Herbert Smith is advising the UK's largest transport group, Stagecoach, on its purchase of Houston-based Coach USA. The purchase is valued at $1.8 billion, which includes the assumption of $571million of debt. This is Stagecoach's first US acquisition and gives the company a foothold in the North American transport sector. The deal is being financed through a $2.25 billion loan from Credit Suisse First Boston, JP Morgan and the Royal Bank of Scotland. Stagecoach will also later issue up to $1 billion in bonds and equity-related securities for refinancing.
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Despite the relief, Brazil’s government has also presented a bill which seeks to re-impose a tax burden on companies’ payroll, one local tax specialist told ITR
While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort