On June 23, 2025, Illumina, Inc. (“Illumina”) announced it has entered into a definitive agreement with Standard BioTools under which Illumina will acquire SomaLogic, a leader in data‑driven proteomics technology, and other specified assets for $350 million in cash payable at closing, subject to customary adjustments, plus up to $75 million in near-term performance‑based milestones and performance‑based royalties. Cravath is representing Illumina in connection with the transaction.

Cravath represented ODDITY Tech in connection with the $600 million Rule 144A exchangeable senior notes offering by Oddity Finance LLC, guaranteed by ODDITY Tech Ltd. and IM Pro Makeup NY L.P. Oddity Finance LLC is a wholly owned, indirect subsidiary of ODDITY Tech, a consumer technology company building digital‑first brands for the beauty and wellness industries worldwide. In addition, Cravath advised Oddity Finance LLC in connection with capped call transactions entered into in connection with the offering. The transaction closed on June 12, 2025.

Cravath represented Toll Brothers Finance Corp. in connection with its $500 million registered senior notes offering, fully guaranteed by Toll Brothers, Inc. and certain of its subsidiaries. Toll Brothers Finance Corp. is an indirect wholly owned subsidiary of Toll Brothers, Inc., which designs, builds, markets, sells and arranges financing for an array of luxury residential homes and communities. The transaction closed on June 10, 2025.

Cravath represented Burlington Northern Santa Fe, LLC in connection with its $900 million registered notes offering. Burlington Northern Santa Fe, LLC is a holding company engaged primarily in railroad transportation through its ownership of its principal operating subsidiary, BNSF Railway Company. Burlington Northern Santa Fe, LLC is owned by Berkshire Hathaway. The transaction closed on June 6, 2025.

Cravath has elected the following new partners, who will become members of the Firm on July 1, 2025:

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $4.5 billion revolving credit facility made available to Cencora, Inc., a leading global pharmaceutical sourcing and distribution services company, helping both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. The transaction closed on June 4, 2025.

In June 2026, Vault announced that Cravath was ranked No. 1 on its Vault Law 100, a ranking of the most prestigious law firms across the United States, for the tenth consecutive year. The results of the annual list are based on market feedback from more than 20,000 law firm associates collected over the course of the last year. In publicizing its results, Vault highlighted comments from survey respondents, who described the Firm as offering associates “meaningful, substantive work right away,” a “high level of direct partner interaction even at the most junior level,” “extensive and thorough” formal and informal mentorship, “unmatched prestige and the topmost level of training” and an “extremely cordial” culture which creates “natural camaraderie.” Vault noted the Firm’s influence on the industry, citing its consistent leadership in setting industry practices and standards, including in the area of hiring.

On June 17, 2025, Cravath prepared a memo for its clients entitled “Following De Novo CFIUS Review, U.S. Government Approves Nippon Steel’s Proposed Acquisition of U.S. Steel with Potentially Groundbreaking Conditions.” The memo examines a recently issued order approving the proposed acquisition of U.S. Steel Corporation, the third‑largest domestic steel producer, by Nippon Steel Corporation, a global steelmaker headquartered in Japan.

On June 17, 2025, Cravath partner Paul H. Zumbro participated in the American Bankruptcy Institute’s 2025 New York City Bankruptcy Conference. The conference convened insolvency and restructuring professionals to discuss the challenges of the evolving insolvency landscape. Paul spoke on a panel entitled “Distressed Corporate Governance,” which reviewed current topics and challenges facing boards and other fiduciaries of distressed companies, including risks, pitfalls and best practices for directors, boards and their counsel, the potential impact of recent Delaware General Corporation Law amendments and other key trends and legal developments.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.5 billion revolving credit facility made available to Coupang, Inc., a leading global technology and commerce company providing retail, restaurant delivery, video streaming and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play and Farfetch. The transaction closed on June 2, 2025.

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

Cravath represented HSBC Securities and the other underwriters in connection with the $1.25 billion registered notes offering of HSBC USA Inc., an indirect wholly owned subsidiary of HSBC Holdings plc, a global financial services company. The transaction closed on June 3, 2025.

Cravath represented the underwriters in connection with the $500 million registered high‑yield senior notes offering of The Goodyear Tire & Rubber Company, one of the world's leading manufacturers of tires, engaging in operations in most regions of the world. The transaction closed on June 3, 2025.

Cravath represented the initial purchasers in connection with the $1.4 billion and €850 million Rule 144A/Reg. S high yield senior secured notes offering of Albion Financing 1 S.à r.l and Aggreko Holdings Inc., subsidiaries of Albion Holdco Limited (“Aggreko”), for the purpose of repaying all of Aggreko’s outstanding senior secured notes and senior notes, paying a dividend and repaying certain preference shares. The offering closed on May 21, 2025.

Cravath represented the underwriters in connection with the $559 million registered secondary offering of class A common stock of Hess Midstream LP, a fee‑based, growth‑oriented, limited partnership formed by Hess Midstream GP LP and Hess Infrastructure Partners GP LLC to own, operate, develop and acquire a diverse set of midstream assets and provide fee‑based services to Hess Corporation and third‑party customers. The transaction closed on May 30, 2025.

On June 13, 2025, Lawdragon announced the inclusion of 18 Cravath partners in its inaugural list of “500 Global Leaders in Crisis Management.” The list, assembled based on research and vetting by peers, recognizes “the world’s leading minds in the art of calming, managing, defusing and ‘handling’ matters that threaten an institution, whether a global corporation, powerful individual, nonprofit or other entity.” 

Cravath represented TenneT Holding B.V., as U.S. counsel, in connection with its consent solicitation for €16.2 billion senior EMTN notes. TenneT Holding B.V. is the top holding company of the TenneT Group, a leading European grid operator and transmission system operator for the Netherlands and a large part of Germany. The transaction expired on May 13, 2025.

The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.

On June 10, 2025, Cravath partner Michael L. Arnold participated in “ESG 2025: What It Means for Boards, Management, and Counsel,” a program presented by the Practising Law Institute in New York. The program hosted a number of experts, including company management and in‑house and outside counsel, to review recent trends in the sustainability landscape and best practices for governance. Michael spoke on a panel entitled “Board Oversight of ESG,” which reviewed ESG developments and changes over the past year in board‑level oversight of ESG and gave advice to boards of directors in fulfilling their duties while navigating the ESG landscape.

Cravath represented Northrop Grumman Corporation in connection with its $1 billion registered senior notes offering. Northrop Grumman Corporation is a leading global aerospace and defense technology company. The transaction closed on May 29, 2025.