On January 5, 2010, Kraft Foods Inc. announced that it has agreed to sell the assets of its North American pizza business to Nestlé USA in a transaction valued at approximately $3.7 billion. The sale, which is subject to customary conditions including regulatory clearances, includes the DiGiorno, Tombstone and Jack’s brands in the United States, the Delissio brand in Canada and the California Pizza Kitchen trademark license. It also includes two Wisconsin manufacturing facilities (Medford and Little Chute) and the right to take on the leases for the pizza depots and delivery trucks. The transaction is expected to close in 2010.
The Cravath team includes partners Alyssa K. Caples and Philip A. Gelston and associate Ting S. Chen on corporate matters; partner Stephen L. Gordon and associates Joanne J. Lee and G-Young Park on tax matters; partner Jennifer S. Conway and associates Lynne A. Lacoursiere, Nicole F. Foster and Audry X. Casusol on executive compensation and benefits matters; partner Katherine B. Forrest, practice area attorney Thomas C. Viles and associate Mark L. Silverstein on antitrust matters; practice area attorney Peter A. Emmi on intellectual property matters; associate Matthew Morreale on environmental matters; and senior attorney John Gerhard on real estate matters. Jinhee J. Chung and Lola O. Ogunmefun also worked on corporate matters.