Cravath partner Elad Roisman participated in “The SEC Speaks in 2025,” a program presented by the Practising Law Institute in cooperation with the U.S. Securities and Exchange Commission (“SEC”) from May 19‑20, 2025, in Washington, D.C. Elad was a commentator alongside other former SEC Commissioners on the panels for Division of Corporation Finance, Division of Trading and Markets and Division of Enforcement. The program convened corporate attorneys, private sector executives and SEC officials, including the Chairman, Commissioners and senior staff, to provide and discuss essential updates on the current initiatives and priorities at the SEC. 

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $7 billion of credit facilities made available to The Home Depot, Inc., the world’s largest home improvement retailer. The transaction closed on May 6, 2025.

On May 20, 2025, Cravath partner Jelena McWilliams participated in S&P Global Market Intelligence’s Community Bankers Conference 2025, which was held from May 18‑20 in Irving, Texas. The conference hosted bank executives, board members, investors, technology providers and advisers to discuss the strategic issues facing community banks and how they can best respond to the market forces continuing to reshape the industry. Jelena was featured in a fireside chat on banking policy and regulation, during which she examined what recent developments reveal about potential regulatory posture, key issues that could have a profound impact on banks’ operations and other hot‑button issues that have surfaced during recent examinations.

Scott Kapusta is the Global Head of Tax at FactSet. In this episode of On Tax, Scott and Cravath partner and host Len Teti discuss how an early interest in economics led Scott to his current corporate tax practice, and how there are benefits to using the process of elimination when it comes to choosing a career path. They also reflect on lessons learned over the course of their long professional relationship, on both sides of the negotiating table, and share insights into what makes tax advisors excel in their roles.

Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S sustainable notes offering of Celulosa Arauco y Constitución S.A., one of Latin America's largest forest plantation owners and one of the world's largest producers of pulp and wood products. The transaction closed on May 5, 2025. 

On May 16, 2025, Cravath partners Ron Creamer, Lauren Angelilli, J. Leonard Teti II, Christopher K. Fargo, Andrew T. Davis and Arvind Ravichandran were named to Lawdragon’s inaugural list of “500 Leading Global Tax Lawyers” in recognition of their work advising clients on the “tax aspects of M&A and other complex transactions.” The list highlights “outstanding leaders” who “preserve the balance between tax responsibilities and fiscal soundness on a global scale.” 

On May 15, 2025, the boards of Greencore Group plc (“Greencore”), a leading manufacturer of convenience foods in the UK, and Bakkavor Group Plc (“Bakkavor”), a leading provider of fresh prepared food in the UK, announced that they have agreed the terms of a recommended acquisition of Bakkavor by Greencore at a base consideration which values each Bakkavor share at 200 pence, which implies Bakkavor’s entire issued and to be issued share capital is valued at approximately £1.2 billion. Under the terms of the transaction, Bakkavor shareholders will be entitled to (for each Bakkavor share): 0.604 new Greencore shares, 85 pence in cash and one contingent value right. Cravath is representing Greencore as U.S. counsel in connection with the transaction.

On May 13, 2025, Cravath partner Jeffrey T. Dinwoodie published an essay in the Yale Journal on Regulation’s Notice & Comment blog entitled “Net Capital and Crypto.” The essay discusses how the application of the SEC’s Net Capital Rule to crypto will likely play a role in shaping crypto market structure under the emerging U.S. regulatory framework.

On April 30, 2025, the U.S. District Court for the Northern District of California granted Cravath client Epic Games, Inc.’s (“Epic”) motion to enforce a nationwide permanent injunction against Apple, Inc.’s (“Apple”) anti‑steering policies for in‑app payments. Epic secured the injunction to restrain and prohibit Apple’s anticompetitive conduct and fees, following a three‑week bench trial in May 2021, in which Cravath also represented Epic. In its April decision, the Court ruled that Apple was in willful violation of the 2021 injunction, having thwarted the injunction’s goals and continued its anticompetitive conduct. The Court noted that “Apple willfully chose not to comply with this Court’s Injunction. It did so with the express intent to create new anticompetitive barriers which would, by design and in effect, maintain a valued revenue stream; a revenue stream previously found to be anticompetitive. That it thought this Court would tolerate such insubordination was a gross miscalculation.” As a result, the Court enjoined Apple from implementing its new restrictions and fees that violated the injunction, effective immediately.

