Kathleen V. Penny
Kathleen V. Penny
(416) 863-3898
(416) 863-2653
199 Bay St, Suite 4000, Commerce Court West, Toronto, ON
Year called to bar: 1989 (ON)
Kathleen practises income tax law with a focus on domestic and international corporate taxation, including mergers & acquisitions, corporate reorganizations, financings and restructurings, infrastructure projects, private equity, real estate funds, and pension fund investments. A significant portion of her practice consists of cross-border transactions such as securitization, leasing and debt financing, and inbound and outbound investments. She regularly advises pension funds on their private equity, infrastructure, energy, hedge fund, real estate, and other investments, both in Canada and abroad. Her international client base involves her in transfer pricing matters, including establishment of tax-efficient structures and compliance with transfer pricing documentation requirements. Kathleen also assists clients with the resolution of Canadian domestic tax audits and disputes. She is a member of the Canadian Bar Association, the Canadian Tax Foundation, and the tax section of the American Bar Association. She is recognized as a leading lawyer in all major legal directories and ranking publications.
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On September 28, 2018, Windsor-Detroit Bridge Authority, a Crown corporation of the Government of Canada, reached financial close with Bridging North America General Partnership (a partnership indirectly held by ACS Infrastructure Canada Inc., Fluor Canada Ltd. and Aecon Concessions, a division of Aecon Construction Group Inc.) for the design, construction, financing, operations, maintenance and rehabilitation of the Gordie Howe International Bridge Project, a new publicly-owned international bridge crossing between Windsor, Ont., and Detroit, Michigan.
On May 1, 2018, Scotiabank announced the completion of its $950 million acquisition of Jarislowsky, Fraser Ltd. to create the third-largest Canadian active asset manager with $166 billion in assets under management (as of December 31, 2017).
On July 19, 2017, Hydro One Limited (Hydro One) announced that it had entered into an agreement and plan of merger pursuant to which it has agreed to indirectly acquire Avista Corporation (Avista), a pure-play regulated electric and gas utilities holding company, for an aggregate purchase price of approximately US$5.3 billion including the assumption of approximately US$1.9 billion of debt. On July 19, 2017, Hydro One subsequently announced that its direct wholly owned subsidiary, 2587264 Ontario Inc., had agreed to sell to a syndicate of underwriters $1.4-billion aggregate principal amount of 4.00-per-cent convertible unsecured subordinated debentures of Hydro One (the Debentures) represented by instalment receipts on a “bought deal” basis.
On November 21, 2016, Axium Infrastructure (“Axium”) acquired a 100 per cent equity interest in an 84 MWAC (110 MWDC) solar portfolio from Renewable Energy Trust Capital (“RET”).
On May 27, 2016, EDF EN Canada Inc. (EDF EN), a market leader in renewable energy and subsidiary of EDF Energies Nouvelles Group, completed the sale of a 50-per-cent interest in the 74-megawatt (MW) Mont-Rothery Wind Project located in the province of Québec (the Project) to MD1 Wind, LP (MD1), a limited partnership formed by a consortium (the Consortium) regrouping Régime de rentes du Mouvement Desjardins, Desjardins Financial Security Life Assurance Company, Certas Home and Auto Insurance Company and The Manufacturers Life Insurance Company.
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 December 7, 2015, EDF EN Canada Inc. (EDF EN), a market leader in renewable energy and subsidiary of EDF Energies Nouvelles Group, completed the sale of a 42.5 per cent interest in the 350 megawatt (MW) Rivière-du-Moulin Wind Project located in the Province of Québec (the Project) to DIM Wind, Limited Partnership (DIM), a limited partnership formed by a consortium (the Consortium) regrouping Régime de rentes du Mouvement Desjardins, Desjardins Financial Security Life Assurance Company, Certas Home and Auto Insurance Company, Industrial Alliance Insurance and Financial Services Inc. and The Manufacturers Life Insurance Company.
On March 30, 2015, a subsidiary of Renewable Energy Trust Capital, Inc. acquired CityLights solar power project, a 10-megawatt AC solar power plant, from CSI Solar Project 16 Inc., a subsidiary of Canadian Solar Inc. Two other 10-megawatt AC solar power plants, DiscoveryLight and FotoLight, were acquired by the same subsidiary on December 31, 2014.
The Manufacturers Life Insurance Company, a wholly-owned subsidiary of Manulife Financial Corporation, acquired the holding company of The Standard Life Assurance Company of Canada and Standard Life Investments Inc. from Standard Life plc in consideration for a payment of CAD$4 billion in cash.