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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
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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
                  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

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                    August 15, 2025

                    Fitch Learning’s Acquisition of Moody’s Analytics Learning Solutions and the Canadian Securities Institute

                    On August 14, 2025, Fitch Learning, a global leader in financial learning and professional certifications, announced it signed an agreement with Moody’s to acquire two of their businesses, Moody’s Analytics Learning Solutions, a global provider of credit training, and the Canadian Securities Institute, a leading provider of professional certifications for the Canadian financial services industry. Cravath is representing Fitch Learning in connection with the transaction.

                    Deals & Cases

                    August 11, 2025

                    Intermex’s Acquisition by Western Union

                    On August 10, 2025, International Money Express, Inc. (“Intermex”) and The Western Union Company (“Western Union”) announced they have entered into a definitive agreement under which Western Union will acquire Intermex in an all‑cash transaction at $16.00 per share, representing a total equity and enterprise value of approximately $500 million. Cravath is representing Intermex’s Strategic Alternatives Committee in connection with the transaction.

                    Deals & Cases

                    May 28, 2025

                    rhode’s $1 Billion Acquisition by e.l.f. Beauty

                    On May 28, 2025, rhode, a fast‑growing, multi‑category lifestyle beauty brand founded by Hailey Bieber, and e.l.f. Beauty announced they have signed a definitive agreement for e.l.f. Beauty to acquire rhode. The $1 billion deal is comprised of $800 million of consideration payable at closing in a combination of cash and stock, subject to customary adjustments, and an additional potential earnout consideration of $200 million based on the future growth of the brand over a three‑year timeframe. Hailey Bieber will continue her role as Founder and additionally serve as rhode’s Chief Creative Officer and Head of Innovation, overseeing creative, product innovation and marketing. She will also act as a Strategic Advisor to the combined companies. Cravath is representing Hailey Bieber in connection with the transaction.

                    Deals & Cases

                    May 26, 2025

                    WiseTech Global’s $2.1 Billion Acquisition of e2open

                    On May 25, 2025, WiseTech Global, developer of leading logistics execution software CargoWise, announced it has entered into a binding agreement to acquire E2open Parent Holdings, Inc. (“e2open”), a U.S.‑based leading provider of SaaS solutions in the global logistics value chain, for $3.30 per share in cash equating to an enterprise value of $2.1 billion. Cravath is representing WiseTech Global in connection with the transaction.

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