On May 12, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2025. Highlights from this edition include:

On May 12, 2025, Cravath published the latest edition of its Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

On May 9, 2025, Cravath partner Andrew T. Davis participated in the American Bar Association’s Tax Section 2025 May Tax Meeting, which was held from May 8‑10 in Washington, D.C. The meeting convened leading tax attorneys and government officials to discuss the latest federal, state and local tax policies and recent developments in tax law. Andrew spoke on a panel entitled “Dealing with Section 269: A Transactional Approach,” which reviewed the history of section 269, recent IRS guidance on the section and the current market practice of the section when considering various forms of transactions.

On May 12, 2025, Cravath partner Jeffrey T. Dinwoodie participated in the Securities and Exchange Commission (SEC) Crypto Task Force’s “Tokenization – Moving Assets Onchain: Where TradFi and DeFi Meet” roundtable, which was held at the SEC’s Washington, D.C. headquarters. Jeff moderated the panel entitled “Evolution of Finance: Capital Markets 2.0.” The event is part of an ongoing series of roundtables hosted by the SEC’s Crypto Task force on crypto asset regulation.

On May 9, 2025, TaskUs, Inc. (“TaskUs”), a leading provider of outsourced digital services and next‑generation customer experience to companies, announced it has entered into a definitive agreement to become a privately held company. Under the terms of the agreement, an affiliate of Blackstone, TaskUs Co‑Founder and Chief Executive Officer Bryce Maddock and TaskUs Co‑Founder and President Jaspar Weir (collectively the “Buyer Group”) will acquire 100% of the outstanding shares of Class A common stock they do not already own for $16.50 per share in an all-cash transaction. Upon completion of the transaction, the Company’s Class A common stock will no longer be listed on any public market. The TaskUs Board of Directors has approved the transaction upon the unanimous recommendation of a special committee of independent directors (the “Special Committee”), which was formed on March 20, 2025, in response to interest expressed by the Buyer Group in exploring a possible transaction. Cravath is representing the Special Committee in connection with the transaction.

On May 7, 2025, Cravath of counsel Kiran Sheffrin participated in “Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2025,” a program presented by the Practising Law Institute from May 6‑8, 2025, in New York. Kiran spoke on a panel entitled “Distressed Partnerships (Including Bankruptcy and CARES Act),” which reviewed the complexities that arise when a distressed borrower is a partnership, including the assorted types of restructuring transactions that can have varying effects on different partners.

On May 7, 2025, Cravath partner Sharonmoyee Goswami participated in the 7th annual Life Sciences Patent Network North America–Spring Conference, which was hosted by Life Sciences Intellectual Property Review from May 6‑7 in Boston. The conference hosted law firms, in‑house patent counsel and executives from pharmaceutical and biotech companies to discuss the latest legal rulings, legislative changes and strategic approaches transforming the life sciences IP landscape. Sharon spoke on a panel entitled “Patenting Women’s Health: The Rise of Femtech,” which reviewed topics about patenting products and services designed to support women’s health, including how to overcome eligibility hurdles for biomarkers and addressing divided infringement issues for diagnostics.

Cravath represented the underwriters in connection with the $2 billion registered senior notes, floating rate notes and fixed‑to‑floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on April 24, 2025.

On May 7, 2025, Costamare Inc. (“Costamare”) announced that it has completed the spin‑off of its dry bulk business into a standalone public company, Costamare Bulkers Holdings Limited (“Costamare Bulkers”). Each holder of Costamare common shares received one common share of Costamare Bulkers for every five Costamare common shares held as of the close of business on April 29, 2025. Cravath represented Costamare in connection with the transaction.

On May 7, 2025, Cravath partner Elad Roisman was named to Washingtonian’s list of “Washington DC’s 500 Most Influential People of 2025.” Elad’s accompanying profile, in the Banking & Finance category, highlighted his experience as a former Commissioner and Acting Chairman of the U.S. Securities and Exchange Commission and recognized how his “knowledge of SEC requirements” benefits his practice at Cravath. In the profile, Elad also shared the best career advice he ever received: “Go into every meeting expecting to learn something new and be impressed.”

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $2.725 billion of credit facilities made available to Westinghouse Air Brake Technologies Corporation and certain of its subsidiaries. Westinghouse Air Brake Technologies Corporation is a leading global provider of equipment, systems, digital solutions, and value-added services for the freight and transit rail sectors. The facilities consisted of a $2 billion revolving credit facility and a $725 million delayed draw term loan facility. The transaction closed on April 23, 2025.