Financial Services and Insurance

On October 17, 2025, Banco Sabadell announced that the public takeover bid launched by BBVA in May 2024 received support from only 25.47% of shareholders, and therefore lapsed as it failed to reach the minimum acceptance threshold required for completion. Banco Sabadell will continue as an independent bank. Cravath is representing Banco Sabadell as U.S. counsel in connection with this matter.

Cravath represented AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust in connection with their $1.2 billion registered senior notes offering. AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust are wholly owned subsidiaries of AerCap Holdings N.V., the global leader in aircraft leasing. The notes were listed on the Irish Stock Exchange. The transaction closed on October 1, 2025.

On October 3, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda-domiciled financial services holding company, announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to funds advised by CVC Capital Partners (“CVC”) in a transaction that values Bamboo at $1.75 billion. White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840 million. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction. Cravath is representing White Mountains and Bamboo in connection with the transaction.

On September 30, 2025, TXSE Group Inc (“TXSE Group”) announced that the U.S. Securities and Exchange Commission (“SEC”) has formally approved the Texas Stock Exchange’s Form 1 registration to operate as a national securities exchange. Cravath represented TXSE Group in connection with this matter. 

On September 30, 2025, Future Standard, a global alternative asset manager, announced it has entered into an agreement to acquire the Digital Infrastructure platform of Post Road Group, an alternative investment advisory firm. The platform specializes in credit and structured equity investments across digital infrastructure assets, including data centers, fiber networks and cloud connectivity. Cravath is representing Future Standard in connection with the transaction.

On October 14, 2025, the Harvard Law School Association of New York City presented Cravath Presiding Partner Faiza J. Saeed with the organization’s Leadership Award, presented at its annual Leadership Dinner in New York. Faiza was honored alongside Steven Klinsky, Founder and CEO of New Mountain Capital, and Rob Manfred, Commissioner of Major League Baseball.

On October 8, 2025, Cravath partner Paul H. Zumbro participated in Columbia Law School and Turnaround Management Association Brazil’s 2025 Restructuring Conference, which was held from October 8-10 at Columbia Law School. The conference gathered attorneys, investors and Columbia faculty to discuss the latest developments in out-of-court restructuring and bankruptcy practices, both in the U.S. and abroad, and pressing issues in corporate restructuring. Paul spoke during a session entitled “Liability Management, Corporate Governance, and Out-of-Court Workouts,” which covered topics including financial distress and liability management exercises.

On October 6, 2025, Cravath partner Elad Roisman participated in the 2025 Blockchain Regulatory Symposium, hosted by Fordham Law School in New York City. The symposium provided a platform for discussions on a range of topics, including the tension between innovation and regulation in the U.S. and globally. Elad spoke on a panel entitled “Wall Street Meets Crypto... on Wall Street,” which brought together leading corporate, capital markets and M&A practitioners to discuss key considerations as crypto companies begin transitioning from private market launchpads to public markets and what comes next.

On September 30, 2025, Cravath partner Benjamin G. Joseloff delivered a guest lecture at New York University School of Law on the Committee on Foreign Investment in the United States (“CFIUS”) and U.S. investment security policy during a course entitled “Sovereign Finance, Capital Markets and Global Regulatory Challenges Seminar,” which provides a comprehensive overview of sovereign wealth funds, their role as long-term investors after the 2008 financial crisis and the intersection of sovereign finance with global politics and economic integration. The course also examines the growing influence of these funds in alternative investments and the legal, regulatory and geopolitical challenges that arise from their expanding presence in the global market.

On September 15, 2025, Bloomberg Tax published “Private Equity Funds,” a Tax Management Portfolio by Cravath partners Christopher K. Fargo, Arvind Ravichandran and Andrew T. Davis that addresses material tax issues faced by private equity funds. The flagship treatise provides in‑depth, clear and commercial guidance on a variety of topics, including fund formation, private equity M&A, structuring of special investments and addressing the needs of special cases of investors, such as tax‑exempts, sovereign wealth funds and foreign investors.