing of its initial public offering by way of secondary sale pursuant to which the Province of Ontario offered 81,100,000 common shares at $20.50 per share for total gross proceeds to the Province of approximately $1.66 billion. This was the biggest Canadian IPO in the last 15 years.
On September 30, 2015, Element Financial Corporation (TSX: EFN) completed its US$8.6 billion acquisition of GE Capital’s fleet management operations in the United States, Australia, New Zealand and Mexico. Element had previously acquired the Canadian operations of GE Capital’s North American fleet management business in June of 2013. With the completion of the acquisition, Element’s total assets increased to approximately C$22 billion.
Intact Financial Corporation, through a wholly owned subsidiary, completed its acquisition of all of the issued and outstanding shares of Canadian Direct Insurance Inc. from Canadian Western Bank. The acquisition was financed by IFC exclusively with excess capital. The acquisition enhances IFC’s position in Canada by extending its direct-to-consumer operations from coast to coast.
Air Canada closed its private offering of three tranches of Enhanced Equipment Trust Certificates (EETCs), in the aggregate face amount of US$1,031,390,000. This is the second EETC offering in the last two years used by Air Canada to finance the acquisition of new aircraft to be added to its fleet. In April 2013, Air Canada closed the first Canadian offering using EETCs under the Cape Town Convention, which was ratified in December 2012, and became effective April 1, 2013, in Canada.
Element Financial Corporation acquired the assets and operations of PHH Arval, PHH Corporation's North American fleet management services business, for a purchase price of US$1.4 billion in cash. Element also assumed PHH's obligations under the PHH fleet securitization programs in the US and Canada.
Element Financial Corporation (TSX: EFN) completed its largest acquisition to date with the $570-million purchase of the assets comprising GE Canada's fleet leasing business. GE Canada's fleet vehicle portfolio consists of 650 regionally diversified customers and integrated fleet management services for vehicle and light and medium truck financings. As part of the acquisition, Element also entered into a strategic alliance agreement with GE Capital Fleet Services in the US pursuant to which the companies will collaborate primarily on the pursuit of Canadian/US cross-border fleet management opportunities.