Cravath’s Antitrust Practice Ranks as “Elite” in GCR 100 2021

On May 9, 2019, Cravath client Occidental Petroleum Corporation (“Occidental”) entered into a definitive agreement whereby Occidental will acquire Anadarko Petroleum Corporation (“Anadarko”) for $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock, in a transaction valued at $57 billion, including the assumption of Anadarko’s debt. This follows Occidental’s revised proposal to acquire Anadarko on May 5, 2019. (To read the announcement about the revised proposal, please click here.)

On May 10, 2019, Buckeye Partners, L.P. (“Buckeye”) and IFM Investors announced that they have entered into a definitive agreement under which the IFM Global Infrastructure Fund will acquire all of the outstanding public common units of Buckeye for $41.50 per common unit. The all-cash transaction is valued at $10.3 billion enterprise value and $6.5 billion equity value. Cravath is representing Buckeye in connection with the transaction.

On June 10, 2020, Just Eat Takeaway.com N.V. (“Just Eat Takeaway.com”), a food delivery marketplace with leading positions in the U.K., Germany and the Netherlands, announced it has entered into a definitive agreement to acquire 100% of the shares of Grubhub Inc. in an all-stock transaction to create the largest online food delivery platform outside of China. The transaction implies a total equity consideration, on a fully diluted basis, of $7.3 billion. Cravath represented Just Eat Takeaway.com in connection with the transaction.

On September 11, 2019, the U.S. Court of Appeals for the Second Circuit ruled in favor of Cravath client Sabre Holdings Corporation (“Sabre”) in an antitrust suit brought by US Airways. Citing the U.S. Supreme Court’s 2018 decision in Ohio v. American Express, which Cravath successfully litigated, the Second Circuit vacated a jury verdict against Sabre that had awarded $15 million in damages to US Airways, and remanded for a new trial.