Cravath represented the initial purchasers in connection with the $700 million 144A/Reg. S high‑yield senior notes offering of The Chemours Company a leading, global provider of performance chemicals. The transaction closed on March 12, 2026.

On March 24, 2026, Cravath partner Evan A. Hill participated in The M&A Advisor’s 2026 Distressed Investing Summit, which took place from March 23‑24 in Palm Beach, Florida. The summit gathered industry leaders to discuss key challenges and opportunities in distressed investing and restructuring. Evan spoke in a fireside chat with Wilbur Ross, former U.S. Secretary of Commerce, during a session entitled “Risks & Returns: Creating Success in Business and Life.”

On March 16, 2026, Cravath prepared a memo for its clients entitled “IRS Interim Guidance on FEOC Rules: Compliance with the Material Assistance Restrictions.” The memo discusses Notice 2026‑15 issued by the Department of the Treasury and the Internal Revenue Service on February 12, 2026, in connection with the foreign entity of concern (“FEOC”) rules that were expanded under the One Big Beautiful Bill Act (the “OBBBA”). The FEOC rules apply to taxpayers claiming tax credits under Sections 45Y, 48E and 45X of the Internal Revenue Code. The notice primarily provides interim guidance regarding the “material assistance” restrictions under the OBBBA, including the calculation methodologies for determining compliance and availability of certain interim safe harbors for certain technologies.

On February 11, 2026, Cravath was featured by Law360 as a “Competition Practice Group of the Year” in recognition of the Firm’s work on high‑stakes antitrust litigation and merger clearance. The profile highlighted the Firm’s trial victory for American Express, in which a jury unanimously found the company not liable for antitrust claims in a class action suit, and the successful dismissal of more than 50 lawsuits in MDL proceedings for Louis Dreyfus Co. The profile also recognized Cravath’s work for Epic Games, which includes securing a nationwide permanent injunction against Google after a trial victory that was later affirmed on appeal, and its representation of a Special Committee of Paramount Global’s board of directors in the company’s $28 billion merger with Skydance Media.

Cravath represented The Walt Disney Company in connection with its $4 billion registered notes offering. The Walt Disney Company is a diversified worldwide entertainment company. The transaction closed on February 12, 2026.

On February 7, 2026, Cravath of counsel Kathryn‑Ann Stamm participated in the New York regional round of the Saul Lefkowitz Moot Court Competition, hosted by the International Trademark Association. Kathryn‑Ann served as a judge for the event, where she evaluated the oral arguments presented by each team. The competition introduces law students to important issues arising in U.S. trademark law and real‑world practice, with this year’s problem focused on damages and whether courts may reach profits of non‑party affiliates, raising corporate‑entity and legal‑structuring questions.

Cravath partner Andrew C. Compton participated in the Forum on North American Infrastructure Investments, which was presented by Cambridge Forums from February 4‑6, 2026, in New Orleans, Louisiana. Through discussions between senior in-house counsel, institutional investors and external lawyers, the Forum explored trends and developments in direct investments in major infrastructure projects from across North America to discern best practices for successfully completing transactions and addressing the long-term risks and challenges facing investors.

Cravath represented AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust in connection with their $1.75 billion registered senior notes offering. AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust are wholly owned subsidiaries of AerCap Holdings N.V., the global leader in aircraft leasing. The notes were listed on the Irish Stock Exchange. The transaction closed on January 15, 2026.

Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior notes offering of Six Flags Entertainment Corporation, Canada's Wonderland Company and Millennium Operations LLC. Six Flags is North America’s largest regional amusement‑resort operator with 26 amusement parks, 15 water parks and nine resort properties across 16 states in the U.S., Canada and Mexico. The transaction closed on January 14, 2026.

On January 27, 2026, Siegfried, a leading global Contract Development and Manufacturing Organization for the pharmaceutical industry, announced it has signed binding agreements with an affiliate of SK Capital Partners to acquire the drug substance business of the Noramco Group and Extractas Bioscience (“Extractas”). The acquired businesses include Noramco, Purisys and Extractas, three high-quality small molecules drug substances sites. Cravath is representing Siegfried in connection with the transaction.

