Cravath of counsel Scott B. Reents participated in The Sedona Conference’s 2026 Midyear Meeting of Working Group 13 on AI and the Law, held from November 5‑6, 2026 in Vancouver, British Columbia. The event convened judges, in‑house counsel, practitioners, academics, technologists and other leaders navigating the rapidly evolving AI landscape and examined the legal, technical, governance and practical issues that matter most today and those that will define tomorrow. Scott spoke on a panel entitled “Establishing ROI: Building the Business Case for AI in the Legal Profession,” which focused on how legal teams can evaluate the business case for AI beyond narrow cost savings calculations and highlighted practical success factors for responsible adoption.

On November 6, 2026, Cravath prepared a memo for its clients entitled “The Founder’s Primer on Multi-Class Voting Structures.” The memo discusses the core concepts founders should understand about multi-class voting structures, the principal structures in use today and the design decisions founders should consider before an IPO. Specific topics include dual-class and triple-class structures, variable-vote structures, sunset provisions, conversion triggers and accompanying governance features, as well as practical considerations for founders.

On November 5, 2026, Liberty Media Corporation (“Liberty Media”) announced that it has acquired all shares of Liberty Media’s high‑vote Series B common stock held by certain entities related to John C. Malone (the “Malone Holders”) in exchange for shares of Liberty Media’s low‑vote Series A common stock and shares of Liberty Media’s non‑voting Series C common stock. As a result of the transaction, the Malone Holders’ aggregate voting power in Liberty Media declined to approximately 3%, and no holder of Liberty Media common stock holds more than 9% of Liberty Media’s voting power, in each case, based on Liberty Media’s outstanding common stock as of October 30, 2026. The transaction was negotiated and approved by a special committee (the “Special Committee”) of Liberty Media’s board of directors consisting solely of disinterested and independent directors for purposes of Nevada law, advised by its own independent financial and legal advisors. Cravath is representing the Special Committee in connection with the transaction.

Cravath represented Star Bulk Carriers Corp., as U.S. counsel, in connection with the at‑the‑market offerings of common shares totaling up to $116 million. Star Bulk Carriers Corp. is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. The transaction closed on October 9, 2026.

Cravath represented the banks in connection with the combined $2 billion senior notes offerings of State Street Corporation and State Street Bank and Trust Company, providers of a broad range of financial products and services to institutional investors worldwide. The transactions closed on October 20, 2026.

On October 29, 2026, ADT Inc. (“ADT”), a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., and Thrive Holdings, a permanent capital holding company focused on investing in established businesses and advancing their capabilities through technology, announced a definitive agreement under which Thrive Holdings will acquire ADT in an all‑cash transaction. The agreement values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value. Under the terms of the agreement, which ADT’s Board of Directors unanimously approved, ADT stockholders will receive $10.00 per share in cash upon completion. Following completion, ADT will become privately held and its common stock will cease trading on the New York Stock Exchange. Cravath is representing ADT in connection with the transaction.

On October 29, 2026, DoorDash, Inc. (“DoorDash”) and Maplebear Inc. (d.b.a. Instacart) (“Instacart”) announced a definitive agreement under which DoorDash will acquire Instacart for a total value of $65.00 for each Instacart share, or an equity value of approximately $17 billion. The aggregate transaction consideration will be at least 75% cash, with Instacart stockholders able to elect cash, DoorDash stock, or a combination of both, subject to proration so that DoorDash stock does not exceed 25% of the aggregate consideration. Instacart's board of directors has unanimously approved the agreement. Cravath is representing Instacart in connection with the transaction.

Cravath partner Sharonmoyee Goswami participated in “Patent Law Institute 2026: Critical Issues & Best Practices,” a program presented by the Practising Law Institute from October 28‑29, 2026 in New York. Sharon spoke on a panel entitled “Recent Court Decisions That Are Shaping Up Patent Law,” which examined recent Supreme Court petitions and decisions, major Federal Circuit opinions and recent changes in USPTO proceedings.

Cravath represented the initial purchasers in connection with the $3 billion 144A/Reg. S high‑yield senior secured notes offering of TransDigm Inc., a subsidiary of TransDigm Group Incorporated, a leading global designer, producer and supplier of highly engineered aircraft components. Cravath also represented the dealer manager in TransDigm Inc.'s concurrent $2.1 billion cash tender offer. The transaction closed on September 28, 2026.

