Four Decades for Justice
On July 3, 2020, communications company OneWeb announced it has entered into an agreement with a consortium led by Bharti Global Limited (“Bharti”) and Her Majesty’s Government (“HMG”) (through the UK Secretary of State for Business, Energy and Industrial Strategy) for the acquisition of the OneWeb business in connection with its court‑supervised sale process. Bharti and HMG have committed to provide more than $1 billion to acquire OneWeb and fund the full restart of its business operations. Following a competitive process, the consortium’s winning bid will enable OneWeb to successfully emerge from the chapter 11 process. The agreement remains subject to approval by OneWeb’s creditors, the U.S. Bankruptcy Court and applicable regulators. Cravath is representing Bharti in connection with the transaction.
The Cravath team includes partners Paul H. Zumbro and George E. Zobitz and associate Harold C. King on bankruptcy matters; associate Bethany A. Pfalzgraf on M&A matters; partner Lauren Angelilli and associate Peter W. Rogers on tax matters; partner Eric W. Hilfers and practice area attorney Sarah W. Colangelo on executive compensation and benefits matters; partner David J. Kappos and associates Kathryn‑Ann Stamm and Carys Webb on intellectual property matters; partner Margaret T. Segall on antitrust matters; of counsel Christopher J. Kelly on banking and credit matters; and senior attorney Annmarie M. Terraciano on environmental matters. Jerome C. Newton also worked on M&A matters.
Deals & Cases
April 02, 2024
On April 2, 2024, Endeavor Group Holdings, Inc. (“Endeavor”), a global sports and entertainment company, announced that it has entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with the Endeavor management team and additional anchor investors. Cravath is representing the independent Special Committee of Endeavor’s board of directors in connection with the transaction.
Deals & Cases
January 31, 2024
On January 31, 2024, Health Care Service Corporation (“HCSC”), the country’s largest customer‑owned health insurer, announced that it has signed a definitive agreement with The Cigna Group (“Cigna”) to acquire its Medicare Advantage, Medicare Supplemental Benefits, Medicare Part D and CareAllies businesses for a purchase price of $3.3 billion. Cigna’s Medicare plans currently serve 3.6 million Medicare members. Cravath is representing HCSC in connection with the transaction.
Deals & Cases
December 12, 2023
On December 11, 2023, HMS Networks AB (“HMS”), a global provider of industrial information and communication technology, announced it has entered into a binding agreement with Spectris Group Holdings Limited to acquire the Red Lion Controls business, a U.S.-based provider of industrial automation solutions, through the acquisition of 100 percent of the shares in Red Lion Controls Inc. and Red Lion Europe GmbH as well as certain assets in other jurisdictions, for a cash consideration of $345 million. Cravath is representing HMS as special U.S. counsel in connection with the transaction.
Deals & Cases
October 17, 2023
On October 17, 2023, Thermo Fisher Scientific Inc. (“Thermo Fisher”), the world leader in serving science, and Olink Holding AB (publ) (“Olink”), a leading provider of next generation proteomics solutions, announced that their respective boards of directors have approved Thermo Fisher’s proposal to acquire Olink for $26.00 per common share in cash, representing $26.00 per American Depositary Share in cash. Thermo Fisher will commence a tender offer to acquire all of the outstanding Olink common shares and all of the American Depositary Shares. The transaction values Olink at approximately $3.1 billion which includes net cash of approximately $143 million. Cravath is representing Thermo Fisher in connection with the transaction.
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