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News & Insights

Texas Capital Bank’s $3.4 Billion Sale of BankDirect Capital Finance to Truist

September 06, 2022

On September 6, 2022, Texas Capital Bancshares, Inc. (“Texas Capital”) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (“BankDirect”), its insurance premium finance subsidiary, to AFCO Credit Corporation (“AFCO”), an indirect wholly‑owned subsidiary of Truist Financial Corp. (“Truist”), in an all‑cash transaction for a purchase price of approximately $3.4 billion. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Cravath is representing Texas Capital in connection with the transaction.

The Cravath team is led by partners Mark I. Greene, G.J. Ligelis Jr. and Bethany A. Pfalzgraf and includes associates Maria Ricaurte, Connor F. O’Neill and Caroline B. Bowman on corporate matters; partners Andrew J. Pitts, George E. Zobitz and D. Scott Bennett and associate Carol S. Lin on financing matters; partner Ronald E. Creamer Jr. and associate Sonia Katharani‑Khan on tax matters; partner Eric W. Hilfers and associates Tiffany B. Wong and Brendon J. Rivard on executive compensation and benefits matters; partner Sasha Rosenthal‑Larrea and associate Kathryn‑Ann Stamm on intellectual property matters; foreign associate attorney Stijn de Jong on regulatory matters; partner Matthew Morreale on environmental matters; of counsel Kimberley S. Drexler on corporate governance matters; senior attorney Will C. Giles and associate Caroline B. Shinkle on bank regulatory matters; and senior attorney Joyce Law and practice area attorney Lauren Piechocki on real estate matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Financial Institutions Group (FIG)
  • Capital Markets
  • Banking and Credit
  • Tax
  • Executive Compensation and Benefits
  • Intellectual Property
  • Antitrust
  • Environmental
  • Corporate Governance and Board Advisory
  • Financial Services and Insurance

People

Photo
Name
Mark I. Greene
Title
Corporate
Title
Partner
Email
mgreene@cravath.com
Phone
+1-212-474-1150
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    Education

    • J.D., 1993, University of Pennsylvania Law School
    • B.A., 1989, Cornell University

    Admitted In

    • New York
    Photo
    Name
    G.J. Ligelis Jr.
    Title
    Corporate
    Title
    Partner
    Email
    gligelisjr@cravath.com
    Phone
    +1-212-474-1892
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      Education

      • J.D., 2009, Harvard Law School
        cum laude
      • A.B., 2006, Princeton University
        Phi Beta Kappa, magna cum laude

      Admitted In

      • New York
      Photo
      Name
      Bethany A. Pfalzgraf
      Title
      Corporate
      Title
      Partner
      Email
      bpfalzgraf@cravath.com
      Phone
      +1-212-474-1728
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        Education

        • J.D., 2014, Columbia Law School
          Harlan Fiske Stone Scholar
        • B.A., 2010, Boston College
          College of Arts and Sciences Honors Program, cum laude

        Admitted In

        • New York
        Photo
        Name
        Andrew J. Pitts
        Title
        Corporate
        Title
        Partner
        Email
        apitts@cravath.com
        Phone
        +1-212-474-1620
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          Education

          • M.B.A., 1995, Boston University
            with High Honors
          • J.D., 1994, Boston University School of Law
            summa cum laude
          • B.A., 1988, Trinity College

          Admitted In

          • New York
          Name
          George E. Zobitz
          Title
          Corporate
          Title
          Partner
          Email
          jzobitz@cravath.com
          Phone
          +1-212-474-1996
          vCard
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            Education

            • J.D., 1995, New York University School of Law
              with Honors, cum laude
            • B.A., 1991, Franklin & Marshall College

            Admitted In

            • New York
            Photo
            Name
            D. Scott Bennett
            Title
            Corporate
            Title
            Partner
            Email
            sbennett@cravath.com
            Phone
            +1-212-474-1132
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              Education

              • J.D., 2006, Emory University School of Law
              • B.A., 2002, Duke University

              Admitted In

              • New York
              Photo
              Name
              Ron Creamer
              Title
              Tax
              Title
              Partner
              Email
              rcreamer@cravath.com
              Phone
              +1-212-474-1010
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                Education

                • M.P.P.M., 1991, Yale University
                • J.D., 1991, Yale Law School
                • A.B., 1987, Princeton University

                Admitted In

                • New York
                Photo
                Name
                Eric W. Hilfers
                Title
                Executive Compensation and Benefits
                Title
                Partner
                Email
                ehilfers@cravath.com
                Phone
                +1-212-474-1352
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                  Education

                  • J.D., 1998, University of Chicago Law School
                    with Honors
                  • A.B., 1995, Princeton University

                  Admitted In

                  • New York
                  Photo
                  Name
                  Sasha Rosenthal-Larrea
                  Title
                  Corporate
                  Title
                  Partner
                  Email
                  srosenthal-larrea@cravath.com
                  Phone
                  +1-212-474-1967
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                    Education

                    • J.D., 2010, Columbia Law School
                      Harlan Fiske Stone Scholar
                    • A.B., 2007, Brown University

