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News & Insights

CardWorks’s Acquisition of Ally’s Credit Card Business

January 22, 2025

On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.

The Cravath team is led by partners Ting S. Chen and Andrew M. Wark and includes associates Ryan J. Wichtowski, Danielle A. Solaru and Juan P. Castaño and foreign associate attorney Ricardo Pedroza on M&A matters; partner J. Leonard Teti II and associate Emily R. Eskin on tax matters; partner Jonathan J. Katz, senior attorney Arian Mossanenzadeh and associate Matthew S. Johnson on executive compensation and benefits matters; partner Jelena McWilliams, of counsels Will C. Giles and Lucas E. Beirne and associate Max D. Brashear on bank regulatory matters; partner David J. Kappos, associate Kenya Rowser and foreign associate attorney Shogo Tsunoda on intellectual property matters; and partner Noah Joshua Phillips and associate Shuyu Sun on antitrust matters. Grace Lin also worked on M&A matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Tax
  • Executive Compensation and Benefits
  • Financial Institutions Group (FIG)
  • Intellectual Property
  • Antitrust
  • Financial Services and Insurance

People

Photo
Name
Ting S. Chen
Title
Corporate
Title
Partner
Email
tchen@cravath.com
Phone
+1-212-474-1794
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    Education

    • J.D., 2006, Stanford Law School
    • A.B., 2003, Harvard College
      Phi Beta Kappa, summa cum laude

    Admitted In

    • New York
    Photo
    Name
    Andrew M. Wark
    Title
    Corporate
    Title
    Partner
    Email
    awark@cravath.com
    Phone
    +1-212-474-1592
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      Education

      • J.D., 2013, Columbia Law School
        Harlan Fiske Stone Scholar
      • B.S., 2010, Duke University

      Admitted In

      • New York
      Photo
      Name
      J. Leonard Teti II
      Title
      Tax
      Title
      Partner
      Email
      lteti@cravath.com
      Phone
      +1-212-474-1896
      vCard
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        Education

        • J.D., 2005, University of Virginia School of Law
          Order of the Coif
        • A.B., 1999, Princeton University
          with Honors

        Admitted In

        • New York
        Photo
        Name
        Jonathan J. Katz
        Title
        Executive Compensation and Benefits
        Title
        Partner
        Email
        jkatz@cravath.com
        Phone
        +1-212-474-1538
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          Education

          • LL.M., 2013, New York University School of Law
          • J.D., 2007, Benjamin N. Cardozo School of Law
            Order of the Coif, Dean's Distinguished Scholar, summa cum laude
          • B.S., 2003, Cornell University

          Admitted In

          • New York
          Photo
          Name
          Jelena McWilliams
          Title
          Corporate
          Title
          Partner
          Email
          jmcwilliams@cravath.com
          Phone
          +1-202-869-7710
          vCard
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            Education

            • J.D., 2002, University of California, Berkeley, School of Law
              Highest Honors for JD thesis.
            • B.A., 1999, University of California, Berkeley
              Alumni Scholar, Dean's Honor List, High Distinction

            Admitted In

            • District of Columbia
            • California
            Photo
            Name
            David J. Kappos
            Title
            Corporate
            Title
            Partner
            Email
            dkappos@cravath.com
            Phone
            +1-212-474-1168
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              Education

              • J.D., 1990, University of California, Berkeley, School of Law
              • B.S., 1983, University of California, Davis
                summa cum laude

              Admitted In

              • New York
              • California
              • District of Columbia
              Photo
              Name
              Noah Joshua Phillips
              Title
              Litigation
              Title
              Partner
              Email
              nphillips@cravath.com
              Phone
              +1-202-869-7740
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                Education

                • J.D., 2005, Stanford Law School
                  Winner, 2005 Marion Rice Kirkwood Moot Court
                • A.B., 2000, Dartmouth College
                  Phi Beta Kappa, magna cum laude

                Admitted In

                • New York
                • District of Columbia
                Photo
                Name
                Will C. Giles
                Title
                Corporate
                Title
                Of Counsel
                Email
                wgiles@cravath.com
                Phone
                +1-202-869-7728
                vCard
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                  Education

