Tag archives: cross-border

Location, location, location: Where’s your chief executive office?

By Russell Dufault (Toronto) on November 15, 2019 Posted in Finance, Financial institutions

In the context of cross-border secured financing transactions involving Canada and the United States, the rules relating to perfection and priority of personal property pledged in favour of a lender or agent are similar. In the U.S., Article 9 of the Uniform Commercial Code governs while each Canadian jurisdiction has its own personal property security … Continue reading

Global payments industry: frantic M&A activity not slowing down

By Peter Valente (Toronto) and nrfdigitalteam on June 11, 2019 Posted in Finance, M&A

A payments industry that was stagnant and stale for decades has recently entered a transformational and disruptive period of innovation, with seemingly boundless growth ahead. Payments players have engaged in record-setting levels of global mergers and acquisitions (M&A) activity over the course of the past few years, but 2019 is poised to be yet another … Continue reading

Treaty won, battle lost? Reviewing developments in international tax law

By Elisabeth Trotter (Calgary) on November 6, 2018 Posted in Tax

No one would ever suggest international tax law is simple, but with Canada’s impending ratification of the OECD’s Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the “MLI“), a new layer of complexity has been added when determining whether a taxpayer is eligible to receive a particular treaty … Continue reading

Note to investors: tariffs and opportunities abound in metals and manufacturing

By Troy Ungerman (Toronto) on August 28, 2018 Posted in Infrastructure, mining and commodities

Global trade tensions continue to be a source of uncertainty. The role of the United States as one of the most influential economies across the globe has presented limitations on the ability of many business sectors to easily absorb the trickle down effects of recent trade tariffs implemented by the Trump Administration. While this seems … Continue reading

Harmonizing cash collateral perfection rules between Canada and the U.S.

By Russell Dufault (Toronto) on August 21, 2018 Posted in Corporate finance, Finance

In secured financing transactions, cash is a popular and useful form of collateral. It is fully liquid, readily available and transferrable, and its value is always known. A debtor holding cash in a deposit account may wish or be required to use it as collateral for obligations such as loans, repurchases and derivative transactions. In … Continue reading

The deemed dividend dilemma: structuring your cross-border credit support

By Russell Dufault (Toronto) on May 10, 2018 Posted in Corporate finance

We frequently act as Canadian counsel to lenders and borrowers in cross-border transactions where credit support is provided to a US parent company by one or more of its Canadian subsidiaries. In structuring the deal, a considerable amount of time can be spent determining the extent to which the collateral of the Canadian subsidiaries should … Continue reading

Are megadeals coming back?

By nrfdigitalteam on April 12, 2018 Posted in Antitrust, competition and regulatory, M&A

The year of 2017 witnessed a worldwide slowdown in the number of megadeals[1]. According to a recent Mergermarket Report (the Report), the global total for the number of deals worth US$4 billion or more decreased from a peak of 158 in 2015 and 133 in 2016 to 129 in 2017. In Canada, the number of … Continue reading

Global M&A continues decline through May 2016

By Troy Ungerman (Toronto) on July 19, 2016 Posted in M&A

According to MergerMarket’s Monthly M&A Insider Report, global M&A activity continued to wane throughout May 2016, maintaining the trend reported on earlier this year. May 2016 resulted in a total of 1,054 deals worth an aggregate of US$224.5 billion, down from the 1,410 deals valued at US$372.5 billion in May 2015. Energy, Mining & Utilities, … Continue reading

The rise of cross-border M&A

By Troy Ungerman (Toronto) on August 14, 2014 Posted in Corporate finance

The numbers are in for the first half of 2014 and they show an M&A market dominated by cross-border deals. With the advent of globalization and a renewed confidence from businesses across the world, international M&A activity is on the rise in terms of both value and market share. In the H1 2014 Trend Report … Continue reading

Expense escrow funds are a good idea

By Troy Ungerman (Toronto) on April 10, 2012 Posted in Corporate finance

Although expense escrow funds have become increasingly popular south of the border, they still remain relatively uncommon in Canada. An expense escrow account is a separate fund created to pay the legal fees or other expenses of the former shareholders that may arise in defending against claims post-closing. Expense escrows benefit sellers, shareholders and buyers … Continue reading