CommScope’s Spin‑Off of its Home Networks Business into Independent Public Company
April 08, 2021
On April 8, 2021, CommScope Holding Company, Inc., a global leader in connectivity solutions for communications networks, announced its plan to spin off its Home Networks business and other initiatives. The separation is intended to be executed through a tax‑free spin‑off to CommScope shareholders to form a new and independent publicly traded company. Cravath is representing CommScope in connection with the transaction.
The Cravath team is led by partners C. Daniel Haaren and Andrew J. Pitts and includes associate Lauren R. Krakovyak on corporate matters; and partners Lauren Angelilli and Christopher K. Fargo on tax matters. Alissa B. Fromkin also worked on tax matters.
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People
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J.D., 2012, New York University School of LawOrder of the Coif, Pomeroy Scholar, magna cum laude
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B.A., 2009, Duke University
- New York
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M.B.A., 1995, Boston Universitywith High Honors
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J.D., 1994, Boston University School of Lawsumma cum laude
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B.A., 1988, Trinity College
- New York
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J.D., 2000, Harvard Law Schoolcum laude
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B.S., 1996, The Wharton School of the University of Pennsylvaniamagna cum laude
- New York
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J.D., 2006, Columbia Law SchoolHarlan Fiske Stone; Michael Lynne Scholar
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B.A., 2003, Boston CollegeHonors Program, cum laude
- New York
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Deals & Cases
March 29, 2021
Cazoo’s $8.1 Billion Business Combination with SPAC AJAX I
On March 29, 2021, Cazoo Holdings Limited (“Cazoo”), the UK’s leading online car retailer, and AJAX I, a publicly‑traded special purpose acquisition company (SPAC), announced the signing of a definitive business combination agreement which values the combined company at a pro forma enterprise value of approximately $7.0 billion and a pro forma equity value of approximately $8.1 billion. Upon closing of the proposed transaction, the combined company will be named Cazoo and listed on the New York Stock Exchange. Cravath, together with Slaughter and May, is representing DMGT, which owns a 20% stake in Cazoo through its venture capital arm dmg ventures, in connection with the transaction.
Deals & Cases
March 26, 2021
Hibu Group Limited’s Sale of U.S. Business to H.I.G. Capital
On March 26, 2021, Hibu Group Limited announced the sale of its U.S. operations (Hibu Group (USA), Inc.) to an affiliate of H.I.G. Capital, a leading global alternative asset management firm. Cravath is representing Hibu Group Limited in connection with the transaction.
Deals & Cases
March 18, 2021
National Grid’s £7.8 Billion Acquisition of Western Power Distribution and $3.8 Billion Sale of The Narragansett Electric Company
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.
Deals & Cases
March 17, 2021
City Brewing Company’s Equity Investment and Business Updates
On March 16, 2021, City Brewing Company, LLC (“City”), the leading co‑manufacturer of high‑growth beverages in the U.S., announced a series of business updates, as well as an equity investment after which a consortium of investors including Charlesbank Capital Partners, Oaktree Capital Management, LLC, Blue Ribbon Partners, LLC, and City management will own 100% of City Brewing. As part of this $630 million investment program, City has agreed to acquire the Irwindale brewery operations from Pabst Brewing Company. Once operational, the newly named “Irwindale Brew Yard” will be the largest full‑service, low‑alcohol beverage contract production facility in the western United States. Cravath is representing City Brewing Company in connection with the transaction.
