Cravath partners Alyssa K. Caples, Nicholas A. Dorsey and Daniel J. Cerqueira spoke at the International Bar Association’s 2025 Annual Conference, which was held November 2-7 in Toronto and convened legal professionals from across the globe.

On November 10, 2025, 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 third quarter of 2025. Highlights from this edition include:

On November 10, 2025, 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, restructuring, regulatory and corporate governance landscape. This edition covers:

In November 2025, Cravath received the 2026 Best Law Firms “Law Firm of the Year” award in Commercial Litigation, ranked by Best Lawyers. Only one law firm is honored in each practice category for their “outstanding performance, experience, and excellence within the legal profession.” Awards are given based on a combination of peer reviews, client feedback, leadership interviews and firm submitted data.

On November 6, 2025, Cravath partner Jonathan J. Katz participated in the Center on Executive Compensation's 2025 Annual Meeting, which was presented by the Chief Human Resource Officer (“CHRO”) Association from November 5‑6 in Washington, D.C. Jon spoke on a panel entitled “Making Winners Without Losers: Pay Strategies to Support CEO Succession,” which discussed keeping internal candidates in the game, encouraging critical development moves and attracting external executives when the moment demands it.

On November 5, 2025, Cravath partner David J. Kappos participated in Asia Society Northern California’s (“ASNC”) “A Workshop on Data Driven Approaches to Understanding Chinese Tech Competitiveness” in Washington, D.C. Hosted as part of ASNC’s Tech Series, the event brought together leading experts and policymakers involved in technology, export controls, trade, intellectual property, talent and education to foster an evidence‑based understanding of China’s evolving technological landscape and to identify actionable insights for U.S. strategy and policy development. Workshop participants discussed topics including patent analytics, intellectual property trends, research output, technology adoption, trade and investment data analysis and the impact of export controls and regulatory tools. Dave spoke on the topic “Uses and Abuses of Intellectual Property to Assess Tech Competitiveness.”

Cravath represented the underwriters in connection with the $1 billion registered fixed‑to‑floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on October 23, 2025.

Cravath represented the underwriters in connection with the $5 billion registered fixed‑to‑floating rate notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on October 22, 2025.

On October 23, 2025, Cravath partner Andrew C. Finch participated in the Global Competition Review Live: Global Merger Control 2025 conference, which was held from October 23‑24 in Brussels, Belgium. The conference brought together practitioners, including private practice lawyers, government representatives and in‑house counsel from more than 20 countries, to debate and analyze the latest major developments in merger control. Andrew was featured in a fireside chat alongside Federal Trade Commission Commissioner Melissa Holyoak.

In October 2025, Cravath partners Jennifer S. Leete and John D. Buretta were named to Securities Docket’s 2025 “Enforcement Elite” list of “the best securities enforcement defense counsel in the business.” The list recognizes “key players in some of the most significant SEC enforcement matters” and honors enforcement defense professionals who “have the right stuff to handle bet‑the‑company matters, but are also the kind of defensive specialists critical to have on speed-dial should the SEC’s Division of Enforcement come calling.”

On October 30, 2025, Cravath partner Jennifer S. Leete participated in Securities Docket’s Securities Enforcement Forum D.C. 2025, held in Washington, D.C. The conference brought together former senior SEC officials, securities enforcement and white‑collar attorneys, in‑house counsel and compliance executives to discuss critical topics in securities enforcement, including cryptocurrency, financial and accounting fraud, the impact of artificial intelligence, investigation strategies and more. Jennifer spoke on a panel entitled “Crypto Unleashed: The SEC’s New Approach to Regulation, Enforcement, and ‘Project Crypto.’”

On November 3, 2025, Kenvue Inc. (“Kenvue”), a global consumer health leader, and Kimberly‑Clark Corporation (“Kimberly‑Clark”), a global personal care leader, announced an agreement under which Kimberly‑Clark will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction that values Kenvue at an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly‑Clark common stock on October 31, 2025. Under the terms of the agreement, which has been unanimously approved by each company’s Board of Directors, Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly‑Clark shares for each Kenvue share held at closing. Upon closing of the transaction, current Kenvue shareholders are expected to own approximately 46% and current Kimberly‑Clark shareholders are expected to own approximately 54% of the combined company on a fully diluted basis. Cravath is representing Kenvue in connection with the transaction.

Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S high‑yield senior notes offering of Danaos Corporation, a global shipping company that operates one of the world's largest fleets of containerships. The transaction closed on October 17, 2025.

On October 29, 2025, Cravath partner Sharonmoyee Goswami participated in “Patent Law Institute 2025: Critical Issues & Best Practices,” a program presented by the Practising Law Institute from October 29‑30 in New York. Sharon spoke on a panel entitled “Recent Court Decisions That Are Shaping Up Patent Law,” which discussed recent Supreme Court decisions and certiorari grants, major Federal Circuit opinions and en banc petitions, patent damages under EcoFactor v. Google and recent changes in USPTO proceedings.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $4 billion revolving credit facility made available to Valero Energy Corporation, a leading multinational manufacturer and marketer of petroleum‑based and low‑carbon liquid transportation fuels and petrochemical products. The transaction closed on October 16, 2025.

On October 28, 2025, Cravath partner Jelena McWilliams participated in Money20/20 USA conference in Las Vegas. Jelena moderated a fireside chat that explored the evolving priorities of the Office of the Comptroller of the Currency (“OCC”) under the leadership of Comptroller Jonathan Gould. The discussion examined how the OCC is shaping transparency, competition, fair access and digital transformation across the banking industry and how the agency’s growing influence is redefining the future of banking and financial innovation.

On October 28, 2025, Cravath prepared a memo for its clients entitled “Back to the Future: IRS and Treasury Reinstate pre‑2024 Guidelines for Spin‑Off Private Letter Rulings.” The memo examines the Internal Revenue Service’s recently released Rev. Proc. 2025‑30, which provides updated guidelines for taxpayers requesting private letter rulings from the IRS for tax‑free spin‑off and split‑off transactions under Section 355. Rev. Proc. 2025‑30 supersedes Rev. Proc. 2024‑24 and withdraws Notice 2024‑38 (together the “2024 Guidance”).

On October 28, 2025, Westinghouse Electric Company (“Westinghouse”), Brookfield Asset Management (“Brookfield”) and Cameco Corporation (“Cameco”) announced that the U.S. Government has entered into a strategic partnership to accelerate the deployment of nuclear power. At the center of the new strategic partnership, at least $80 billion of new reactors will be constructed across the United States using Westinghouse nuclear reactor technology. The partnership contains profit sharing mechanisms that provide for all parties, once certain thresholds are met, to participate in the long‑term financial and strategic value that will be created within Westinghouse by the growth of nuclear energy and advancement of investment into AI capabilities in the United States. Cravath is representing Westinghouse and Brookfield in connection with the strategic partnership.

Cravath represented Alliance Laundry Holdings Inc. in connection with its $950.29 million initial public offering of common stock. Alliance Laundry Holdings, an affiliate of BDT & MSD Partners, LLC, is the world’s largest designer and manufacturer of commercial laundry systems, serving a diverse range of global markets. The transaction closed on October 10, 2025.

Cravath represented the initial purchaser in connection with the $275 million 144A/Reg. S high‑yield senior guaranteed notes offering of Cleveland‑Cliffs Inc., a leading North America‑based steel producer. The transaction closed on October 10, 2025.