Law360 Names Cravath a 2023 “Tax Practice Group of the Year”
February 01, 2024
On January 24, 2024, Cravath was featured by Law360 as a “Tax Practice Group of the Year.” The article highlights the Tax Department’s work on a variety of complex global transactions, including its role representing clients Johnson & Johnson in the separation of its Consumer Health Business, Novartis in its $11.4 billion spin‑off of the Sandoz business and Brookfield Renewable in its $2.8 billion acquisition of Duke Energy Renewables.
Cravath partner J. Leonard Teti II noted Cravath’s long‑term relationship with Johnson & Johnson, which made the Firm’s work “especially gratifying,” and the profile recognized how the transaction “showcased the acumen Cravath's tax department has in negotiating varying tax rules for cross‑border deals” as it had to meet tax objectives for more than 100 global jurisdictions. Partner and head of Cravath’s Tax Department Lauren Angelilli echoed this sentiment about the department’s ability to “thread the needle between the U.S. tax rules and the U.S. legal rules and those in other countries.” Len added that despite Cravath’s small number of offices relative to some other firms, “we are able to punch above our weight … we function as a global law firm, working on the largest transactions across the globe.”
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J.D., 2005, University of Virginia School of LawOrder of the Coif
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A.B., 1999, Princeton Universitywith Honors
- New York
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J.D., 2000, Harvard Law Schoolcum laude
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B.S., 1996, The Wharton School of the University of Pennsylvaniamagna cum laude
- New York
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Novartis’s $11.4 Billion Spin‑off of Sandoz
On October 4, 2023, Novartis announced the completion of the 100% spin‑off of the Sandoz business, a global leader in generic pharmaceuticals and biosimilars, into a separately traded independent company through the distribution of a dividend‑in‑kind by Novartis. Each Novartis shareholder will receive one Sandoz share for every five Novartis shares and each Novartis American Depositary Receipt (“ADR”) holder will receive one Sandoz ADR for every five Novartis ADRs. The transaction is valued at approximately $11.4 billion. Cravath represented Novartis as U.S. tax counsel in connection with the transaction.
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Brookfield Renewable’s $2.8 Billion Acquisition of Duke Energy Renewables
On June 12, 2023, Brookfield Renewable, one of the world’s largest publicly traded, pure‑play renewable power platforms, together with its institutional partners, announced that it has agreed to acquire Duke Energy Renewables, a fully integrated developer and operator of renewable power assets in the U.S., at an enterprise value of approximately $2.8 billion, including non‑controlling tax equity interests and the assumption of debt. Cravath is representing Brookfield Renewable in connection with the transaction.
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Johnson & Johnson’s $16.6 Billion Acquisition of Abiomed
On November 1, 2022, Johnson & Johnson and Abiomed, a leader in breakthrough heart, lung and kidney support technologies, announced that they have entered into a definitive agreement under which Johnson & Johnson will acquire through a tender offer all outstanding shares of Abiomed, for an upfront payment of $380 per share in cash, corresponding to an enterprise value of approximately $16.6 billion which includes cash acquired. Abiomed shareholders will also receive a non-tradeable contingent value right (“CVR”) entitling the holder to receive up to $35 per share in cash if certain commercial and clinical milestones are achieved. Cravath is representing Johnson & Johnson in connection with the transaction.
