Four Decades for Justice
Practice Area Attorney, Corporate
Brian M. Budnick is an attorney in Cravath’s Corporate Department, exclusively in the real estate practice area. His experience includes real estate development, finance, acquisitions and dispositions, and leasing transactions. Mr. Budnick also regularly assists on the real estate aspects of various corporate mergers and acquisitions.
Mr. Budnick has represented numerous corporate and individual clients, including property managers, investors, developers, and retailers.
Mr. Budnick comes from Newtown, Connecticut. He received a B.A. from the University of Virginia in 2006 and a J.D. cum laude from the Benjamin N. Cardozo School of Law in 2011. Prior to joining Cravath, he was associated with a law firm in New York.
Mr. Budnick has represented numerous corporate and individual clients, including property managers, investors, developers, and retailers.
Mr. Budnick comes from Newtown, Connecticut. He received a B.A. from the University of Virginia in 2006 and a J.D. cum laude from the Benjamin N. Cardozo School of Law in 2011. Prior to joining Cravath, he was associated with a law firm in New York.
New York State Bar Association
Deals & Cases
February 12, 2024
On February 12, 2024, CymaBay Therapeutics (“CymaBay”) and Gilead Sciences, Inc. (“Gilead”) announced a definitive agreement under which Gilead will acquire CymaBay for $32.50 per share in cash or a total equity value of $4.3 billion. The addition of CymaBay’s investigational lead product candidate, seladelpar for the treatment of primary biliary cholangitis, complements Gilead’s existing liver portfolio and aligns with its longstanding commitment to bringing transformational medicines to patients. Cravath is representing CymaBay in connection with the transaction.
Deals & Cases
February 12, 2024
On February 12, 2024, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that on February 11, 2024, it entered into a definitive agreement to acquire 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (“BWI Southeast”) for $2.05 billion in cash. Additionally, on February 9, 2024, Martin Marietta completed its previously announced divestiture of its South Texas cement and related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash. Cravath is representing Martin Marietta in connection with the transactions.
Deals & Cases
February 06, 2024
On February 6, 2024, altafiber, provider of integrated communications solutions over its fiber‑optic network to residential and business customers in Ohio, Kentucky, and Indiana, and TowerBrook Capital Partners (“TowerBrook”), the New York and London‑based international investment firm, announced that TowerBrook has agreed to acquire CBTS, a leading North American provider of IT solutions and services, from altafiber. Cravath is representing altafiber in connection with the transaction.
Deals & Cases
December 20, 2023
On December 20, 2023, Aon plc (“Aon”), a leading global professional services firm, announced the signing of a definitive agreement to acquire NFP, a leading middle‑market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners, and funds affiliated with HPS Investment Partners. Under the terms of the transaction, Aon will acquire NFP for a total consideration estimated to be $13.4 billion at the time of close, which will be funded by $7 billion of cash and $6.4 billion of Aon stock. Cravath is representing Aon in connection with the transaction.
Deals & Cases
December 12, 2023
On December 11, 2023, Star Bulk Carriers Corp. (“Star Bulk”), a global shipping company focusing on the transportation of dry bulk cargoes, and Eagle Bulk Shipping Inc. (“Eagle”), one of the world’s largest owner-operators within the midsize dry bulk vessel segment, announced that the companies have entered into a definitive agreement to combine in an all-stock merger on a Net Asset Value to Net Asset Value (“NAV”) basis with a pro forma market capitalization of approximately $2.1 billion. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. This represents a total consideration of approximately $52.60 per share, a 17% premium based on Eagle’s closing share price of $44.85 on December 8, 2023. Upon the close of the transaction, Star Bulk and Eagle shareholders will own approximately 71% and 29% of the combined company on a fully diluted basis, respectively. Cravath is representing Star Bulk in connection with the transaction.
Brian M. Budnick is an attorney in Cravath’s Corporate Department, exclusively in the real estate practice area. His experience includes real estate development, finance, acquisitions and dispositions, and leasing transactions. Mr. Budnick also regularly assists on the real estate aspects of various corporate mergers and acquisitions.
Mr. Budnick has represented numerous corporate and individual clients, including property managers, investors, developers, and retailers.
Mr. Budnick comes from Newtown, Connecticut. He received a B.A. from the University of Virginia in 2006 and a J.D. cum laude from the Benjamin N. Cardozo School of Law in 2011. Prior to joining Cravath, he was associated with a law firm in New York.
Mr. Budnick has represented numerous corporate and individual clients, including property managers, investors, developers, and retailers.
Mr. Budnick comes from Newtown, Connecticut. He received a B.A. from the University of Virginia in 2006 and a J.D. cum laude from the Benjamin N. Cardozo School of Law in 2011. Prior to joining Cravath, he was associated with a law firm in New York.
New York State Bar Association
Deals & Cases
February 12, 2024
On February 12, 2024, CymaBay Therapeutics (“CymaBay”) and Gilead Sciences, Inc. (“Gilead”) announced a definitive agreement under which Gilead will acquire CymaBay for $32.50 per share in cash or a total equity value of $4.3 billion. The addition of CymaBay’s investigational lead product candidate, seladelpar for the treatment of primary biliary cholangitis, complements Gilead’s existing liver portfolio and aligns with its longstanding commitment to bringing transformational medicines to patients. Cravath is representing CymaBay in connection with the transaction.
Deals & Cases
February 12, 2024
On February 12, 2024, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that on February 11, 2024, it entered into a definitive agreement to acquire 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (“BWI Southeast”) for $2.05 billion in cash. Additionally, on February 9, 2024, Martin Marietta completed its previously announced divestiture of its South Texas cement and related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash. Cravath is representing Martin Marietta in connection with the transactions.
Deals & Cases
February 06, 2024
On February 6, 2024, altafiber, provider of integrated communications solutions over its fiber‑optic network to residential and business customers in Ohio, Kentucky, and Indiana, and TowerBrook Capital Partners (“TowerBrook”), the New York and London‑based international investment firm, announced that TowerBrook has agreed to acquire CBTS, a leading North American provider of IT solutions and services, from altafiber. Cravath is representing altafiber in connection with the transaction.
Deals & Cases
December 20, 2023
On December 20, 2023, Aon plc (“Aon”), a leading global professional services firm, announced the signing of a definitive agreement to acquire NFP, a leading middle‑market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners, and funds affiliated with HPS Investment Partners. Under the terms of the transaction, Aon will acquire NFP for a total consideration estimated to be $13.4 billion at the time of close, which will be funded by $7 billion of cash and $6.4 billion of Aon stock. Cravath is representing Aon in connection with the transaction.
Deals & Cases
December 12, 2023
On December 11, 2023, Star Bulk Carriers Corp. (“Star Bulk”), a global shipping company focusing on the transportation of dry bulk cargoes, and Eagle Bulk Shipping Inc. (“Eagle”), one of the world’s largest owner-operators within the midsize dry bulk vessel segment, announced that the companies have entered into a definitive agreement to combine in an all-stock merger on a Net Asset Value to Net Asset Value (“NAV”) basis with a pro forma market capitalization of approximately $2.1 billion. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. This represents a total consideration of approximately $52.60 per share, a 17% premium based on Eagle’s closing share price of $44.85 on December 8, 2023. Upon the close of the transaction, Star Bulk and Eagle shareholders will own approximately 71% and 29% of the combined company on a fully diluted basis, respectively. Cravath is representing Star Bulk in connection with the transaction.
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