Danielle Rolfes is the Partner in Charge of the KPMG Washington National Tax practice. In this episode of On Tax, she and Cravath partner and host Len Teti talk about Danielle’s upbringing, her early career choices and what she considers an unusual path to leadership in the world of tax in front of an audience of students and members of the D.C. community at Georgetown University Law Center for the show’s first live recording. They also discuss what Danielle most enjoys about working in a national tax practice, and the different paths available to young tax lawyers just beginning their careers.

Cravath represented the underwriters in connection with the $750 million registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc., the world’s largest commercial real estate services and investment firm. Proceeds of the offering will be used to repay borrowings under CBRE Group, Inc.’s commercial paper program used to finance CBRE Group, Inc.’s acquisition of Pearce Services, LLC. The transaction closed on November 13, 2025.

In November 2025, Cravath was shortlisted for Law.com International’s 2025 Banking and Finance Team of the Year award as part of Law.com International’s annual British Legal Awards. The awards honor the “standout achievements of law firms, in‑house teams, chambers, and individuals who are driving the legal profession forward,” recognizing landmark deals, innovative strategies, impactful advocacy and client service shaping the future of the UK legal landscape.

Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Polaris Inc. Polaris Inc. designs, engineers, manufactures and markets powersport vehicles and also designs and manufactures or sources parts, garments and accessories. The transaction closed on November 13, 2025.

Cravath represented the underwriters in connection with the $900 million registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. The transaction closed on November 13, 2025.

Cravath represented the underwriters in connection with the $700 million registered notes offering of Canadian National Railway Company. Canadian National Railway Company engages in the rail and related transportation business. The transaction closed on November 12, 2025.

Cravath represented the underwriters in connection with the $500 million registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The transaction closed on November 12, 2025.

On November 25, 2025, Robinhood Markets, Inc. (“Robinhood”) announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group (“Susquehanna”) to operate a CFTC-licensed exchange and clearinghouse. Robinhood will serve as the controlling partner. The independent joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets. The venture will accelerate delivery of its services by acquiring MIAXdx, a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility, and wholly-owned subsidiary of Miami International Holdings, Inc. (“MIAX”). MIAX will remain invested through a strategic 10% equity stake in the exchange. Cravath is representing Robinhood in connection with the transaction.

On November 21, 2025, Cravath prepared a memo for its clients entitled “SEC’s Division of Corporation Finance Significantly Reduces Staff’s Role in the Rule 14a‑8 Process for the 2025‑2026 Season.” The memo examines the Division of Corporation Finance’s (“CorpFin”) changes to the Rule 14a‑8 process for the 2025‑2026 proxy season that greatly reduce the staff’s role in the process.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $2 billion revolving credit facility made available to Thomson Reuters Corporation, a leading AI and technology company empowering professionals with trusted content and workflow automation. The transaction closed on November 10, 2025.

Cravath represented Booking Holdings Inc. in connection with its €1.5 billion registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel‑related reservation and search services. The transaction closed on November 7, 2025.

Cravath has elected the following new partners, who will become members of the Firm on January 1, 2026:

In November 2025, Global Investigations Review selected Cravath’s investigations practice for the GIR 100, a global guide to the world’s leading investigations practices, which recognizes the firms that can “handle sophisticated matters with confidence and expertise” and are “best equipped to navigate the legal, regulatory and reputational challenges of a corporate investigation.” Firms are selected through a combination of detailed submissions, client feedback and independent analysis.

Cravath partner David J. Kappos and associate Leslie Liu co‑authored an article entitled “Burgeoning Patent Licensing Programs Necessitate Best Practices,” which was published in Bloomberg Law on November 18, 2025. The article discusses emerging best practices for patent pool licensing programs, including open participation, robust disclosures, transparent and consistent pricing and fair distribution of royalties, and suggests that patent pools should impose minimal restrictions in their license agreements.

On November 18, 2025, Axalta Coating Systems Ltd. (“Axalta”) and Akzo Nobel N.V. announced that they have entered into a definitive agreement to combine in an all‑stock merger of equals, creating a premier global coatings company with an enterprise value of approximately $25 billion. Cravath is representing Axalta in connection with the transaction.

Cravath partner Brittany L. Sukiennik was named a finalist for The American Lawyer’s 2025 Young Lawyer of the Year – Litigation award as part of the publication’s eighth annual Industry Awards. The Young Lawyer of the Year awards honor young lawyers who have shown exceptional work in any transactional or litigation practice, including handling notable matters, showing business development prowess, improving systems of service delivery or otherwise providing exceptional work for clients and positive impacts to their organization.

Cravath represented funds managed by affiliates of Brevan Howard in connection with an investment in Ripple Labs, Inc., consisting of a private placement of Class A Common Stock, as part of Ripple’s $500 million strategic investment at a $40 billion valuation, led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace. The transaction closed on November 4, 2025.

On November 12, 2025, Cravath partner John W. White participated in Financial Executives International’s 2025 Corporate Financial Reporting Insights Conference, which was held virtually from November 11‑13. John, as a past Director of SEC’s Division of Corporation Finance, spoke on a panel entitled “The Road Ahead: Perspectives from Former Regulators and Standard Setters,” during which former senior leaders from the SEC, the Financial Accounting Standards Board and the Public Company Accounting Oversight Board had an in depth discussion covering the current state of financial reporting and disclosure and shared their expectations for the years ahead.

On November 17, 2025, Johnson & Johnson announced it has entered into a definitive agreement to acquire Halda Therapeutics OpCo, Inc., a clinical‑stage biotechnology company with a proprietary Regulated Induced Proximity TArgeting Chimera (RIPTACTM) platform to develop oral, targeted therapies for multiple types of solid tumors, including prostate cancer, for $3.05 billion in cash. Cravath is representing Johnson & Johnson in connection with the transaction.

On November 10, 2025, Cravath European counsel Lawrence J. Verhelst delivered a guest lecture at the Faculty of Law of the University of Namur in Belgium as part of its Comparative Law course. Lawrence’s lecture focused on the common law tradition and provided a general introduction to the law and legal system of the United States, including its history and institutions.