Cravath Publishes Winter 2026 Issue of Alumni Journal
Environmental
Our environmental lawyers have extensive experience advising and supporting clients on complicated environmental issues across a broad range of contexts, including mergers and acquisitions, debt and equity offerings, bank loans and other business transactions. We also advise corporate clients and their boards of directors on evolving, and often novel, challenges and opportunities associated with environmental, social and governance (ESG) issues, sustainability concerns and climate change. In addition, we represent clients in complex environmental litigation and investigations, including those relating to remediation matters, climate change and indemnification disputes.
Environmental matters facing businesses are increasingly complex and sophisticated, both legally and scientifically. They often involve difficult technical and regulatory issues that can have significant effects on both day‑to‑day operations and strategic business decisions. As public awareness and investor expectations continue to increase with respect to the management and reporting of such matters, companies must address risks that can impact their financial and reputational core.
We are frequently engaged to assist clients in identifying, assessing and allocating environmental liabilities in corporate transactions, including addressing legal challenges relating to environmental regulatory issues, remediation and other liability matters and SEC environmental disclosure requirements. This also includes the management of significant post‑closing environmental indemnification obligations and legacy liabilities, such as mass toxic tort matters, and resolving environmental‑related contractual disputes. We also regularly advise clients on sustainability reporting and ESG‑related shareholder engagement and proxy matters. Our experience in virtually every industry enables us to understand the long‑term operational and strategic needs of our clients as well as industry‑wide trends and practices, and we use that knowledge to help develop practical solutions to environmental problems and to use environmental opportunities to their best advantage.
Cravath has been ranked as a top‑tier firm for our environmental transactional expertise by Chambers USA since its inception in 2003, and the publication quotes clients as saying:
- Cravath’s environmental practice is “superb” for its “breadth and depth of resources, expertise and flexibility.”
- “There is a total focus on the client and the service is extraordinary.”
- “They are timely and proactive, acting essentially as an in‑house resource at times, but with a very good understanding of market standards and the ever‑changing regulatory landscape.”
- Cravath’s environmental lawyers are “very responsive and pragmatic.”
- “They solve problems, are always available and provide a prompt service.”
- “Outstanding service provided in complex deals.”
- “The firm is very service-oriented, does a good job with staffing, is responsive and communicates well.”
With respect to environmental‑related litigation, which often can involve high‑stakes disputes across multiple forums and involve novel and varied legal theories, Cravath’s litigators are ideally positioned to secure results that can reshape legal and business landscapes for our clients. In defending against these actions, we draw on our technical knowledge to comprehensively address the substantive claims, while our generalist litigation training equips us with the skills to simultaneously manage, coordinate and direct a successful defense, often of numerous concurrent actions.
Environmental matters facing businesses are increasingly complex and sophisticated, both legally and scientifically. They often involve difficult technical and regulatory issues that can have significant effects on both day‑to‑day operations and strategic business decisions. As public awareness and investor expectations continue to increase with respect to the management and reporting of such matters, companies must address risks that can impact their financial and reputational core.
We are frequently engaged to assist clients in identifying, assessing and allocating environmental liabilities in corporate transactions, including addressing legal challenges relating to environmental regulatory issues, remediation and other liability matters and SEC environmental disclosure requirements. This also includes the management of significant post‑closing environmental indemnification obligations and legacy liabilities, such as mass toxic tort matters, and resolving environmental‑related contractual disputes. We also regularly advise clients on sustainability reporting and ESG‑related shareholder engagement and proxy matters. Our experience in virtually every industry enables us to understand the long‑term operational and strategic needs of our clients as well as industry‑wide trends and practices, and we use that knowledge to help develop practical solutions to environmental problems and to use environmental opportunities to their best advantage.
Cravath has been ranked as a top‑tier firm for our environmental transactional expertise by Chambers USA since its inception in 2003, and the publication quotes clients as saying:
- Cravath’s environmental practice is “superb” for its “breadth and depth of resources, expertise and flexibility.”
- “There is a total focus on the client and the service is extraordinary.”
- “They are timely and proactive, acting essentially as an in‑house resource at times, but with a very good understanding of market standards and the ever‑changing regulatory landscape.”
- Cravath’s environmental lawyers are “very responsive and pragmatic.”
- “They solve problems, are always available and provide a prompt service.”
- “Outstanding service provided in complex deals.”
- “The firm is very service-oriented, does a good job with staffing, is responsive and communicates well.”
