On September 25, 2020, Cravath was recognized by The Deal as part of its 2020 Awards series, which honors the leading “lawyers, bankers and advisors shaping The Deal Economy.”  Cravath received the “Telecom, Media & Technology Law Firm of the Year” award and the “Most Innovative Deal of the Year” award for its representation of Viacom in connection with its combination with CBS. 

On September 25, 2020, The Deal named Cravath partner Mark I. Greene “Dealmaker of the Year” as part of its 2020 Awards series, which honors the leading “lawyers, bankers and advisors shaping The Deal Economy.” The award recognized Mark based on the “quality and volume” of his transactional work, as well as his “expertise in dealmaking.” 

On September 24, 2020, Amentum Holdings LLC (“Amentum”), a leading contractor to U.S. federal and allied governments jointly owned by Lindsay Goldberg and American Securities, and DynCorp International (“DynCorp”), a worldwide leader in aviation and logistics support services, announced a definitive agreement under which an affiliate of Amentum will acquire DynCorp. The acquisition, once finalized, will create one of the largest providers of mission‑critical support services, with more than $6 billion of combined revenue over the last 12 months. Cravath is representing Amentum, Lindsay Goldberg and American Securities in connection with the transaction.

On August 22, 2020, the Austria-based binderholz Group, a leading European company for solid wood products and innovative building solutions, announced it had entered into a definitive agreement to purchase substantially all of the assets of the Florida‑based sawmill operator Klausner Lumber One, LLC after prevailing in an auction held on August 21, 2020 pursuant to Section 363 of the United States Bankruptcy Code. Klausner Lumber One, LLC is currently in Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware. Cravath is representing binderholz Group in connection with the transaction, which closed on September 21, 2020.

On September 23, 2020, Cravath partner George E. Zobitz spoke on a panel entitled “Force Majeure and Business‑Interruption Insurance,” which discussed the applicability of force majeure provisions in contracts during the COVID‑19 pandemic, how they excuse or suspend performance, exceptions to boilerplate contract provisions, and impacts on business interruption insurance. The panel is part of the American Bankruptcy Institute’s “Insolvency 2020: Restructuring, Insolvency & Distressed Debt Virtual Summit,” which is being held from September 16, 2020 to October 27, 2020.

On September 24, 2020, Cravath partner Lauren A. Moskowitz facilitated a panel hosted by the American Bankruptcy Institute and entitled “Views from the Bench: Sales – Chapter 11 or § 363?” which brought together U.S. Bankruptcy Court judges Rebecca B. Connelly of the Western District of Virginia, Martin Glenn of the Southern District of New York and Brendan L. Shannon and Mary F. Walrath of the District of Delaware for a discussion about the novel challenges companies and bankruptcy courts face in light of the COVID‑19 pandemic. The panel is part of the American Bankruptcy Institute’s “Insolvency 2020: Restructuring, Insolvency & Distressed Debt Virtual Summit,” held from September 16, 2020 to October 27, 2020.

On July 1, 2020, PG&E Corporation and Pacific Gas & Electric Company (together, “PG&E”) announced that PG&E has emerged from Chapter 11, successfully completing its restructuring process and implementing PG&E’s Plan of Reorganization that was confirmed by the United States Bankruptcy Court on June 20, 2020. Cravath has represented PG&E as corporate, financing and litigation counsel in its Chapter 11 bankruptcy proceedings, as counsel in the arrangement of its Debtor‑in‑Possession financing, committed debt bridge financing, committed backstop equity financing and marketed equity exit financing, and in litigation related to the 2017 and 2018 Northern California Wildfires.

On September 25, 2020, Cravath partner Ting S. Chen spoke at “Hot Topics in Mergers & Acquisitions 2020,” a program presented virtually by the Practising Law Institute. Ting spoke on a panel entitled “Private M&A Issues,” which reviewed considerations around representation and warranty insurance, how to set clients up for success in purchase price adjustment disputes and considerations around carve‑out transactions.

On September 24, 2020, Cravath partners Damien R. Zoubek and Jenny Hochenberg spoke at the American Bar Association’s Business Law Section virtual annual meeting, which was hosted by the ABA’s Business Law Section Mergers and Acquisitions Committee. Damien and Jenny presented on “Purchase Agreements & the Pandemic” during the “Market Trends” meeting. The presentation discussed the impact of the COVID-19 pandemic on purchase agreements and dealmaking, including material adverse effect (MAE) claims and interim operating covenants.

Cravath partners David R. Marriott, Timothy G. Cameron and Damien R. Zoubek were named to Lawdragon’s 2020 list of “Legends,” which recognizes the lawyers who have been featured among Lawdragon’s list of the “500 Leading Lawyers in America” for 10 consecutive years. Lawdragon described those on the list as among the “industry’s most elite,” noting Dave’s exemplary work “for decades in the areas of antitrust, securities and intellectual property litigation”; Tim’s client base comprising “many of the world’s leading companies” that trust him “with their most important cases”; and Damien’s work in handling multibillion-dollar deals “across almost every major industry.”

