Arrangement of Financing for Actavis plc’s Acquisition of Allergan, Inc.
November 17, 2014
On November 17, 2014, Actavis plc and Allergan, Inc. announced that they have entered into a definitive agreement under which Actavis will acquire Allergan for $219 per Allergan share, in a transaction valued at approximately $66 billion. Cravath represented JPMorgan, Mizuho and Wells Fargo, as lead arrangers, in connection with a $36.4 billion bridge credit facility and new and replacement term and revolving credit facilities in excess of $5 billion in the aggregate. The cash portion of the acquisition consideration is expected to be financed with a combination of new term credit facilities and offerings of new senior unsecured notes and equity of Actavis plc and its subsidiaries. The transaction is subject to the approval of the shareholders of both companies, as well as customary closing conditions, and is anticipated to close in the second quarter of 2015.
The Cravath team included partners James D. Cooper and Tatiana Lapushchik, senior attorney Kimberly A. Grousset and associate A. Rebecca Hurt on banking matters and partner Stephen L. Burns and associate Katerina M. Novak on securities matters. Chase A. M. Proctor also worked on securities matters.
Related Practices & Industries
People
- Photo
-
-
J.D., 2000, Harvard Law Schoolcum laude
-
B.A., 1997, Barnard Collegesumma cum laude
- New York
Education
Admitted In
- Photo
-
-
J.D., 1979, Yale Law School
-
A.B., 1976, University of ChicagoPhi Beta Kappa, summa cum laude
Education
- Photo
-
-
J.D., 1990, The University of Texas School of Lawwith Honors
-
B.B.A., 1987, University of Oklahomawith Distinction
Education
Related News & Insights
Deals & Cases
March 31, 2026
Biogen’s $5.6 Billion Acquisition of Apellis
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.
Deals & Cases
March 09, 2026
Talkspace’s Acquisition by UHS
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.
Deals & Cases
February 18, 2026
Tenax’s Merger with Air
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.
Deals & Cases
February 17, 2026
Kennedy Wilson’s Acquisition by Consortium Led by William McMorrow and Fairfax
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”).
