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J. Leonard Teti II

Partner, Tax

J. Leonard Teti II is a partner in Cravath’s Tax Department. His practice focuses on advising clients on the tax aspects of complex mergers and acquisitions, spin‑offs, private equity transactions and bank financings.

Mr. Teti’s clients have included Alliant Techsystems, AmerisourceBergen, Associated Partners, Avon, Barnes & Noble, Credit Suisse, Dentsu Aegis, FS Investments, IBM, Johnson & Johnson, The Jones Group, JPMorgan Chase, The Linde Group, Lindsay Goldberg, Mylan, Novartis, Pinnacle Foods, RELX Group, Scientific Games, Time Warner, Vista Outdoor and WestRock.

Mr. Teti’s recent transactions include representing:

  • AmerisourceBergen in its $815 million acquisition of H. D. Smith, its $2.575 billion acquisition of PharMEDium and its $2.5 billion acquisition of MWI Veterinary Supply;
  • Avon in its pending $11 billion acquisition by Natura and the sale of 80% of its North America business to Cerberus Capital Management and in the PIPE investment by Cerberus in Avon’s international business;
  • Barnes & Noble in its spin‑off of Barnes & Noble Education, the parent of Barnes & Noble College, and in its strategic partnership with Microsoft Corporation and Pearson in NOOK Media, a Barnes & Noble subsidiary that develops and markets NOOK eReader devices and related content;
  • FS Investments in the transition of the management of its business development company (BDC) platform to investment advisory partnerships with EIG Global Energy Partners and KKR;
  • IBM in acquisitions and dispositions aggregating more than $11.2 billion in value, including the sale of select IBM software products to HCL Technologies, its collaboration agreement with Maersk, its acquisitions of Armanta, Promontory, Bluewolf, Resilient Systems, Truven Health Analytics, Ustream, the product and technology businesses of The Weather Company, StrongLoop, Merge Healthcare, Compose, Lighthouse Security, Silverpop, Trusteer, Kenexa, Texas Memory Systems, Vivisimo, DemandTec, Emptoris, Green Hat, Q1 Labs, TRIRIGA and OpenPages and the sales of its x86 server business to Lenovo, worldwide customer care business process outsourcing services business to SYNNEX and Retail Store Solutions business to Toshiba;
  • Johnson & Johnson in its $3.4 billion acquisition of Auris Health, its ¥230 billion acquisition of Ci:z Holdings, the $2.8 billion sale of its Advanced Sterilization Products business to Fortive, the $2.1 billion sale of its LifeScan business to Platinum Equity, its $30 billion acquisition of Actelion, the $1.045 billion sale of its Codman Neurosurgery business to Integra LifeSciences, its $4.325 billion acquisition of Abbott Medical Optics, its $19.7 billion acquisition of Synthes, its acquisition of Novira Therapeutics and its acquisition of Covagen;
  • JPMorgan Chase in its role as administrative agent on numerous credit facilities;
  • Linde in its $70 billion merger of equals with Praxair;
  • Lindsay Goldberg and its portfolio companies in multiple transactions;
  • Mylan in its pending $50 billion combination with Upjohn, a division of Pfizer, its $9.9 billion acquisition of Meda, its acquisition of the non‑sterile, topicals‑focused specialty and generics business of Renaissance Acquisition Holdings for $950 million in cash at closing plus additional contingent payments of up to $50 million, its proposal to acquire Perrigo in a transaction valued at approximately $35 billion and its $5.6 billion inversion acquisition of Abbott Laboratories’ non‑U.S. developed markets specialty and branded generics business;
  • Novartis in its $2.1 billion acquisition of Endocyte;
  • Pinnacle Foods in its $10.9 billion acquisition by Conagra Brands and its $975 million acquisition of Boulder Brands;
  • RELX Group in its acquisition of Aries Systems, its acquisition of Safe Banking Systems, its £580 million acquisition of ThreatMetrix, its acquisition of bepress and LexisNexis Legal & Professional’s joint ventures with Knowable and LEAP Legal Software;
  • Sapient in its $3.7 billion acquisition by Publicis;
  • Scientific Games in its $363.5 million carve-out IPO of SciPlay and its acquisitions of Don Best Sports, NYX Gaming Group and Spicerack Media;
  • UTi Worldwide in its $1.35 billion sale to DSV;
  • Vista Outdoor in its acquisition of Camp Chef and its $412.5 million acquisition of CamelBak Products; and
  • WestRock in its $4.9 billion acquisition of KapStone and its $2.3 billion acquisition of Multi Packaging Solutions.

Mr. Teti has been repeatedly recognized for his work in the tax arena by Chambers USA from 2010 through 2019; The Legal 500 in 2010, 2011 and from 2013 through 2019; and Super Lawyers in 2015 and 2016. In 2016, he was named a “Rising Star” by Law360, recognizing him as one of five outstanding tax lawyers in the nation under the age of 40.

Mr. Teti authored “The World Turned Upside Down: Understanding Corporate Inversions,” which was published in the September 2014 issue of Expert Guide – Tax 2014. He also co‑authored “FATCA, IGAs and loan agreements,” which was published in the November 2, 2012 issue of the Tax Journal. Mr. Teti is a member of the International Bar Association and serves as the President of the Board of Trustees of the New Jersey Scholars Program.

Mr. Teti was born in Trenton, New Jersey. He received an A.B. with honors in 1999 from Princeton University and a J.D. in 2005 from the University of Virginia, where he was a member of the Virginia Law Review, an executive editor of the Virginia Tax Review and elected to the Order of the Coif. At Virginia, he was also awarded the Edwin S. Cohen Tax Prize and the Robert E. Goldsten Award for Distinction in the Classroom. He joined Cravath in 2005 and became a partner in 2013.

Mr. Teti can be reached by phone at +1‑212‑474‑1896 or by email at

Mr. Teti is admitted only in New York.

+1 (212) 474-1896
+1 (212) 474-3700