Cravath represented Marcura Equities Ltd (“Marcura”), a leading maritime technology provider, in connection with the amendment and restatement of its senior credit facilities. The proceeds were used to finance Marcura’s acquisition of Brightwell Payments, Inc. (“Brightwell Navigator”), the maritime crew payroll and payment services division of Brightwell, an Atlanta-based financial technology company. Marlin Equity Partners is a shareholder of Marcura. The transaction closed on August 1, 2025.

On August 29, 2025, PepsiCo, Inc. (“PepsiCo”) and Celsius Holdings, Inc. (“Celsius Holdings”) announced an agreement to strengthen their long-term strategic partnership. As part of the agreement, (i) Celsius Holdings’ Alani Nu brand will move to the PepsiCo distribution system in the U.S. and Canada, (ii) PepsiCo has acquired $585 million in newly issued convertible 5% preferred stock while extending its existing preferred stock to the same conversion period and (iii) Celsius Holdings has acquired the Rockstar Energy brand in the U.S. and Canada from PepsiCo. PepsiCo will continue to own the Rockstar brand internationally. Celsius Holdings will become the strategic energy lead in the U.S. managing the Celsius, Alani Nu and Rockstar Energy brands, while PepsiCo will lead distribution for the Celsius Holdings portfolio in the U.S. and Canada. Cravath is representing PepsiCo in connection with the transaction.

Cravath partner David J. Kappos participated in the 2025 Global Forum on Intellectual Property, IP Week @ SG 2025, which was hosted by the Intellectual Property Office of Singapore from August 26–27, 2025 in Singapore. Dave spoke on two panels during the forum. The first, entitled “Greening with IP: From Trade Marks to Brands,” explored how trademarks and branding can support sustainability outcomes and addressed legal intricacies related to “going green,” including the risks of greenwashing, building responsible brands and navigating the associated legal landscape. The second panel, entitled “Beyond Battlegrounds: From Territorial Considerations to Strategic Forum Selection,” examined the strategic factors that influence forum selection in IP disputes and provided insights into the comparative advantages of mediation, arbitration and litigation, as well as the use of litigation insurance and third-party funding as tools for financial and risk management.

Cravath represented the underwriters in connection with the $500 million registered senior notes offering of TPG Operating Group II, L.P. TPG Operating Group II, L.P. is a subsidiary of TPG Inc., a leading global alternative asset manager. The transaction closed on August 14, 2025.

Cravath partner Evan Norris and of counsel Dean M. Nickles co-authored a chapter entitled “How to Develop and Implement an Incident Response Plan to Mitigate Impact of Cyberattacks” for Global Investigations Review’s “The Guide to Cyber and Data Privacy Investigations – Fourth Edition,” published on July 31, 2025. The chapter outlines how organizations can mitigate the impact of cyberattacks by crafting, testing and maintaining tailored incident response plans, discussing foundational and structural considerations and providing guidance on classification systems, personnel roles and effective communications during a cyber incident.

Cravath represented the underwriters in connection with the $4.5 billion registered senior notes offering of MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns, operates, develops and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon-based products. The transaction closed on August 11, 2025.

Cravath represented the sales agents in connection with the at-the-market offering of common stock totaling up to $750 million of Sabra Health Care REIT, Inc., a self-administered, self-managed REIT that owns and invests in real estate serving the health care industry. The transaction closed on August 5, 2025.

On July 31, 2025, the U.S. Court of Appeals for the Ninth Circuit unanimously affirmed a jury verdict won by Cravath client Epic against Google in the U.S. District Court for the Northern District of California that Google has engaged in illegal anticompetitive behavior in the distribution of mobile apps and in the handling of in‑app payments. The Ninth Circuit also unanimously affirmed the district court’s permanent injunction against Google. The district court’s injunction prohibits Google from providing benefits to phone manufacturers, app developers and others in exchange for favoring the Google Play Store, prohibits Google from requiring the use of its own payment solution and also requires Google to take steps to restore competition, such as carrying other app stores on the Google Play Store.

Cravath represented the underwriters in connection with the $500 million senior notes offering of Essential Utilities, Inc., a holding company for regulated utilities providing water, wastewater or natural gas services to an estimated 5.5 million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia and Kentucky under the Aqua and Peoples brands. The transaction closed on August 7, 2025. 

