Four Decades for Justice
July 09, 2021
In Bloomberg’s M&A advisory league table results for the first half of 2021, which published in its Global M&A Market Review Legal Rankings, Cravath was ranked No. 1 for cross-border announced deals by volume, having advised on 17 deals worth more than $150 billion. The tables “represent the top financial and legal advisors across a broad array of deal types, regions and industry sectors,” with data comprised of mergers, acquisitions, divestitures, spin-offs and joint ventures among other transactions. Among the announced cross-border transactions on which Cravath advised in the first half of 2021 were AerCap’s acquisition of GE Capital Aviation Services, Canadian National Railway’s combination with Kansas City Southern and National Grid’s acquisition of Western Power Distribution and sale of The Narragansett Electric Company.
Deals & Cases
March 10, 2021
On March 10, 2021, AerCap Holdings N.V. (“AerCap”), a global leader in aircraft leasing, announced that it has entered into a definitive agreement with General Electric (“GE”) under which AerCap will acquire 100% of GE Capital Aviation Services, a GE business. Under the terms of the agreement, which has been unanimously approved by the boards of directors of AerCap and GE, GE will receive 111.5 million newly issued AerCap shares, $24 billion of cash and $1 billion of AerCap notes and/or cash. Cravath is representing AerCap in connection with the transaction.
Deals & Cases
May 21, 2021
On May 21, 2021, Canadian National Railway (“CN”) and Kansas City Southern (“KCS”) announced that they have entered into a definitive merger agreement. Under the terms of the agreement, which was unanimously approved by the Board of Directors of each company, KCS shareholders will receive $325 per common share based on CN’s May 13, 2021 offer, which implies a total enterprise value of $33.6 billion, including the assumption of approximately $3.8 billion of KCS debt. Cravath is representing CN in connection with the transaction.
Deals & Cases
March 18, 2021
On March 18, 2021, National Grid plc (“National Grid”) announced that it has agreed to acquire Western Power Distribution, the UK’s largest electricity distribution business, from PPL Corporation (“PPL”) for an equity value of £7.8 billion, and that National Grid has agreed to sell The Narragansett Electric Company, Rhode Island’s largest electricity transmission and distribution service provider, to PPL for an equity value of $3.8 billion. Cravath is representing National Grid in connection with the transactions.
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