Cravath’s London Office Moves to 100 Cheapside
On June 4, 2025, Flowserve Corporation (“Flowserve”) and Chart Industries, Inc. (“Chart”) announced that they have entered into a definitive agreement to combine in an all-stock merger of equals, creating a differentiated leader in industrial process technologies. The combined company is expected to have an enterprise value of approximately $19 billion based on the exchange ratio and the closing share prices for Flowserve and Chart as of June 3, 2025. Under the agreement, which has been unanimously approved by the board of directors of each company, at the closing of the transaction Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. Following the close of the transaction, Flowserve shareholders will own approximately 46.5% and Chart shareholders will own approximately 53.5% of the combined company, on a fully diluted basis. Cravath is representing Flowserve in connection with the transaction.
The Cravath team is led by partners Daniel J. Cerqueira and George F. Schoen and includes associates Maria Ricaurte, Mariel V. Mok, Colin L. Halvey, Michael William Alexander Greenfeld and Nicholas J. Juan on M&A matters; partner Jonathan J. Katz, senior attorney Aaron S. Cha and associates Caroline Wyatt and Louis (Jay) Kober on executive compensation and benefits matters; partners Andrew J. Pitts and Kelly M. Smercina and associate Fay E. Faught on financing matters; partners J. Leonard Teti II and Arvind Ravichandran and associates Tristan Baylor and Jonathan Minion on tax matters; partner Sasha Rosenthal‑Larrea, senior attorney Carys J. Webb and associate Liza C. Clark on intellectual property matters; partner Margaret T. Segall and of counsel Michael B. Singer on antitrust matters; partner John W. White, of counsel William D. Podurgiel and associate Lyudmila D. Kirichenko on corporate governance matters; partner Matthew Morreale and associate Star S. Gulant on environmental matters; and senior attorney Joyce Law and practice area attorney Lauren Piechocki on real estate matters. Simi Fajemisin also worked on antitrust matters. Summer associates Greene Ko and Istvan Zain Kovach also worked on M&A matters and summer associate Chandler O. Rankin also worked on corporate governance matters.
Deals & Cases
November 13, 2024
On November 13, 2024, Just Eat Takeaway.com N.V. (“Just Eat Takeaway.com”), one of the world’s leading global online food delivery companies, announced that it has entered into a definitive agreement to sell Grubhub Inc. (“Grubhub”) to Wonder Group, Inc. (“Wonder”) for an enterprise value of $650 million. Grubhub will be transferred with its $500 million of senior notes. Cravath is representing Just Eat Takeaway.com in connection with the transaction.
Deals & Cases
October 25, 2024
On October 25, 2024, Legal & General (“L&G”), one of the U.K.’s leading financial services groups and a major global investor, announced its strategic investment in Taurus Investment Holdings, LLC (“Taurus”), a Boston‑based, global real estate private equity firm, alongside an initial commitment of up to $200 million in seed capital to multifamily real estate. Cravath is representing L&G in connection with the transaction.
Deals & Cases
July 16, 2024
On July 16, 2024, Atalaya Capital Management LP (“Atalaya Capital Management”), a privately‑held alternative credit manager, and Blue Owl Capital Inc. (“Blue Owl Capital”), an alternative asset manager, announced that they have entered into a definitive agreement for Blue Owl Capital to acquire the business of Atalaya Capital Management for $450 million. The closing purchase price of $450 million is comprised of $350 million of Blue Owl equity and $100 million of cash. In addition, there is potential for up to $350 million of earnout consideration in the form of equity, subject to certain adjustments and achievement of future revenue targets. Cravath is representing Atalaya Capital Management in connection with the transaction.
Deals & Cases
May 28, 2024
On May 28, 2024, United States Cellular Corporation (“UScellular”) announced that it has entered into a definitive agreement to sell its wireless operations and select spectrum assets to T‑Mobile for a purchase price of $4.4 billion, including a combination of cash and up to approximately $2 billion of assumed debt. Under the terms of the agreement, T‑Mobile will acquire UScellular’s wireless operations and approximately 30% of its spectrum assets across several spectrum bands. In addition, T‑Mobile will enter into a new master license agreement with UScellular on more than 2,000 towers. The agreement follows a thorough strategic review process announced in August 2023 and has been unanimously recommended by the independent directors of UScellular and unanimously approved by the Board of Directors of UScellular. Cravath is representing the independent directors of UScellular in connection with the transaction.
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