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Novartis's $29.8 Billion Spin-Off of Alcon

On April 9, 2019, Novartis completed the spin-off of the Alcon eye care devices business into a separately-traded standalone company through a dividend-in-kind distribution to holders of Novartis shares and American Depositary Receipts (“ADRs”), with each holder receiving 1 Alcon share for every 5 Novartis shares or ADRs held on April 8, 2019. Cravath represented Novartis in connection with this transaction, which is valued at approximately $29.8 billion based on first day trading of Alcon Inc.

The Cravath team was led by partner D. Scott Bennett and included senior attorney Mark Mushkin and associates Yannick Adler, Adam G. DiSimine and Shu-en Wee on corporate matters; partners Stephen L. Gordon and J. Leonard Teti II and associates Arvind Ravichandran and Andrew L. Mandelbaum on tax matters; partners Mark I. Greene and Aaron M. Gruber on M&A matters; and partner Eric W. Hilfers and associates Matthew J. Bobby and Sally Ye on executive compensation and benefits matters. Cedrick M. Dalluge also worked on corporate matters.