On August 12, 2025, Cravath partner Evan A. Hill was featured in Bloomberg Law’s “They’ve Got Next: 40 Under 40” series, which recognizes young lawyers who are “raising the bar in the legal profession,” based on their work on key client matters, assumption of leadership roles, pro bono commitments and more.

On August 12, 2025, Cravath partner Helam Gebremariam was featured in Bloomberg Law’s “They’ve Got Next: 40 Under 40” series, which recognizes young lawyers who are “raising the bar in the legal profession,” based on their work on key client matters, assumption of leadership roles, pro bono commitments and more.

On August 12, 2025, Cravath partner Jin‑Kyu Baek was featured in Bloomberg Law’s “They’ve Got Next: 40 Under 40” series, which recognizes young lawyers who are “raising the bar in the legal profession,” based on their work on key client matters, assumption of leadership roles, pro bono commitments and more.

Cravath represented the initial purchasers in connection with the $1.79 billion 144A/Reg. S high‑yield senior secured notes offering of CHS/Community Health Systems, Inc. CHS/Community Health Systems, Inc., together with its parent company, Community Health Systems, Inc., is one of the nation’s largest healthcare companies. Cravath also represented the dealer manager in connection with the concurrent $1.47 billion cash tender offer. The transactions closed on August 12, 2025.

Cravath partners Christine A. Varney, Karin A. DeMasi, Rachel G. Skaistis, Lauren A. Moskowitz and Vanessa A. Lavely were recognized by Benchmark Litigation in the 2025 edition of the “Top 250 Women in Litigation,” which honors “the most distinguished women in the world of litigation.” Inclusion in the list is based on a review of individual litigators’ professional activities, client feedback surveys and one on one interviews. This is the twelfth consecutive year in which Christine has been selected for inclusion in the publication. Karin and Rachel are recognized for the eighth year, Lauren is recognized for the fifth year and Vanessa is recognized for the first year.

On August 14, 2025, Fitch Learning, a global leader in financial learning and professional certifications, announced it signed an agreement with Moody’s to acquire two of their businesses, Moody’s Analytics Learning Solutions, a global provider of credit training, and the Canadian Securities Institute, a leading provider of professional certifications for the Canadian financial services industry. Cravath is representing Fitch Learning in connection with the transaction.

Cravath released the Summer 2025 issue of its Alumni Journal, which highlights the Firm’s global alumni community. This issue features the career journey of Ed Weiss, Executive Vice President, Corporate Strategy and General Counsel at Fenway Sports Group, as well as a recent conversation with Margot Miller, the Global Vice President of Legal & Corporate Affairs at AB InBev and the company’s e‑commerce platform, BEES. This edition also spotlights the Firm’s antitrust practice and includes photos of the Firm’s new London office, which was recently relocated to 100 Cheapside. 

Cravath partners Helam Gebremariam, Sharonmoyee Goswami, Lauren R. Kennedy, David H. Korn, Lauren M. Rosenberg, Brittany L. Sukiennik and Michael J. Zaken were named by Benchmark Litigation to its 2025 “40 & Under List.” The list honors “the top emerging talent in litigation” and was compiled through a process involving peer and client review, along with examination of individual cases.

On August 5, 2025, Cravath of counsel Scott Reents participated in “The Justice Infrastructure Summit: Improving the Civil Legal Services Ecosystem to Increase Access to Justice,” hosted by Albany Law School and the IOLA Fund. The program, bringing together representatives from legal services organizations across the state, featured two days of in-person collaborative panels and roundtable discussions focused on state support, legal technology and cybersecurity, as well as intake and directory systems. Participants engaged with peers, shared strategies and contributed to the development of a coordinated statewide justice infrastructure. Scott spoke on a panel that explored the use of AI in the legal field.

Cravath represented ADT Inc. (“ADT”) in connection with the registered secondary offering by affiliates of Apollo Global Management, LLC of approximately $678.5 million of shares of ADT common stock, including ADT’s repurchase of a portion of such shares. ADT is a leading provider of security, interactive and smart home solutions. The initial transaction closed on July 28, 2025.

On August 11, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the second quarter of 2025. Highlights from this edition include: