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.

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.

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 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.

On October 8, 2026, Viatris Inc. (“Viatris”), a global healthcare company, and Pacira BioSciences, Inc. (“Pacira”), a leader in innovative non‑opioid pain therapies, announced that they have entered into a definitive agreement under which Viatris has agreed to acquire all of the outstanding shares of common stock of Pacira for $36.50 per share in cash, representing an aggregate equity value of $1.65 billion. Cravath is representing Viatris in connection with the transaction.

On September 29, 2026, the Harvard Law School Forum on Corporate Governance published Cravath’s latest quarterly newsletter on M&A, activism and corporate governance. The newsletter provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape during the second quarter of 2026. Contributors to this edition include partners Margaret T. Segall, Evan A. Hill, Matthew L. Ploszek, Kimberley S. Drexler and Adam M. Sanchez.

On September 30, 2026, Westinghouse Electric Company (“Westinghouse”) and Brookfield Asset Management (“Brookfield”) welcomed the new strategic partnership between the U.S. Government and the Republic of Korea (“Korea”) to support the deployment of Westinghouse technology in the U.S. Under the partnership, Korea commits up to $120 billion of investment to help finance the construction of eight nuclear reactors in the U.S., including six Westinghouse AP1000 reactors and two Korean APR1400 reactors which also incorporate Westinghouse technology. The partnership also provides for a cornerstone equity investment of between 5% and 10% in Westinghouse by Korea. Cravath is representing Westinghouse and Brookfield in connection with the strategic partnership.

On October 1, 2026, Corteva, Inc. (“Corteva”) announced it has successfully spun off its advanced seed and genetics business as a new public company, Vylor, Inc., and will move forward as a leading, pure‑play global crop protection company. Cravath is representing Corteva in connection with the transaction.

On September 4, 2026, Stanley Black & Decker, a worldwide leader in Tools and Outdoor, announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel is a leading designer and manufacturer of premium commercial and residential turf‑care equipment under the distinct brand of Hustler Turf Equipment (“Hustler”). Cravath is representing Stanley Black & Decker in connection with the transaction.

Cravath represented the underwriters in connection with the $2 billion registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. Cravath also represented the dealer managers in The Mosaic Company's concurrent $1.4 billion cash tender offer. The transactions closed on August 17, 2026 and August 18, 2026, respectively.

Cravath represented AdvanSix Inc. in connection with $425 million of credit facilities. AdvanSix Inc. is a leading integrated chemistry company that produces essential materials for diverse end markets. The facilities consisted of a $275 million revolving credit facility and a $150 million term loan facility. The transaction closed on August 14, 2026. 

On August 31, 2026, Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Cravath is representing Aon in connection with the transaction.

On June 29, 2026, Martin Marietta Materials, Inc. (“Martin Marietta”), a leading supplier of aggregates and other building materials, announced that it has entered into a definitive agreement to combine with Lhoist North America, Inc. (“Lhoist North America”), a leading producer of hi‑calcium lime, dolomitic lime and industrial mineral products and a subsidiary of Lhoist Group, for $13.5 billion in cash and shares of Martin Marietta common stock. The transaction is expected to be completed in the second half of 2026, subject to regulatory approvals. Cravath is representing Martin Marietta in connection with the transaction.

On June 24, 2026, the Harvard Law School Forum on Corporate Governance published Cravath’s latest quarterly newsletter on M&A, activism and corporate governance. The newsletter provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape during the first quarter of 2026. Contributors to this edition include partners Margaret T. Segall, Evan A. Hill, Matthew L. Ploszek, Kimberley S. Drexler and Adam M. Sanchez.

On June 16, 2026, Olin Corporation and Huntsman Corporation announced that they have entered into a definitive agreement to combine in an all-stock merger of equals to create a $12+ billion North American chemicals leader. Under the terms of the agreement, Huntsman shareholders will receive 0.5476 shares in Olin for every one share of Huntsman. Upon completion of the transaction, Olin shareholders will own approximately 54.5% and Huntsman shareholders will own approximately 45.5% of the combined company, which will be renamed OlinHuntsman Corporation. Upon closing of the transaction, current Olin President and Chief Executive Officer, Ken Lane, will serve as Chief Executive Officer of OlinHuntsman. Current Chairman, President and Chief Executive Officer of Huntsman, Peter Huntsman, will serve as non-executive Chairman of OlinHuntsman’s Board of Directors. OlinHuntsman’s Board of Directors will consist of ten members, with equal representation from Olin and Huntsman. The transaction is expected to close in the first half of 2027, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Olin’s shareholders and Huntsman’s shareholders. Cravath is representing Olin Corporation in connection with the transaction.

Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior notes offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities-based technology and communications company that provides a broad array of integrated products and services. Cravath also represented the dealer managers in connection with Level 3 Financing, Inc., Lumen Technologies, Inc. and Qwest Capital Funding, Inc.'s concurrent $750 million cash tender offers. The transactions closed on May 21, 2026.

On April 27, 2026, Integris, a national leader in managed AI and IT services backed by OMERS Private Equity, announced its intent, subject to regulatory approval, to acquire First Focus, the largest managed service provider serving small and midsize businesses in Australia, New Zealand and the Philippines. Cravath is representing Integris as U.S. counsel in connection with the transaction.

On April 27, 2026, Thermo Fisher Scientific Inc. (“Thermo Fisher”), the world leader in serving science, announced that it has signed a definitive agreement to sell its microbiology business, which provides antimicrobial susceptibility testing and culture media solutions for clinical, pharmaceutical and food safety testing, to Astorg, a leading pan‑European private equity firm, for consideration of approximately $1.075 billion, consisting of cash and a $50 million seller note. Cravath is representing Thermo Fisher in connection with the transaction.

Cravath represented the administrative agents, joint lead arrangers and joint bookrunners in connection with a $5 billion revolving credit facility made available to Marathon Petroleum Corporation, a leading, integrated, downstream and midstream energy company, and a $2.5 billion revolving credit facility made available to MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. The transactions closed on April 7, 2026.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $2.5 billion revolving credit facility made available to Expedia Group, Inc., one of the world’s largest online travel companies. The transaction closed on March 27, 2026.