Cravath partner David J. Kappos spoke at the IPO Annual Meeting, a program hosted virtually by the Intellectual Property Owners Association from September 21 to September 24, 2020 for intellectual property professionals and owners of patents, trademarks copyright and trade secrets. Dave moderated a panel entitled “The Intersection Between Intellectual Property and Commercial Deals,” which provided practical tips on intellectual property considerations to analyze and implement in various commercial deals.

On September 21, 2020, Illumina, Inc. (“Illumina”) and GRAIL announced they have entered into a definitive agreement under which Illumina will acquire GRAIL for cash and stock consideration of $8 billion. In addition, GRAIL shareholders will receive future payments representing a tiered single digit percentage of certain GRAIL-related revenues. GRAIL, a healthcare company focused on multi-cancer early detection, was founded by Illumina, a global leader in DNA sequencing and array-based technologies, in 2016 and spun out as a standalone company. Cravath is representing Illumina in connection with the transaction.

Cravath represented Cox Communications, Inc., an industry-leading broadband communications company, in connection with its $1.5 billion 144A/Reg. S senior unsecured notes offering. The notes are guaranteed by Cox Communications, Inc.’s parent company, Cox Enterprises, Inc., a leading broadband communications and automotive services company. Proceeds of the offering will be used for general corporate purposes, which may include the repayment of debt. The transaction closed on September 17, 2020.

On September 16, 2020, Human Rights First announced it will award Cravath its 2020 Marvin E. Frankel award, which is presented annually in recognition of a law firm’s demonstrating outstanding dedication to pro bono service related to protecting refugees, clients in immigration detention and asylum-seekers. The award will be presented during Human Rights First’s Virtual Celebration on October 21, 2020. The Firm is being honored for its work on various asylum cases in 2019, for helping to establish new case law that will likely assist other asylum-seekers, and for its longstanding support of Human Rights First.

Cravath represented Nestlé Holdings, Inc. in connection with its $4 billion 144A/Reg. S senior unsecured notes offering. The notes are guaranteed by Nestlé Holdings, Inc.’s parent company, Nestlé S.A., the world’s largest food and beverage company. Proceeds of the offering will be used for general corporate purposes of the Nestlé Group. The transaction closed on September 15, 2020.

Cravath partner Richard J. Stark authored an invited paper commenting on the 2019 book Patent Remedies and Complex Products for the Summer 2020 edition of Jurimetrics, which is published by the American Bar Association's Section of Science & Technology Law. The article examines certain conclusions and recommendations of Patent Remedies and Complex Products related to patent and antitrust litigation in the United States and reviews critical aspects of the calculation of reasonable royalties and injunctive relief, particularly in standard-essential patents.

On September 8, 2020, Cravath partner Richard J. Stark participated in a webinar from The Sedona Conference entitled “The Global Implications of Unwired Planet in Patent SEP/FRAND Litigation.” The webinar discussed the potential impact of the decision by the U.K. Supreme Court in Unwired Planet v. Huawei on SEP/FRAND litigation, including issues of jurisdiction and international comity, the availability of injunctive relief, non‑discrimination as to license terms, and competition law.

On September 14, 2020, Scientific Games Corporation (“Scientific Games”) announced that a number of long‑term institutional investors, including gaming industry investor Caledonia, have reached agreement to acquire a 34.9% stake in Scientific Games from MacAndrews & Forbes Incorporated at a price of $28.00 per share. In connection with the transaction, Scientific Games is implementing a series of governance changes and enhancements to reflect its new investor base and continue to position the Company for growth and value creation. Cravath is representing Scientific Games and its Special Committee of the Board of Directors in connection with the transaction.

On September 10, 2020, Cravath partner David J. Kappos moderated “Innovation Policy and the Role of Standards, IP, and Antitrust,” a virtual panel hosted by LeadershIP as part of its 2020 event series, which brings together scholars, policy makers and industry experts on cutting edge policy issues related to technology, IP and competition. The panel discussed the role of intellectual property, antitrust and standards policies in driving a broader innovation policy framework and highlighted recent developments in the field, including the joint policy statement by the U.S. Patent and Trademark Office, U.S. Department of Justice and National Institute of Standards and Technology on remedies for infringement of standards essential patents.

On September 9, 2020, Vault announced that Cravath was ranked No. 1 on its Vault Law 100, a ranking of the most prestigious law firms across the United States, for the fifth consecutive year. The results of the annual list are based on market feedback from nearly 20,000 law firm associates collected over the course of the last year. In publicizing its results, Vault highlighted comments from survey respondents, who described the Firm as the “gold standard” and “the undisputed top‑of‑the‑market,” and noted the Firm’s influence on the industry, citing its “consistent leadership when it comes to industry practices and standards,” including in the area of associate training.