Cravath’s New York Office Moves to Two Manhattan West
On September 30, 2022, Cravath partner David J. Perkins participated in the International Bar Association’s 2022 Private Equity Transactions Symposium, which was held in London from September 29‑30, 2022. Dave spoke on a panel entitled “Key Legal Issues in Private Equity Deals Today,” which explored pressing legal issues private equity dealmakers face today in negotiating a transaction.
Deals & Cases
July 22, 2022
On July 18, 2022, Chapford SMA Partnership, L.P. received final approval from the United States Bankruptcy Court for the Southern District of Texas to become a replacement debtor in possession (“DIP”) lender for GWG Holdings, Inc. (“GWG”) and its debtor subsidiaries in their chapter 11 proceedings. In addition to the replacement DIP facility, this Chapford-sponsored investment vehicle entered into an option agreement giving GWG the right to sell its life settlement portfolio to the investment vehicle for $610 million pursuant to a fully-negotiated APA and requiring GWG to designate the investment vehicle as “stalking horse” bidder in any sale process should it choose to pursue a sale of its portfolio. Cravath is representing Chapford SMA Partnership, L.P., in connection with the DIP financing and option agreement.
Deals & Cases
May 26, 2022
On May 26, 2022, Kudu Investment Management, LLC (“Kudu”), an independent provider of permanent capital solutions to asset and wealth managers worldwide, announced that White Mountains Insurance Group, Ltd. (“White Mountains”) has agreed to contribute an additional $50 million of equity capital to Kudu, alongside a new investment in Kudu by Massachusetts Mutual Life Insurance Company. As a result of the transaction, White Mountains’ equity ownership of Kudu decreased from 99% to 89%. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
May 09, 2022
On May 9, 2022, White Mountains Insurance Group, Ltd. (“White Mountains”), a financial services holding company, announced that it has signed a definitive agreement to sell NSM Insurance Group (“NSM”), a full‑service MGA and program administrator for specialty property and casualty insurance, to investment funds affiliated with global investment firm Carlyle. The transaction values NSM at $1.775 billion. Cravath is representing White Mountains and NSM in connection with the transaction.
Deals & Cases
May 04, 2022
On May 4, 2022, Summit Interconnect, a leading provider of complex printed circuit boards which is majority‑owned by private investment firm Lindsay Goldberg, announced the acquisition of Royal Circuit Solutions, one of America’s leading providers of quick‑turn, advanced technology prototype printed circuit boards. Cravath is representing Summit Interconnect in connection with the transaction.
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