                  • LL.M., 2010, Boston University
                  • J.D., 2007, University of Virginia School of Law
                  • B.S.B.A., 2004, University of Arkansas, Fayetteville

                  Admitted In

                  • District of Columbia
                  Photo
                  Name
                  Lucas E. Beirne
                  Title
                  Corporate
                  Title
                  Of Counsel
                  Email
                  lbeirne@cravath.com
                  Phone
                  +1-202-869-7742
                  vCard
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                    Education

                    • J.D., 2012, University of Virginia School of Law
                      Order of the Coif
                    • B.S.N., 2008, University of Virginia

                    Admitted In

                    • District of Columbia
                    Photo
                    Name
                    Arian Mossanenzadeh
                    Title
                    Executive Compensation and Benefits
                    Title
                    Senior Attorney
                    Email
                    amossanenzadeh@cravath.com
                    Phone
                    +1-212-474-1571
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                      Education

                      • J.D., 2013, University of Virginia School of Law
                      • B.A., 2008, University of Washington
                        with Distinction, Phi Beta Kappa, magna cum laude

                      Admitted In

                      • New York

                      Related News & Insights

                      Deals & Cases

                      May 15, 2025

                      Greencore’s £1.2 Billion Recommended Acquisition of Bakkavor

                      On May 15, 2025, the boards of Greencore Group plc (“Greencore”), a leading manufacturer of convenience foods in the UK, and Bakkavor Group Plc (“Bakkavor”), a leading provider of fresh prepared food in the UK, announced that they have agreed the terms of a recommended acquisition of Bakkavor by Greencore at a base consideration which values each Bakkavor share at 200 pence, which implies Bakkavor’s entire issued and to be issued share capital is valued at approximately £1.2 billion. Under the terms of the transaction, Bakkavor shareholders will be entitled to (for each Bakkavor share): 0.604 new Greencore shares, 85 pence in cash and one contingent value right. Cravath is representing Greencore as U.S. counsel in connection with the transaction.

                      Deals & Cases

                      May 09, 2025

                      TaskUs’s Take‑Private Acquisition by its Co‑Founders and Blackstone

                      On May 9, 2025, TaskUs, Inc. (“TaskUs”), a leading provider of outsourced digital services and next‑generation customer experience to companies, announced it has entered into a definitive agreement to become a privately held company. Under the terms of the agreement, an affiliate of Blackstone, TaskUs Co‑Founder and Chief Executive Officer Bryce Maddock and TaskUs Co‑Founder and President Jaspar Weir (collectively the “Buyer Group”) will acquire 100% of the outstanding shares of Class A common stock they do not already own for $16.50 per share in an all-cash transaction. Upon completion of the transaction, the Company’s Class A common stock will no longer be listed on any public market. The TaskUs Board of Directors has approved the transaction upon the unanimous recommendation of a special committee of independent directors (the “Special Committee”), which was formed on March 20, 2025, in response to interest expressed by the Buyer Group in exploring a possible transaction. Cravath is representing the Special Committee in connection with the transaction.

                      Deals & Cases

                      March 18, 2025

                      Wiz’s $32 Billion Acquisition by Google

                      On March 18, 2025, Wiz, Inc. (“Wiz”), a leading cloud security platform headquartered in New York, and Google LLC (“Google”) announced they have signed a definitive agreement for Google to acquire Wiz for $32 billion, subject to closing adjustments, in an all‑cash transaction. Once closed, Wiz will join Google Cloud. Cravath is representing Wiz as regulatory counsel in connection with the transaction.

                      Deals & Cases

                      March 17, 2025

                      PepsiCo’s $1.95 Billion Acquisition of poppi

                      On March 17, 2025, PepsiCo, Inc. (“PepsiCo”) announced that it has entered into a definitive agreement to acquire poppi, a prebiotic soda brand, for $1.95 billion, including $300 million of anticipated cash tax benefits for a net purchase price of $1.65 billion. The transaction also includes an additional potential earnout consideration subject to the achievement of certain performance milestones within a specified period after closing of the transaction. Cravath is representing PepsiCo in connection with the transaction.

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