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Ansgar Simon has a broad-based transactional tax practice. He regularly advises on mergers and acquisitions, restructuring transactions, recapitalizations, divestitures (including spin-offs), and the structuring of joint ventures, involving both corporations and partnerships for tax purposes. He also regularly advises on the structuring and ongoing tax matters of private equity funds and other alternative investment vehicles, and the structuring for their portfolio investments.
Mr. Simon has extensive experience advising clients on international tax matters. He regularly represents clients on inbound and outbound U.S. federal income tax matters such as CFC, GILTI and PFIC planning, related tax-efficient (re-)structurings, foreign currency-related matters, and the application and use of U.S. tax treaties.
- Illumina Inc. in its pending $1.2 billion acquisition of Pacific Biosciences.
- Emergent BioSolutions in its acquisition of PaxVax from group of investors including an affiliate of Cerberus Capital Management.
- Elbit Systems in its acquisition of Universal Avionics Systems.
- ONCAP and Mavis Tire Holdings LLC in the combination of Mavis Tire Holdings LLC and Express Oil Change & Tire Engineers.
- Aristocrat Leisure Limited in its acquisition of Big Fish Games, Inc. from Churchill Downs Incorporated.
- Howard Bancorp in its tax-free acquisition of First Mariner Bank.
- The Walter and Eliza Hall Institute of Medical Research (WEHI) in its royalty monetization transaction of the cancer drug Venetoclax with the Canada Pension Plan Investment Board.
- Various other royalty monetization transactions, including for the Boston Children's Hospital.
- NFL On Location in its acquisitions of Anthony Travel, Kreate, Nomadic Entertainment Group and Runaway Tours.
- RedBird Capital Partners, LLC in various acquisitions.
- Goldman, Sachs & Co. in the disposition of its Colombian mining operations to Murray Energy Corporation.
- Javelin Global Commodities in the formation and tax structuring of its worldwide commodities trading business.
- Omnilife in its disposition of the Chivas USA Soccer Club.
- Liberty Global plc in its $23.3 billion acquisition of Virgin Media Inc. and the related expatriation of Liberty Global Inc. to the United Kingdom.
- SunGard Data Systems, Inc. in its tax-free spin-off of its Availability Services operations.
- Vivendi/Universal Music Group in its acquisition and partial disposition of the EMI Music Group.
- The Dow Chemical Company in the divestiture of its Styron unit to Bain Capital.
- American Axle in its out-of-court restructuring.
- The Dow Chemical Company in the tax structuring for its $17.4 billion joint venture with a subsidiary of the Kuwait Petroleum Company.
- Merrill Lynch in its acquisition by Bank of America.
- DaimlerChrysler AG in its disposition of 80.1% of Chrysler Holding LLC to Cerberus.
- Citigroup in its acquisition of Old Lane Funds.
Memberships and Affiliations
- Fellow, American College of Tax Counsel
- New York State Bar Association, Member of the Executive Committee of the Tax Section; Co-Chair of the Committee on Cross-Border M&A
- American Bar Association, Member of the Section of Taxation
- Member of Tax Review (New York)
Previous Experience
- Mr. Simon has practiced corporate tax law at several international law firms.
August 9, 2018
WASHINGTON—Covington advised Emergent BioSolutions in its $270 million acquisition of PaxVax. PaxVax is majority owned by an affiliate of Cerberus Capital Management. Emergent is a global life sciences company focusing on providing specialty products for civilian and military populations that address public health threats. PaxVax is a company focused on ...
June 20, 2018
NEW YORK—Covington advised Boston Children's Hospital in its monetization of a portion of its royalties relating to Vonvendi, a recombinant drug used to treat a common bleeding disorder called von Willebrand disease. The purchaser, Barings Alternative Investments, part of Barings LLC, on behalf of institutional investors, paid $51.5 million. Boston Children’s ...
May 1, 2018
WASHINGTON—Covington advised Elbit Systems Ltd. in its $120 million acquisition of the assets and operations of the privately owned U.S. company, Universal Avionics Systems. Elbit Systems is an international high technology company engaged in a wide range of defense, homeland security, and commercial programs throughout the world. Universal Avionics is a ...