On October 26, 2026, Intellectual Asset Management (IAM) and World Trademark Review (WTR) published an article by Cravath partners David J. Kappos and Ryan J. Wichtowski and of counsel Kathryn‑Ann Stamm entitled “Rethinking IP Protection Strategies in the Age of AI.” The article examines how developments in AI are challenging traditional approaches to IP protection and recommends that companies combine IP rights with technical architecture, contractual discipline and relationship management to build the most resilient protection strategies.

On October 22, 2026, Cravath partner Andrew C. Finch participated in the Global Competition Review Live: Global Merger Control 2026 conference, which was held from October 22‑23 in Brussels, Belgium. The conference brought together practitioners from across Europe and further afield, including private practice lawyers, government representatives and in‑house counsel, to debate and analyze the latest major developments in merger control. Andrew conducted a fireside chat with Federal Trade Commission Chairman Andrew Ferguson.

Cravath partner Ryan J. Wichtowski participated in the International Law Association’s International Law Weekend, which was held from October 22‑24, 2026 in New York. The conference examined the reordering of the international legal order and explored how states and regional groupings can step forward to uphold, reinterpret and strengthen international law through cooperation, innovation and leadership. Ryan spoke on a panel entitled “Trade in Knowledge in an Unstable Global Economy: Navigating AI Governance, Technical Standards and (Invisible) Tariffs.”

Cravath partner Lauren Angelilli and retired partner Michael L. Schler participated in “Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings 2026,” a program presented by the Practising Law Institute from October 20‑22, 2026 in New York. 

On October 20, 2026, Cravath and Stanford Law School co‑hosted a one‑day AI event at Stanford’s campus in Palo Alto, California. The day featured a program entitled “AI at an Inflection Point,” which examined the rapidly evolving global landscape for advanced AI, including the policy, national security, geopolitical and governance questions shaping its development and deployment. Cravath partner David J. Kappos delivered opening remarks and Cravath partner Ting S. Chen spoke in a fireside chat with Anthropic’s Chief Global Affairs Officer Tino Cuéllar. In addition, Cravath of counsel Scott B. Reents moderated a lunch conversation with authors Kevin Roose and Ethan Mollick in a session entitled “The Future and Business of AI,” which explored where AI is headed, what it means for work and society and how leaders should think about what comes next.

Cravath represented AerCap Funding Designated Activity Company in connection with its $1.5 billion registered senior notes offering. AerCap Funding Designated Activity Company is a wholly owned subsidiary of AerCap Holdings N.V., the global leader in aircraft leasing. The notes were listed on the Irish Stock Exchange. The transaction closed on October 7, 2026.

On October 20, 2026, Cravath and the Agentic Futures Initiative (“AFI”) hosted a discussion in Cravath’s New York office entitled “Agentic AI and the FTC: Competition, Consumer Protection & What’s Next,” which featured David Shaw, Principal Deputy Director of the FTC's Bureau of Competition and Levi Swank, Deputy Director for Litigation in the FTC's Bureau of Consumer Protection. Cravath partner and former FTC Commissioner Noah Joshua Phillips and AFI Executive Director Ryan Dattilo co‑moderated the discussion, which explored how agentic AI is reshaping markets, business practices and regulatory priorities at the FTC, as well as what companies should be considering as autonomous systems become more capable and widespread.

Cravath represented the underwriter in connection with the registered offering by an affiliate of Oaktree Capital Management, L.P. of $254 million of common shares of TORM plc., one of the world’s largest maritime transporters of refined oil products. The shares were listed on the Nasdaq. The transaction closed on October 7, 2026.

Cravath represented the agent and lenders in connection with the unitranche and revolving credit facilities made available to finance Apax Partners’ acquisition of Techoraco, a leading global events platform for the digital infrastructure market, and Institutional Investor, a leading global capital introduction and intelligence platform of curated, event-based memberships.

On October 20, 2026, Alcon, a global leader in eye care, announced it has acquired Neurotech Pharmaceuticals, Inc. (“Neurotech”), a company focused on developing innovative cell therapies for chronic and neurodegenerative eye diseases, for $550 million. Alcon may be required to make additional contingent payments, including upon the achievement of commercial milestones. This acquisition expands Alcon's retina portfolio with ENCELTO™, the first and only U.S. FDA-approved treatment for adults with idiopathic Macular Telangiectasia Type 2 (“MacTel”), a rare, progressive retinal disease that leads to irreversible central vision loss that has historically had no approved treatment options. Cravath represented Neurotech in connection with the transaction.