Jeff Dinwoodie Speaks at Fordham Law’s 2026 Blockchain Regulatory Symposium

On July 30, 2026, TMX Group, a global provider of data, listing services, trading markets, clearing facilities and other services to the global financial community, announced a definitive agreement to make a strategic investment in MEMX, an exchange operator and market technology provider. Concurrent with that transaction, BOX, a U.S. equity options market with both electronic and floor-based trading, will be combined with MEMX, and TMX Group will have an approximately 59% ownership interest in the combined business. Under the terms of the agreement, this transaction will create a consolidated U.S. exchange group with an enterprise value of approximately $2.3 billion. The new entity will be funded by an equity investment from TMX Group of approximately $800 million, a rollover of TMX’s existing equity interest in BOX, committed rollovers from a group of MEMX and BOX investors, comprised of key market participants, and an investment from a new financial partner. Cravath is representing TMX Group in connection with the transaction.

On November 17, 2025, Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), a leading Japanese insurance company and subsidiary of MS&AD Insurance Group Holdings, Inc., announced it has agreed to acquire an 18% equity interest in Barings LLC (“Barings”), an asset management company and wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), from MassMutual. MassMutual will receive approximately $1.44 billion as a result of the transaction. Barings will continue to operate as an independent subsidiary of MassMutual. Cravath is representing MSI in connection with the transaction.

On October 17, 2025, Banco Sabadell announced that the public takeover bid launched by BBVA in May 2024 received support from only 25.47% of shareholders, and therefore lapsed as it failed to reach the minimum acceptance threshold required for completion. Banco Sabadell will continue as an independent bank. Cravath is representing Banco Sabadell as U.S. counsel in connection with this matter.

On September 30, 2025, TXSE Group Inc (“TXSE Group”) announced that the U.S. Securities and Exchange Commission (“SEC”) has formally approved the Texas Stock Exchange’s Form 1 registration to operate as a national securities exchange. Cravath represented TXSE Group in connection with this matter.