Cravath represented Akastor ASA in connection with its indirect 50% owned affiliate HMH Holding Inc.’s initial public offering of 10,520,000 shares of its Class A common stock at $20.00 per share. The shares began trading on The Nasdaq Global Select Market on April 1, 2026, under the ticker symbol “HMH.” The transaction closed on April 2, 2026.

Cravath represented the underwriters in connection with the $1.2 billion registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. Proceeds of the offering will be used to partially finance Howmet Aerospace Inc.’s acquisition of Consolidated Aerospace Manufacturing, LLC. The transaction closed on March 3, 2026.

Cravath represented the underwriters in connection with the $1 billion registered senior notes offering of Verisk Analytics, Inc., a leading data, analytics and technology provider serving clients in the insurance ecosystem. The transaction closed on February 26, 2026.

On March 11, 2026, Cravath prepared a memo for its clients entitled “FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions.” The memo examines the U.S. Securities and Exchange Commission’s adoption of final rule and form amendments and issuance of a conditional exemptive relief order, as well as the Frequently Asked Questions posted by staff of the Division of Corporation Finance of the SEC, ahead of the March 18, 2026, deadline for compliance with the Holding Foreign Insiders Accountable Act.

On March 3, 2026, Cravath partner David J. Kappos participated in the Intellectual Property Office of Singapore’s “International Tech & IP Disputes Exchange (‘I‑TIDE’) 2026 — AI and Cross‑Border Tech Disputes” in New York. The program focused on arising legal challenges in the age of AI, such as copyright infringement, patent eligibility and trade secret protection. Dave moderated a panel entitled “International Commercial Conflicts Involving AI: Navigating Procedural Intricacies,” which analyzed how disputes arising from artificial intelligence and intellectual property are best resolved in a global, digital environment.

On February 27, 2026, Lawdragon announced the inclusion of 17 Cravath partners in its second annual list of the “500 Global Leaders in Crisis Management.” The list, assembled based on research and peer nominations, recognizes the “best in class” at “calming, managing, defusing and ‘handling’ matters that threaten an institution, whether a global corporation, powerful individual, nonprofit or other entity.”

On February 27, 2026, Paramount Skydance Corporation (“Paramount”) and Warner Bros. Discovery, Inc. ("WBD") announced they have entered into a definitive merger agreement under which Paramount will acquire WBD. Under the terms of the agreement, Paramount will pay $31.00 per share in cash for all outstanding shares of WBD. The transaction values WBD at an enterprise value of $110 billion, and has been unanimously approved by the Boards of Directors of both companies. Cravath is representing Paramount in connection with the transaction.

Cravath represented the underwriters in connection with the $1.5 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 February 12, 2026.

On February 24, 2026, Cravath partner David J. Kappos participated in Stanford University’s Rock Center for Corporate Governance’s “Lawyering in the Age of AI Series: Boardroom Playbook for AI” in Palo Alto, California. The session examined how legal risk and competitive advantage are increasingly being shaped in the boardroom as AI becomes embedded across products, operations and decision‑making. Dave offered insights into how lawyers are advising companies and boards on navigating AI‑related crises and capitalizing on AI‑enabled opportunities.

Cravath represented First Solar, Inc. in connection with its $1.5 billion revolving credit facility. First Solar is America’s leading photovoltaic solar technology and manufacturing company, and the only US‑headquartered company among the world’s largest solar manufacturers. The transaction closed on February 13, 2026.

On January 30, 2026, the California Court of Appeal affirmed the Superior Court of California, County of San Mateo’s grant of summary judgment in favor of Cravath client Dfinity Foundation (“Dfinity”) in a putative securities class action related to Dfinity’s Internet Computer Protocol (“ICP”) master governance tokens. Dfinity is a Swiss not‑for‑profit entity working to create a smart contract platform designed to power blockchain versions of popular internet applications.

Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior notes tack‑on offering of Uniti Services LLC, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc. and CSL Capital, LLC. Uniti Group Inc., the issuers’ parent company, is a premier insurgent fiber provider dedicated to enabling mission‑critical connectivity across the United States. The transaction closed on February 4, 2026.

On January 30, 2026, the United States District Court for the Eastern District of New York granted with prejudice Cravath client Elsevier B.V.’s (“Elsevier”) motion to dismiss an antitrust lawsuit alleging an international conspiracy to fix prices and suppress competition in peer‑reviewed scholarly journal publishing.

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 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 26, 2026, Cravath partner David J. Kappos participated in the Association of Corporate Patent Counsel’s 2026 Midwinter Meeting, which was held from January 25‑28 in Orlando, Florida. The program featured presentations and interactive discussions covering intellectual property topics and best practices. Dave spoke on a panel entitled “The Future of IP Policy.”

On January 19, 2026, The M&A Advisor honored Cravath with the “Chapter 11 Reorganization of the Year (Over $5B)” award as part of the organization’s 20th Annual Turnaround Awards, which will be celebrated at an event on March 24, 2026 in Palm Beach. Winners were selected by a “distinguished panel of their peers” and represent “the highest standards of excellence in the restructuring and corporate finance profession.” Cravath was recognized for its representation of Silvergate Capital Corp. in its Chapter 11 reorganization and liquidation.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with $3.5 billion of credit facilities made available to Genmab, a leading international biotechnology company, and one of its wholly‑owned subsidiaries, Genmab Finance LLC, as part of the financing transactions undertaken in connection with its acquisition of Merus N.V., a leading oncology company developing innovative antibody therapeutics. The credit facilities consisted of a $2 billion term loan “B” facility, a $1 billion term loan “A” facility and a $500 million revolving credit facility. The transaction closed on December 12, 2025.

On January 5, 2026, Cable One, Inc. (“Cable One”) announced it has entered into a definitive agreement to acquire all of the equity interests in Mega Broadband Investments Holdings LLC (“MBI”) that it does not already own in a transaction valued at approximately $1.3 billion. Cable One currently owns a 45% stake in MBI, and certain affiliates of GTCR LLC and MBI management own the balance of MBI. MBI is a leading provider of broadband services across the Southeast, Northwest and Mid‑South United States and offers an extensive range of broadband, fiber connectivity, video and voice services for approximately 210,000 residential and business data customers. Based on currently available information, (i) the purchase price payable by Cable One for the 55% of MBI that it does not already own is expected to range between approximately $475 million and $495 million and (ii) MBI’s total net debt at the time it becomes wholly owned by Cable One is expected to be approximately $845 million to $895 million. Cravath is representing Cable One in connection with the transaction.