With respect to environmental‑related litigation, which often can involve high‑stakes disputes across multiple forums and involve novel and varied legal theories, Cravath’s litigators are ideally positioned to secure results that can reshape legal and business landscapes for our clients. In defending against these actions, we draw on our technical knowledge to comprehensively address the substantive claims, while our generalist litigation training equips us with the skills to simultaneously manage, coordinate and direct a successful defense, often of numerous concurrent actions.
Deals & Cases
February 02, 2026
Hain Celestial Group’s Sale of North American Snacks Business to Snackruptors Inc.
On February 2, 2026, Hain Celestial Group, a leading global health and wellness company, announced that it has reached a definitive agreement to sell its North American Snacks business, including Garden Veggie Snacks™, Terra® chips and Garden of Eatin’® snacks, to Snackruptors Inc., a Canadian, family‑owned snacks manufacturer, for $115 million in cash. Cravath is representing Hain Celestial Group in connection with the transaction.
Deals & Cases
January 27, 2026
Siegfried’s Acquisition of Noramco, Purisys and Extractas
On January 27, 2026, Siegfried, a leading global Contract Development and Manufacturing Organization for the pharmaceutical industry, announced it has signed binding agreements with an affiliate of SK Capital Partners to acquire the drug substance business of the Noramco Group and Extractas Bioscience (“Extractas”). The acquired businesses include Noramco, Purisys and Extractas, three high-quality small molecules drug substances sites. Cravath is representing Siegfried in connection with the transaction.
Deals & Cases
January 23, 2026
BitGo’s IPO
Cravath represented the underwriters in connection with the $212.8 million initial public offering of class A common stock of BitGo Holdings, Inc. (“BitGo”), a leading infrastructure provider of digital asset solutions for businesses, offering solutions including custody, wallets, staking, trading, settlement and digital asset management. The shares were listed on the New York Stock Exchange. The transaction closed on January 23, 2026.
Deals & Cases
January 23, 2026
Level 3 Financing Inc.’s High‑Yield Senior Notes Tack‑On Offering and Concurrent $2.2 Billion Cash Tender Offer
Cravath represented the initial purchasers in connection with the $650 million 144A/Reg. S high‑yield senior notes tack‑on offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities‑based technology and communications company that provides a broad array of integrated products and services. Cravath also represented the dealer managers in connection with Level 3 Financing, Inc.'s concurrent $2.2 billion cash tender offer. The transactions closed on January 9, 2026.
Deals & Cases
January 08, 2026
Genmab’s $3.5 Billion of Credit Facilities and Offering of $1.5 Billion Senior Secured Notes and $1 Billion Senior Unsecured Notes in Connection with its Acquisition of Merus
Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with $3.5 billion of credit facilities made available to Genmab, a leading international biotechnology company, and one of its wholly‑owned subsidiaries, Genmab Finance LLC, as part of the financing transactions undertaken in connection with its acquisition of Merus N.V., a leading oncology company developing innovative antibody therapeutics. The credit facilities consisted of a $2 billion term loan “B” facility, a $1 billion term loan “A” facility and a $500 million revolving credit facility. The transaction closed on December 12, 2025.
Firm News
November 20, 2025
Cravath Announces New Partners and Of Counsels
Cravath has elected the following new partners, who will become members of the Firm on January 1, 2026:
Activities
June 12, 2025
Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys
The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.
Activities
June 12, 2025
Michael Arnold Speaks at PLI’s ESG 2025: What It Means for Boards, Management, and Counsel Program
On June 10, 2025, Cravath partner Michael L. Arnold participated in “ESG 2025: What It Means for Boards, Management, and Counsel,” a program presented by the Practising Law Institute in New York. The program hosted a number of experts, including company management and in‑house and outside counsel, to review recent trends in the sustainability landscape and best practices for governance. Michael spoke on a panel entitled “Board Oversight of ESG,” which reviewed ESG developments and changes over the past year in board‑level oversight of ESG and gave advice to boards of directors in fulfilling their duties while navigating the ESG landscape.
Activities
June 06, 2025
Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas
The 2025 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eight areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Fifty‑four Cravath lawyers were ranked across 23 practice categories.
Activities
April 14, 2025
Michael Arnold and Bill Podurgiel Speak at TGCF’s “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals” Program
On April 11, 2025, Cravath partner Michael L. Arnold and of counsel William D. Podurgiel participated in “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals,” a virtual program co‑hosted by Cravath and the Texas General Counsel Forum. The program reviewed key proxy season updates, including the impact of updated SEC guidance on ESG and shareholder engagement, responses to shareholder proposals under Staff Legal Bulletin 14M, updates to Schedule 13D and 13G reporting and new considerations in ESG disclosures.
