Tenax’s Merger with Air

On February 17, 2026, Kennedy‑Wilson Holdings, Inc. (“Kennedy Wilson”) and Fairfax Financial Holdings Limited (“Fairfax”) jointly announced that Kennedy Wilson has entered into a definitive agreement to be acquired, in an all cash‑transaction, by an entity affiliated with a consortium led by William McMorrow, Chairman and Chief Executive Officer of Kennedy Wilson, and certain other senior executives of Kennedy Wilson (collectively, the “KW Management Group”), together with Fairfax (collectively, the “Consortium”).

On February 17, 2026, MTN Group Limited (“MTN”), Africa’s largest mobile network operator, announced that it has entered into an agreement with IHS Holding Limited (“IHS”), one of the largest independent owners, operators and developers of shared communications infrastructure in the world, to acquire the remaining shares of IHS not already owned by MTN in an all‑cash transaction at an offer price of $8.50 per IHS share, which implies an enterprise value of $6.2 billion. The structure of the transaction is intended such that, upon completion of IHS’ announced disposals of its Latin American businesses, MTN will acquire 100% of IHS’ African tower portfolio. Following the completion of the transaction, IHS will be de‑listed from the New York Stock Exchange. Cravath is representing MTN in connection with the transaction.

On February 16, 2026, Hapag‑Lloyd signed an agreement with Zim Integrated Shipping Services Ltd. (“ZIM”), the world’s 10th largest container shipping line, under which Hapag‑Lloyd will acquire 100% of ZIM’s shares for a consideration of $35 per share in cash. The total transaction value amounts to over $4 billion. As part of the transaction, FIMI Opportunity Funds will take ownership of a carved‑out Israeli container liner business. Cravath is representing Hapag‑Lloyd in connection with the transaction.

On December 21, 2025, Clearwater Analytics (“CWAN”) announced that it has entered into a definitive agreement to be acquired in a transaction valued at approximately $8.4 billion by a Permira and Warburg Pincus‑led Investor Group (the “Investor Group”), with participation from Temasek. The Investor Group has key support from Francisco Partners. The Special Committee of the CWAN Board of Directors unanimously recommended this transaction and the CWAN Board of Directors subsequently approved this transaction. Under the terms of the agreement, CWAN stockholders will receive $24.55 per share in cash upon completion of the proposed transaction. Cravath is representing the Special Committee of the CWAN Board of Directors in connection with the transaction.