Four Decades for Justice
Cravath partner Richard Hall served as contributing editor of The Legal 500’s 2020 “Country Comparative Guide.” The guide provides readers with a pragmatic overview of M&A laws and regulations across jurisdictions. As contributing editor, Richard authored the United States chapter of the guide, which discusses current market trends in the U.S. and offers predictions for future M&A activity.
Richard also authored a “Hot Topic” article entitled “U.S. M&A Activism,” which examines trends in M&A‑related shareholder activism, the vast majority of which falls into the “break up the company,” “sell the company” or “deal‑related” categories.
Deals & Cases
January 13, 2020
On January 13, 2020, Brookfield Renewable Partners L.P. (“Brookfield Renewable”), one of the world’s largest publicly traded, pure‑play renewable power platforms, announced it has made a non‑binding, all‑share proposal to acquire the outstanding Class A common shares of TerraForm Power, Inc., other than the 62% owned by Brookfield Renewable and its affiliates. Cravath is representing Brookfield Renewable in connection with the proposal.
Deals & Cases
October 15, 2019
On October 14, 2019, affiliates of Lindsay Goldberg, a private investment firm, and American Securities LLC, a U.S. private equity firm, announced that they have entered into a definitive agreement to acquire the Management Services business from infrastructure firm AECOM for a purchase price of $2.405 billion. Management Services is a leading contractor to the U.S. federal government and serves various departments and agencies including the Department of Defense and the Department of Energy, as well as departments and agencies of allied governments. Cravath is representing Lindsay Goldberg and American Securities LLC in connection with the transaction. The Cravath team was led by partners David J. Perkins and Richard Hall and included associates Valerie Sapozhnikova, Nicholas Kypriotakis, David E. Jean-Baptiste and Joseph A. Marshall on M&A matters; partner J. Leonard Teti II and associates Kiran Sheffrin and Rory M. Minnis on tax matters; partner Tatiana Lapushchik and associate Alexander E. Greenberg on financing matters; associate Jana I. Hymowitz on executive compensation and benefits matters; senior attorney Jesse M. Weiss on antitrust matters; senior attorney Annmarie M. Terraciano on environmental matters; and practice area attorneys Brian M. Budnick and Laurel R. Berkowitz on real estate matters. Brian Diliberto also worked on executive compensation and benefits matters.
Deals & Cases
September 23, 2019
On September 11, 2019, the Hong Kong Exchanges and Clearing Limited announced that it has made a proposal to the Board of the London Stock Exchange Group plc (“LSEG”) to combine the two companies. The proposed transaction implies a value for the entire issued and to be issued ordinary share capital of LSEG of approximately £29.6 billion, implying an enterprise value of £31.6 billion. Cravath is representing the Hong Kong Exchanges and Clearing Limited as U.S. counsel in connection with the proposal.
Deals & Cases
June 19, 2019
On June 19, 2019, Peabody Energy Corporation (“Peabody”) and Arch Coal, Inc. (“Arch”) announced that they have entered into a definitive agreement to create a joint venture combining the companies’ respective Powder River Basin (Wyoming and Montana) and Colorado assets. The joint venture will be 66.5% owned by Peabody and 33.5% owned by Arch, and Peabody will be the operator. Cravath is representing Peabody in connection with the transaction.
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