Four Decades for Justice
January 28, 2016
Cravath represented the lead arrangers, led by Citibank, N.A., in connection with the arrangement of committed debt financing for the acquisition of Lockheed Martin’s IT and Technical Services Businesses by Leidos in a $5 billion tax‑efficient Reverse Morris Trust transaction.
Upon closing of the transaction, Lockheed Martin shareholders will receive approximately 50.5% of Leidos shares on a fully diluted basis. The transaction is anticipated to close in the second half of 2016. Completion of the transaction is subject to customary closing conditions, including regulatory and Leidos shareholder approvals and receipt of opinions of tax counsel. Leidos is a science and technology solutions leader working to address some of the world’s toughest challenges in national security, health and engineering. Lockheed Martin is a global security and aerospace company that is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
The Cravath team was led by partner Joseph D. Zavaglia and included associates Ankur N. Patel, Daniel J. Cerqueira and Ashley Robson Mistretta on corporate matters; partner J. Leonard Teti II and associate Peter W. Rogers on tax matters; and senior attorney Annmarie M. Terraciano on environmental matters. Shakera M. Thompson also worked on corporate matters.
Deals & Cases
February 12, 2024
On February 12, 2024, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that on February 11, 2024, it entered into a definitive agreement to acquire 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (“BWI Southeast”) for $2.05 billion in cash. Additionally, on February 9, 2024, Martin Marietta completed its previously announced divestiture of its South Texas cement and related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash. Cravath is representing Martin Marietta in connection with the transactions.
Deals & Cases
November 21, 2023
On November 21, 2023, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that it has entered into a definitive agreement to sell its South Texas cement business and certain of its related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash. Cravath is representing Martin Marietta in connection with the transaction.
Deals & Cases
August 24, 2023
On August 24, 2023, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that it has entered into a definitive agreement to sell the Tehachapi, California cement plant to UNACEM Corp S.A.A. for $317 million in cash. Cravath is representing Martin Marietta in connection with the transaction.
Deals & Cases
August 09, 2022
On August 9, 2022, Martin Marietta Materials, Inc. (“Martin Marietta”) announced it has entered into a definitive agreement to sell the Tehachapi, California cement plant and related distribution terminals to CalPortland Company for $350 million in cash. Cravath is representing Martin Marietta in connection with the transaction.
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