Four Decades for Justice
September 24, 2018
On September 24, 2018, Barrick Gold Corporation (“Barrick”) announced that it has reached agreement on the terms of a recommended share‑for‑share merger of Barrick and Randgold Resources Limited (“Randgold”) to create an industry‑leading gold company. Following completion of the merger, Barrick shareholders will own approximately 66.6 percent and Randgold shareholders will own approximately 33.4 percent of the New Barrick Group on a fully‑diluted basis. Cravath is representing Barrick in connection with the transaction.
The Cravath team is led by partner Richard Hall and includes associates Andrew M. Wark and Nikita Patel on M&A matters; partner Andrew J. Pitts on securities matters; and partner Stephen L. Gordon and associate Andrew L. Mandelbaum on tax matters.
Deals & Cases
September 06, 2022
On September 6, 2022, ADT Inc. (“ADT”) and State Farm announced that State Farm has agreed to make a $1.2 billion equity investment in ADT to acquire 133.3 million shares of ADT’s common stock at $9 a share. In connection with State Farm’s equity investment, ADT will be commencing a self‑tender offer for up to 133.3 million shares of its outstanding common stock and Class B common stock at $9 per share, to be funded by the proceeds from the State Farm equity investment. After the equity investment and tender offer close, State Farm will own approximately 15% of ADT. Additionally, State Farm will commit $300 million to an opportunity fund to support product and technology innovation, customer growth and marketing, and Google has separately agreed to commit an incremental $150 million, raising its total success fund commitment to $300 million. Cravath is representing ADT in connection with the transactions.
Deals & Cases
September 06, 2022
On September 6, 2022, Texas Capital Bancshares, Inc. (“Texas Capital”) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (“BankDirect”), its insurance premium finance subsidiary, to AFCO Credit Corporation (“AFCO”), an indirect wholly‑owned subsidiary of Truist Financial Corp. (“Truist”), in an all‑cash transaction for a purchase price of approximately $3.4 billion. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Cravath is representing Texas Capital in connection with the transaction.
Deals & Cases
April 05, 2022
On April 4, 2022, the Board of Directors of HDFC Bank Limited, the largest private sector bank in India, and Housing Development Finance Corporation Limited, India’s largest Housing Finance Company, at their respective meetings, approved a composite scheme of amalgamation for the amalgamation of: HDFC Investments Limited and HDFC Holdings Limited, with and into HDFC Limited; and HDFC Limited with and into HDFC Bank, and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The $40 billion merger is India’s largest‑ever M&A deal at the time of announcement. Cravath is representing HDFC Bank Limited as U.S. counsel in connection with the transaction.
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
Attorney Advertising. ©2024 Cravath, Swaine & Moore LLP.