Robinhood’s Acquisition of TradePMR

On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.

The Cravath team is led by partner Bethany A. Pfalzgraf and includes associates Marianne Madden, Mariel V. Mok, Shoumick M. Hasan and Asiya Jaffer on corporate matters; partner Andrew T. Davis and associates Carlos Nicholas Obando and Josh Banafsheha on tax matters; partner Jonathan J. Katz and associate Caroline Wyatt on executive compensation and benefits matters; partner David J. Kappos and associate Callum A.F. Sproule on intellectual property matters; partner Jeffrey T. Dinwoodie and associates Caroline B. Shinkle and Liam Ives Morris on financial institutions matters; partner Michael L. Arnold and associate Caroline Henebry on corporate governance matters; and practice area attorney Brian M. Budnick on real estate matters. Vincent Joralemon also worked on intellectual property matters.