Davies acted for Fortis Inc. in connection with its US$11.3-billion acquisition of ITC Holdings Corp., the largest independent electric transmission company in the United States. Fortis is a leader in the North American electric and gas utility business, serving more than three million customers across Canada, the United States and the Caribbean.
Following the acquisition, Fortis became one of the top 15 North American public utilities ranked by enterprise value, with an estimated enterprise value of C$42 billion. Fortis applied to list its common shares on the NYSE and become a registrant with the United States Securities and Exchange Commission in connection with the transaction. It continues to have its shares listed on the TSX.
The Davies team on this transaction included James Reid, Robin Upshall, Michael Jemczyk and Matthew Rosen (M&A/Corporate Securities); Carol Pennycook (Banking); and Raj Juneja and Kimberly Brown (Tax).
Disclosure Interrupted: CSA Pauses Climate and Diversity Disclosure Rules
Apr. 28, 2025 - The Canadian Securities Administrators (CSA) is pausing its work on climate-related and diversity-related disclosure rules in order “to support Canadian markets and issuers as they adapt to the recent developments in the U.S. and globally. ” Consistent with the CSA’s recent regulatory shift...
Apr. 21, 2025 - Overview Canadian securities regulators recently implemented three blanket orders introducing exemptions intended to reduce friction for capital raising. Key among these improvements is an exemption that eliminates the requirement for a third year of annual financial statements in an...