On January 26, 2026, Cravath partner J. Leonard Teti II participated in the International Bar Association Tax Committee’s 15th Annual London Finance and Capital Markets Tax Conference, which was held from January 26‑27. Len was featured in a roundtable discussion entitled “Taxes After the 2024 Storm – Is There a Way Back? The Global Impact of One Big, Beautiful Bill,” during which panelists examined the future of Pillar 1, Pillar 2 and digital services taxes, Sections 891, 896 and 899 retaliatory taxation dynamics, EU state aid rules, ATAD Directives, transfer pricing and joint tax audits on U.S. groups. The discussion also addressed taxing U.S. multinationals from the perspectives of jurisdictions disappointed by the final BEPS 2.0 outcome and the re‑emergence of tax competition across jurisdictions.

On January 16, 2026, Lawdragon announced the inclusion of 27 Cravath partners in its annual list of the “500 Leading Global Antitrust & Competition Lawyers.” The list, assembled based on research and peer nominations, recognizes “the emerging global corps of competition and antitrust” advisors across transactions and litigation who “negotiate deals that pass regulatory scrutiny, battle for consumers as well as companies in massive competition contests and navigate the frameworks of numerous countries and markets for global forces.”

On January 5, 2026, Point Broadband, a provider of high‑speed fiber‑to‑the‑premise internet in small‑town and underserved markets across the United States, announced it has signed a definitive agreement to combine with Clearwave Fiber, a provider of broadband and fiber‑based services to residential and commercial customers which was formed in 2022 through a joint venture among Cable One, GTCR, The Pritzker Organization and Stephens Capital Partners. The combined company will be jointly controlled by GTCR and Berkshire Partners. Cable One, a current investor in both Point Broadband and Clearwave Fiber, will contribute its equity investment in Clearwave Fiber into the go‑forward company and remain a significant shareholder. Cravath is representing Cable One in connection with the transaction.

Cravath represented the underwriters in connection with the $148 million primary common stock offering of Stewart Information Services Corporation. Through its subsidiaries, Stewart Information Services Corporation provides title insurance and real estate transaction services. The transaction closed on December 12, 2025.

Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S high‑yield senior notes offering of Acushnet Company, a wholly‑owned subsidiary of Acushnet Holdings Corp., a global leader in the design, development, manufacture and distribution of performance‑driven golf products. The transaction closed on November 24, 2025.

On December 10, 2025, The Review of Securities & Commodities Regulation published an article written by Cravath partners Andrew J. Pitts, C. Daniel Haaren and Steven Seltzer entitled “Structuring Share Repurchases: Rule 10b‑18 and Rule 10b5‑1 Applied to Various Open‑Market Repurchase Programs.” The article examines share repurchase programs, a tool used by many public companies to return capital to shareholders. It discusses how Rule 10b‑18 and Rule 10b5‑1 of the Securities Exchange Act of 1934 operate, how OMR, ASR and eOMR transactions work and the extent to which Rule 10b‑18 and Rule 10b5‑1 may apply to these types of transactions.

Cravath represented Graham Holdings Company in connection with its $500 million 144A/Reg. S senior notes offering. Graham Holdings Company is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses. The transaction closed on November 24, 2025.

On December 9, 2025, Cravath partner Gary A. Bornstein was featured as a 2025 Competition MVP by Law360, which highlighted his representation of Epic Games in separate antitrust lawsuits against Apple and Google, including securing a District Court decision that Apple violated an anti‑steering injunction, and a victory at the Ninth Circuit affirming Epic Games’ antitrust trial victory and permanent injunction against Google. In the profile, Gary discussed the satisfaction of winning difficult cases, explaining it’s “always a more gratifying victory when the outcome is not assured.” Gary also addressed the challenges of antitrust work, noting that antitrust issues are “company‑defining” and that “working as outside counsel on those cases is really counseling the senior people at the company on issues that go to the heart of their business. It requires you to have a commercial perspective on what's going on.” 

Cravath represented the underwriters in connection with the $900 million registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. The transaction closed on November 13, 2025.

In November 2025, Cravath was shortlisted for Law.com International’s 2025 Banking and Finance Team of the Year award as part of Law.com International’s annual British Legal Awards. The awards honor the “standout achievements of law firms, in‑house teams, chambers, and individuals who are driving the legal profession forward,” recognizing landmark deals, innovative strategies, impactful advocacy and client service shaping the future of the UK legal landscape.