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IBM's Acquisition of Promontory Financial Group

On September 29, 2016, IBM announced plans to acquire Promontory Financial Group, a global market‑leading risk management and regulatory compliance consulting firm. Upon close, the capabilities of Promontory combined with IBM’s industry expertise and Watson’s cognitive capabilities will directly address the massive operational effort and manual cost of escalating regulation and risk management requirements. Cravath is representing IBM in connection with the transaction. Financial terms were not disclosed.

The Cravath team is led by partners Keith Hallam and George F. Schoen and includes associates Jacob B. Ornstein and Nicoleta D. Lupea on M&A matters; partner Jennifer S. Conway, senior attorney Lawrence A. Pasini, practice area attorney Romica Singh and associates Brian B. Kennedy and Peretz Riesenberg on executive compensation and benefits matters; partner J. Leonard Teti II and associate Lingfeng Li on tax matters; partner Matthew Morreale on environmental matters; senior attorney Jesse M. Weiss on antitrust matters; and senior attorney Joyce Law on real estate matters.