April 20, 2018
LONDON—Covington advised BenevolentAI on an £80 million equity investment by new and existing investors, including Woodford Investment Management, at a pre-money valuation of £1.4 billion. The firm also recently advised BenevolentAI on its acquisition of Proximagen Limited, a Cambridge, UK-based drug discovery and development company, for an undisclosed ...
March 2, 2018
NEW YORK—Covington advised Mavis Tire Holdings LLC, and its family owners, and other owners, including investment funds managed by ONCAP, in its agreement to merge with Express Oil Change & Tire Engineers, a Golden Gate Capital portfolio company, creating one of the largest independent automotive service platforms in the United States. Mavis Discount Tire, based ...
Law360 Names Attys Who Moved Up The Firm Ranks In Q4
January 30, 2018, Law360
Law360 highlights the promotion of Covington's newest partners, including John Balzano, Lindsay Burke, Bradley Chernin, Christopher DeCresce, Guy Dingley, Matthew Dunn, Laura Flahive Wu, Pamela Forrest, Alexa Hansen, Megan Keane, Sam Pyun, Kyle Rabe, Ansgar Simon, Andrew Soukup, Emily Ullman, and Mark Young.
November 30, 2017
WASHINGTON—Covington represented Aristocrat Leisure Limited in its $990 million acquisition of Big Fish Games, Inc. This acquisition expands Aristocrat’s Social Gaming business into new game genres. Aristocrat is a global provider of gaming solutions. It offers a diverse range of products and services including electronic gaming machines and casino management ...
Covington Advises SK Holdings in Acquisition of Significant Minority Interest in Eureka Midstream
October 27, 2017
NEW YORK—Covington represented SK Holdings Co., Ltd. in its acquisition of a significant minority interest in Eureka Midstream Holdings, LLC, a midstream energy company that owns and operates approximately 340 miles of gas gathering pipelines in Ohio and West Virginia. The transaction closed in early October 2017. SK Group is a top three conglomerate in South ...
Covington Promotes 16 New Partners
October 2, 2017
WASHINGTON—Covington has promoted 16 lawyers to its partnership. “It’s a great tribute to the firm’s vibrancy that we’re continuing to build an exceptional pipeline of new partners from within our ranks,” said Timothy Hester, Covington’s chair. “We’re confident that all 16 will add importantly to the firm’s strengths and will drive further expansion of core ...
August 30, 2017
NEW YORK—Covington advised Howard Bancorp, Inc., the bank holding company for Howard Bank, in its acquisition of First Mariner Bank, a community bank headquartered in Baltimore, Maryland. The transaction value is approximately $163.4 million. The Covington team consisted of Michael Reed, Rusty Conner, Chris DeCresce, Matt Wood, and Nora ...
Covington Represents Australian Medical Research Institute in Landmark Royalty Monetization
July 27, 2017
NEW YORK—Covington advised The Walter and Eliza Hall Institute of Medical Research (WEHI), Australia's oldest medical research institute, in its landmark monetization of a portion of its royalties relating to the cancer drug Venetoclax. The purchaser, a wholly owned subsidiary of Canada Pension Plan Investment Board, paid US$250 million upfront, and agreed to ...
Hot Topics in International Taxation
January 24, 2017, New York State Bar Association Tax Section Meeting
United States
2017, 2015, 2013, and 2012, Tax Planning for International Mergers, Acquisitions, Joint Ventures and Restructurings
2016, New York State Bar Association Tax Section Reports
Report on Notice 2015-79, Transactions Structured to Avoid the Purposes of Section 7874 and 36
2016, New York State Bar Association Tax Section Reports
Report on Temporary And Proposed “Splitter” Regulations and Final Technical Taxpayer Regulations”
2012, New York State Bar Association Tax Section Reports
2010, New York State Bar Association Tax Section Reports
Comments on the Proposed Denial of Treaty Benefits for Certain Related-Party Deductible Payments
2010, New York State Bar Association Tax Section Reports
November 2009, Practical Law Company
2009, American Bar Association Section of Taxation
2008, New York State Bar Association Tax Section Reports