Deals & Cases
February 02, 2026
Hain Celestial Group’s Sale of North American Snacks Business to Snackruptors Inc.
On February 2, 2026, Hain Celestial Group, a leading global health and wellness company, announced that it has reached a definitive agreement to sell its North American Snacks business, including Garden Veggie Snacks™, Terra® chips and Garden of Eatin’® snacks, to Snackruptors Inc., a Canadian, family‑owned snacks manufacturer, for $115 million in cash. Cravath is representing Hain Celestial Group in connection with the transaction.
Deals & Cases
January 27, 2026
Siegfried’s Acquisition of Noramco, Purisys and Extractas
On January 27, 2026, Siegfried, a leading global Contract Development and Manufacturing Organization for the pharmaceutical industry, announced it has signed binding agreements with an affiliate of SK Capital Partners to acquire the drug substance business of the Noramco Group and Extractas Bioscience (“Extractas”). The acquired businesses include Noramco, Purisys and Extractas, three high-quality small molecules drug substances sites. Cravath is representing Siegfried in connection with the transaction.
Deals & Cases
January 23, 2026
BitGo’s IPO
Cravath represented the underwriters in connection with the $212.8 million initial public offering of class A common stock of BitGo Holdings, Inc. (“BitGo”), a leading infrastructure provider of digital asset solutions for businesses, offering solutions including custody, wallets, staking, trading, settlement and digital asset management. The shares were listed on the New York Stock Exchange. The transaction closed on January 23, 2026.
Deals & Cases
January 23, 2026
Level 3 Financing Inc.’s High‑Yield Senior Notes Tack‑On Offering and Concurrent $2.2 Billion Cash Tender Offer
Cravath represented the initial purchasers in connection with the $650 million 144A/Reg. S high‑yield senior notes tack‑on offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities‑based technology and communications company that provides a broad array of integrated products and services. Cravath also represented the dealer managers in connection with Level 3 Financing, Inc.'s concurrent $2.2 billion cash tender offer. The transactions closed on January 9, 2026.
Deals & Cases
January 08, 2026
Genmab’s $3.5 Billion of Credit Facilities and Offering of $1.5 Billion Senior Secured Notes and $1 Billion Senior Unsecured Notes in Connection with its Acquisition of Merus
Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with $3.5 billion of credit facilities made available to Genmab, a leading international biotechnology company, and one of its wholly‑owned subsidiaries, Genmab Finance LLC, as part of the financing transactions undertaken in connection with its acquisition of Merus N.V., a leading oncology company developing innovative antibody therapeutics. The credit facilities consisted of a $2 billion term loan “B” facility, a $1 billion term loan “A” facility and a $500 million revolving credit facility. The transaction closed on December 12, 2025.
Firm News
November 20, 2025
Cravath Announces New Partners and Of Counsels
Cravath has elected the following new partners, who will become members of the Firm on January 1, 2026:
Activities
June 12, 2025
Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys
The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.
Activities
June 12, 2025
Michael Arnold Speaks at PLI’s ESG 2025: What It Means for Boards, Management, and Counsel Program
On June 10, 2025, Cravath partner Michael L. Arnold participated in “ESG 2025: What It Means for Boards, Management, and Counsel,” a program presented by the Practising Law Institute in New York. The program hosted a number of experts, including company management and in‑house and outside counsel, to review recent trends in the sustainability landscape and best practices for governance. Michael spoke on a panel entitled “Board Oversight of ESG,” which reviewed ESG developments and changes over the past year in board‑level oversight of ESG and gave advice to boards of directors in fulfilling their duties while navigating the ESG landscape.
Activities
June 06, 2025
Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas
The 2025 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eight areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Fifty‑four Cravath lawyers were ranked across 23 practice categories.
Activities
April 14, 2025
Michael Arnold and Bill Podurgiel Speak at TGCF’s “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals” Program
On April 11, 2025, Cravath partner Michael L. Arnold and of counsel William D. Podurgiel participated in “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals,” a virtual program co‑hosted by Cravath and the Texas General Counsel Forum. The program reviewed key proxy season updates, including the impact of updated SEC guidance on ESG and shareholder engagement, responses to shareholder proposals under Staff Legal Bulletin 14M, updates to Schedule 13D and 13G reporting and new considerations in ESG disclosures.
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