Four Decades for Justice
April 05, 2019
On April 4, 2019, IBM and Centerbridge Partners, L.P. (“Centerbridge”) announced a definitive agreement under which funds advised by affiliates of Centerbridge will acquire IBM’s marketing platform and commerce software offerings. The transaction is expected to close in mid‑2019, subject to completion of applicable regulatory reviews and customary closing conditions. After closing, Centerbridge intends to form a standalone company that will deliver a modern, comprehensive portfolio of solutions to meet the CMO’s biggest challenges across marketing and advertising. Cravath is representing IBM in connection with the transaction.
The Cravath team is led by partner George F. Schoen and includes associates Joshua Ayal, Daniel J. Cerqueira, Matthew L. Ploszek, Justin B. Stein, Eliza Marshall Foley and Saagar Kaul on M&A matters; and associates Sally Ye and Anna Mikaelyan on executive compensation and benefits matters; partner Andrew W. Needham, senior attorney Andrew Carlon, associate Peter W. Rogers and foreign associate attorney Nicolaas Versteeg on tax matters; and senior attorney Joyce Law on real estate matters. Maria Ricaurte also worked on M&A matters.
Deals & Cases
February 20, 2024
Cravath represented IBM International Capital Pte. Ltd (“IIC”) and International Business Machines Corporation (“IBM”) in connection with IIC’s $5.5 billion registered notes offering. IBM is a guarantor of the notes. IIC is a wholly owned finance subsidiary of IBM, a globally integrated innovation company, serving the needs of enterprises and institutions worldwide. The transaction closed on February 5, 2024.
Deals & Cases
January 25, 2024
On January 18, 2024, IBM announced it has signed a definitive agreement to acquire application modernization capabilities from Advanced, bringing a combination of talent, tools and knowledge to enhance IBM Consulting’s mainframe application and data modernization services. Cravath is representing IBM in connection with the transaction.
Deals & Cases
December 18, 2023
On December 18, 2023, IBM announced that it has entered into a definitive agreement with Software AG, a company majority owned by Silver Lake, to purchase StreamSets and webMethods, Software AG's Super iPaaS (integration platform‑as‑a‑service) enterprise technology platforms, for €2.13 billion in cash. StreamSets will add data ingestion capabilities to watsonx, IBM's AI and data platform, while webMethods will give clients and partners additional integration and API management tools for their hybrid multi‑cloud environments. Cravath is representing IBM in connection with the transaction.
Deals & Cases
November 20, 2023
On November 14, 2023, engineering and technology company Technip Energies announced the launch of Reju, a company focused on PET (Polyethylene terephthalate) recycling of textiles that will leverage technology co‑developed in a joint venture with IBM and Under Armour. IBM, Under Armour and Technip Energies have been working together since 2021 to bring VolCat, an IBM technology for rejuvenating waste PET packaging and polyester, to an industrial scale. VolCat allows the selective breakdown of polymers which IBM first applied to technologies like semiconductor lithography and microelectronics packaging, which Reju intends to use to address hard‑to‑recycle polyester garments and PET packaging lost to the waste stream. Cravath is representing IBM in connection with the joint venture and matters relating to the establishment of Reju.
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