Bloomberg Ranks Cravath #1 for Cross-Border Deals in its Global M&A Market Review for First Half of 2021

On March 10, 2021, AerCap Holdings N.V. (“AerCap”), a global leader in aircraft leasing, announced that it has entered into a definitive agreement with General Electric (“GE”) under which AerCap will acquire 100% of GE Capital Aviation Services, a GE business. Under the terms of the agreement, which has been unanimously approved by the boards of directors of AerCap and GE, GE will receive 111.5 million newly issued AerCap shares, $24 billion of cash and $1 billion of AerCap notes and/or cash. Cravath is representing AerCap in connection with the transaction.

On May 21, 2021, Canadian National Railway (“CN”) and Kansas City Southern (“KCS”) announced that they have entered into a definitive merger agreement. Under the terms of the agreement, which was unanimously approved by the Board of Directors of each company, KCS shareholders will receive $325 per common share based on CN’s May 13, 2021 offer, which implies a total enterprise value of $33.6 billion, including the assumption of approximately $3.8 billion of KCS debt. Cravath is representing CN in connection with the transaction.

On March 18, 2021, National Grid plc (“National Grid”) announced that it has agreed to acquire Western Power Distribution, the UK’s largest electricity distribution business, from PPL Corporation (“PPL”) for an equity value of £7.8 billion, and that National Grid has agreed to sell The Narragansett Electric Company, Rhode Island’s largest electricity transmission and distribution service provider, to PPL for an equity value of $3.8 billion. Cravath is representing National Grid in connection with the transactions.