Cravath’s New York Office Moves to Two Manhattan West
On April 14, 2020, Cravath partner David J. Kappos spoke during the “Innovation in the Age of COVID‑19: The Future of Drug Repurposing, Diagnostics, Ventilators, Personal Protective Equipment and More” webinar, which was hosted by IP Watchdog. The webinar discussed innovation and product development driven by the COVID‑19 pandemic, particularly from U.S. research universities. Dave also spoke about policies that should be adopted to prepare for a future pandemic, and how firms and corporations can contribute to a collaborative global effort.
Deals & Cases
March 25, 2020
On March 25, 2020, letgo, which is majority‑owned by OLX Group, and OfferUp announced an agreement to combine their U.S. businesses. OLX Group is the online classifieds business of Prosus, a global consumer internet group majority‑owned by Naspers. The combination will create a mobile marketplace supporting more than 20 million monthly active users in the U.S., and OLX Group will own 40% of the combined entity. The agreement includes a new $120 million investment round in the combined entity led by OLX Group along with existing OfferUp investors to support continued growth, product innovation and monetization efforts. Cravath is representing OLX Group and letgo in connection with the transaction.
Deals & Cases
March 20, 2020
On March 4, 2020, OLX Brazil, the 50/50 joint venture between Prosus NV and Adevinta ASA, and one of the fastest-growing tech companies in Brazil, announced that it has entered into an agreement to acquire 100 percent of the shares of Grupo ZAP for a total cash amount of approximately R$2.9 billion. Cravath is representing OLX Brazil in connection with the transaction.
Deals & Cases
March 09, 2020
Cravath represented the borrower, RedHill Biopharma Inc., a wholly‑owned subsidiary of RedHill Biopharma Ltd., in connection with the arrangement of its $115 million term loan facility provided by HCR Collateral Management, LLC. RedHill Biopharma Ltd., an Israeli company, is a specialty biopharmaceutical company that focuses on the development and commercialization of clinical late-stage drugs for the treatment of gastrointestinal diseases in the United States. The transaction closed on February 23, 2020.
Deals & Cases
March 06, 2020
On March 6, 2020, US Foods Holding Corp. (“US Foods”) announced that it has entered into a definitive agreement to acquire Smart Foodservice Warehouse Stores (“Smart Foodservice”) from funds managed by affiliates of Apollo Global Management, Inc. for $970 million in cash. Smart Foodservice operates 70 small‑format cash and carry stores that serve restaurants and other food business customers with a broad assortment of products. Cravath is representing US Foods in connection with the transaction.
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