Four Decades for Justice
November 24, 2019
On November 19, 2019, Landscape Acquisitions Holdings Limited (“Landscape”) announced that it has entered into a definitive agreement to acquire AP WIP Investments Holdings, LP, one of the largest global aggregators of real property interests underlying wireless telecommunications cell sites, for consideration of approximately $860 million consisting of cash, shares and assumption of debt. Cravath is representing AP WIP Investments Holdings, LP in connection with the transaction.
The Cravath team is led by partner Thomas E. Dunn and includes associates Sarah R. Jacobson, Justin B. Stein, Ari B. Ruffer and Mose Hogan III on M&A matters; partner J. Leonard Teti II and associates Andrew T. Davis and Cecily Xi on tax matters; partner David J. Kappos and associates F. Adam Abulawi and Somi A. Umolu on intellectual property matters; associate Sally Ye on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; senior attorney Joyce Law and practice area attorneys Brian M. Budnick and Laurel R. Berkowitz on real estate matters; and senior attorney Jesse M. Weiss on antitrust matters. Monica He also worked on M&A matters; and Falguni Joshi and Brian Diliberto also worked on executive compensation and benefits matters.
Deals & Cases
October 02, 2022
On October 1, 2022, RWE AG (“RWE”), a leading renewable energy company, signed a purchase agreement with Con Edison, Inc. to acquire all shares in Con Edison Clean Energy Businesses, Inc., a leading operator and developer of renewable energy plants in the United States, for a purchase price based on an enterprise value of $6.8 billion. Cravath is representing RWE, alongside Hengeler Mueller, in connection with the transaction.
Deals & Cases
September 06, 2022
On September 6, 2022, ADT Inc. (“ADT”) and State Farm announced that State Farm has agreed to make a $1.2 billion equity investment in ADT to acquire 133.3 million shares of ADT’s common stock at $9 a share. In connection with State Farm’s equity investment, ADT will be commencing a self‑tender offer for up to 133.3 million shares of its outstanding common stock and Class B common stock at $9 per share, to be funded by the proceeds from the State Farm equity investment. After the equity investment and tender offer close, State Farm will own approximately 15% of ADT. Additionally, State Farm will commit $300 million to an opportunity fund to support product and technology innovation, customer growth and marketing, and Google has separately agreed to commit an incremental $150 million, raising its total success fund commitment to $300 million. Cravath is representing ADT in connection with the transactions.
Deals & Cases
September 06, 2022
On September 6, 2022, Texas Capital Bancshares, Inc. (“Texas Capital”) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (“BankDirect”), its insurance premium finance subsidiary, to AFCO Credit Corporation (“AFCO”), an indirect wholly‑owned subsidiary of Truist Financial Corp. (“Truist”), in an all‑cash transaction for a purchase price of approximately $3.4 billion. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Cravath is representing Texas Capital in connection with the transaction.
Deals & Cases
August 08, 2022
On August 8, 2022, Global Blood Therapeutics, Inc. (“GBT”), a biopharmaceutical company dedicated to the discovery, development and delivery of life‑changing treatments that provide hope to underserved patient communities, starting with sickle cell disease, and Pfizer Inc. (“Pfizer”) announced that the companies have entered into a definitive agreement under which Pfizer will acquire GBT. Under the terms of the transaction, Pfizer will acquire all the outstanding shares of GBT for $68.50 per share in cash, for a total enterprise value of approximately $5.4 billion, including debt and net of cash acquired. Cravath is representing GBT in connection with the transaction.
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
Attorney Advertising. © 2023 Cravath, Swaine & Moore LLP.