On September 10, 2026, Cravath partner Alyssa K. Caples participated in the International Bar Association’s “Key Developments in Latin American Transactions and Their Financing; a Look at the Present and the Future” conference, in Rio de Janeiro, Brazil. Alyssa spoke on a panel entitled “Tender Offers and Acquisition Finance,” which discussed the challenges and available guidelines for identifying a transfer of control event and the triggers for mandatory tender offers, whether based on subjective or objective criteria. Panelists covered existing debt pushdown structures and the legal and regulatory limits including disclosure for acquisition finance.

On September 9, 2026, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the second quarter of 2026. Highlights from this edition include:

On September 9, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC‑registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on August 25, 2026.

Cravath represented the underwriters in connection with the $2.25 billion registered senior notes offering of MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns, operates, develops and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon‑based products. The transaction closed on August 24, 2026.

Darin Zywan is a Principal, Corporate Tax, at the KPMG Washington National Tax practice. In the Season 12 premiere of On Tax, he and Cravath partner and host Len Teti talk about Darin’s path to the law through the world of accounting, and how an early‑career moment of serendipity led him to discover a passion for corporate tax. They also discuss how a willingness to embrace opportunities to contribute and learn helped drive Darin’s development as a tax lawyer.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million revolving credit facility made available to Valvoline Inc., a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States and Canada. The transaction closed on August 24, 2026.

On September 4, 2026, Stanley Black & Decker, a worldwide leader in Tools and Outdoor, announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel is a leading designer and manufacturer of premium commercial and residential turf‑care equipment under the distinct brand of Hustler Turf Equipment (“Hustler”). Cravath is representing Stanley Black & Decker in connection with the transaction.

Cravath represented the underwriters in connection with the $1.25 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The transaction closed on August 20, 2026.

On September 2, 2026, Cravath partner and former Under Secretary of Commerce and Director of the United States Patent and Trademark Office David J. Kappos testified before the Subcommittee on Courts, Intellectual Property, Artificial Intelligence, and the Internet of the United States House Judiciary Committee. The hearing, entitled “Renewal of USPTO Fee Setting Authority: Giving Full Effect to the America Invents Act,” considered Congress's role in renewing PTO’s fee setting authority alongside the agency discretion and procedural limits Congress built into the American Invents Act.

On September 1, 2026, Intellectual Asset Management (“IAM”) published an article by Cravath partner David J. Kappos and associate Noa M. Ma entitled "Comparable Licences Entered in the Shadow of Litigation are the Best Benchmark." The article discusses whether licenses reached during SEP litigation should be used to determine FRAND rates, arguing that these agreements often provide the best evidence of real‑world market value.

Cravath represented the underwriters in connection with the $2 billion registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. Cravath also represented the dealer managers in The Mosaic Company's concurrent $1.4 billion cash tender offer. The transactions closed on August 17, 2026 and August 18, 2026, respectively.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $4.25 billion revolving credit facility made available to 3M Company, a leading diversified technology company. The transaction closed on August 17, 2026. 

Cravath represented AdvanSix Inc. in connection with $425 million of credit facilities. AdvanSix Inc. is a leading integrated chemistry company that produces essential materials for diverse end markets. The facilities consisted of a $275 million revolving credit facility and a $150 million term loan facility. The transaction closed on August 14, 2026. 

On August 31, 2026, Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Cravath is representing Aon in connection with the transaction.

On August 28, 2026, Columbia Law School's Blue Sky Blog published an article by Cravath of counsel Lucas E. Beirne entitled "Challenging Examination Results." The article examines how recent shifts in federal banking supervision may create new opportunities for banking organizations to challenge examination findings, ratings downgrades and other material supervisory determinations. It discusses informal advocacy strategies, the role of agency ombudsmen and the formal appeals processes available and offers practical guidance for institutions seeking to challenge supervisory decisions.

Cravath represented Illumina, Inc. in connection with its $1 billion revolving credit facility. Illumina, Inc. is a global leader in sequencing- and array‑based solutions for genetic and genomic analysis. The transaction closed on August 13, 2026.

Cravath partner David J. Kappos participated in the 2026 Global Forum on Intellectual Property, entitled “The Rise of AI: Is It IP as Usual?,” which was hosted by the Intellectual Property Office of Singapore from August 26‑27, 2026 in Singapore. Dave spoke on a panel entitled “A Better Brew and Grounds for Recovery: From Drafting to Enforcement,” which explored how parties can manage IP risks from contract design through to recovery—covering practical issues such as territorial restrictions, group structures, audit rights, dispute resolution mechanisms, damages quantification, settlement evaluation, asset tracing and enforcement risk.

On August 24, 2026, Cravath partner Brittany L. Sukiennik was featured as part of Law360’s 2026 “Rising Stars” series as one of the top Energy attorneys in the nation under the age of 40. The related profile highlights Brittany’s work for clients including PG&E and Xcel Energy in sprawling and complex wildfire‑related litigation.

On August 25, 2026, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which provides insight into U.S. and global venture capital and related activity during the first half of 2026 and an outlook for the rest of the year. Key takeaways from this edition include: