September 01, 2023
Cravath represented Robinhood Markets, Inc. (“Robinhood”) in its Share Purchase Agreement (the “Share Purchase Agreement”) with the United States Marshals Service (the “USMS”), acting for and on behalf of the United States, pursuant to which Robinhood agreed to purchase 55,273,469 shares of the company’s Class A common stock (the “Shares”) from the USMS for an aggregate purchase price of $605,694,411.59, or approximately $10.96 per share. The transaction closed on August 31, 2023.
Robinhood previously announced on February 8, 2023 that its Board of Directors had authorized it to pursue purchasing most or all of the Shares, which were originally acquired by Emergent Fidelity Technologies, Ltd. before they were seized and subsequently transferred to the custody of the United States.
The Cravath team was led by partners John D. Buretta, Paul H. Zumbro, C. Daniel Haaren, Michael L. Arnold and Bethany A. Pfalzgraf, and included associates Benjamin S. Spiegel, Samantha Greenky and Filareti Kouimtzi Filaretou.
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