                    Admitted In

                    • New York
                    Photo
                    Name
                    Matthew Morreale
                    Title
                    Corporate
                    Title
                    Partner
                    Email
                    mmorreale@cravath.com
                    Phone
                    +1-212-474-1534
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                      Education

                      • J.D., 1997, Columbia Law School
                        Harlan Fiske Stone Scholar
                      • M.S., 1994, University of Pennsylvania
                      • B.A., 1990, University of Pennsylvania
                      • B.A.S., 1990, University of Pennsylvania

                      Admitted In

                      • New York
                      Photo
                      Name
                      Kimberley S. Drexler
                      Title
                      Corporate
                      Title
                      Partner
                      Email
                      kdrexler@cravath.com
                      Phone
                      +1-212-474-1434
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                        Education

                        • J.D., 1997, Yale Law School
                          Coker Fellow
                        • B.A., 1993, University of Virginia
                          Highest Distinction, Echols Scholar, Phi Beta Kappa

                        Admitted In

                        • New York
                        Photo
                        Name
                        Kathryn-Ann Stamm
                        Title
                        Corporate
                        Title
                        Of Counsel
                        Email
                        kstamm@cravath.com
                        Phone
                        +1-212-474-1979
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                          Education

                          • J.D., 2016, Cornell Law School
                          • LL.M., 2016, City University of Hong Kong
                          • Master II, 2016, University Paris 1 Panthéon-Sorbonne
                          • Master I, 2013, University Paris 1 Panthéon-Sorbonne
                          • LL.B., 2013, University Paris 1 Panthéon-Sorbonne
                          • LL.B., 2013, King's College London
                            First Class Honors.

                          Admitted In

                          • New York
                          Photo
                          Name
                          Will C. Giles
                          Title
                          Corporate
                          Title
                          Of Counsel
                          Email
                          wgiles@cravath.com
                          Phone
                          +1-202-869-7728
                          vCard
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                            Education

                            • LL.M., 2010, Boston University
                            • J.D., 2007, University of Virginia School of Law
                            • B.S.B.A., 2004, University of Arkansas, Fayetteville

                            Admitted In

                            • District of Columbia
                            Photo
                            Name
                            Joyce Law
                            Title
                            Corporate
                            Title
                            Senior Attorney
                            Email
                            jlaw@cravath.com
                            Phone
                            +1-212-474-1066
                            vCard
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                              Education

                              • J.D., 1997, Boston University School of Law
                              • B.Comm., 1994, University of Alberta
                                Distinction

                              Admitted In

                              • New York
                              Name
                              Lauren Piechocki
                              Title
                              Corporate
                              Title
                              Practice Area Attorney
                              Email
                              lpiechocki@cravath.com
                              Phone
                              +1-212-474-1875
                              vCard
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                                Education

                                • J.D., 2012, Hofstra University School of Law
                                • B.A., 2005, Syracuse University
                                  Dean's Scholar Maxwell Citizen Education Conference Scholar, cum laude

                                Admitted In

                                • New York

                                Related News & Insights

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                                March 18, 2025

                                Wiz’s $32 Billion Acquisition by Google

                                On March 18, 2025, Wiz, Inc. (“Wiz”), a leading cloud security platform headquartered in New York, and Google LLC (“Google”) announced they have signed a definitive agreement for Google to acquire Wiz for $32 billion, subject to closing adjustments, in an all‑cash transaction. Once closed, Wiz will join Google Cloud. Cravath is representing Wiz as regulatory counsel in connection with the transaction.

                                Deals & Cases

                                March 17, 2025

                                PepsiCo’s $1.95 Billion Acquisition of poppi

                                On March 17, 2025, PepsiCo, Inc. (“PepsiCo”) announced that it has entered into a definitive agreement to acquire poppi, a prebiotic soda brand, for $1.95 billion, including $300 million of anticipated cash tax benefits for a net purchase price of $1.65 billion. The transaction also includes an additional potential earnout consideration subject to the achievement of certain performance milestones within a specified period after closing of the transaction. Cravath is representing PepsiCo in connection with the transaction.

                                Deals & Cases

                                February 24, 2025

                                Bridge Investment Group’s $1.5 Billion Acquisition by Apollo

                                On February 24, 2025, Bridge Investment Group Holdings Inc. (“Bridge”), a leading alternative investment manager diversified across specialized asset classes, and Apollo Global Management, Inc. (“Apollo”) announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all‑stock transaction with an equity value of approximately $1.5 billion. Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively. Cravath is representing the special committee of the Bridge Board of Directors in connection with the transaction.

                                Deals & Cases

                                February 10, 2025

                                FactSet’s Acquisition of LiquidityBook

                                On February 10, 2025, FactSet, a global financial digital platform and enterprise solutions provider, announced the acquisition of LiquidityBook, a leading provider of cloud‑native buy- and sell‑side trading solutions, for a gross purchase price of $246.5 million in cash. Cravath is representing FactSet in connection with the transaction.

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