Aon’s $17 Billion Acquisition of USI

On March 31, 2026, Biogen Inc. and Apellis Pharmaceuticals, Inc. announced that the companies have entered into a definitive agreement under which Biogen has agreed to acquire all outstanding shares of Apellis for $41.00 per share in cash at closing, or approximately $5.6 billion. Apellis stockholders will also receive a nontransferable CVR for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain annual global net sales thresholds being met for SYFOVRE®. Cravath is representing Biogen in connection with the transaction.

On March 9, 2026, Universal Health Services, Inc. (“UHS”) announced that it has entered into a definitive agreement to acquire Talkspace, Inc. (“Talkspace”) for $5.25 per share. The enterprise value for the transaction is approximately $835 million. Cravath is representing Talkspace in connection with the transaction.

On February 17, 2026, Tenax Aerospace Acquisition, LLC (“Tenax”) and Air Industries Group (“Air”) jointly announced that they have entered into an Agreement and Plan of Merger to combine Tenax’s special mission aviation business with Air’s precision aerospace manufacturing business. At the time of the merger, Air will issue shares of its common stock to holders of Tenax membership units. After the closing, Tenax shareholders are expected to own approximately 95% of Air’s outstanding shares while existing Air shareholders are expected to own approximately 5%, and the combined company expects to remain listed on the NYSE American under the symbol AIRI. Cravath is representing Tenax in connection with the transaction.

On February 17, 2026, Kennedy‑Wilson Holdings, Inc. (“Kennedy Wilson”) and Fairfax Financial Holdings Limited (“Fairfax”) jointly announced that Kennedy Wilson has entered into a definitive agreement to be acquired, in an all cash‑transaction, by an entity affiliated with a consortium led by William McMorrow, Chairman and Chief Executive Officer of Kennedy Wilson, and certain other senior executives of Kennedy Wilson (collectively, the “KW Management Group”), together with Fairfax (collectively, the “Consortium”).