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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
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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
              vCard
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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
                Lucas E. Beirne
                Title
                Corporate
                Title
                Of Counsel
                Email
                lbeirne@cravath.com
                Phone
                +1-202-869-7742
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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

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                  On September 30, 2025, Future Standard, a global alternative asset manager, announced it has entered into an agreement to acquire the Digital Infrastructure platform of Post Road Group, an alternative investment advisory firm. The platform specializes in credit and structured equity investments across digital infrastructure assets, including data centers, fiber networks and cloud connectivity. Cravath is representing Future Standard in connection with the transaction.

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