Four Decades for Justice
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; partner Daniel K. Zach and 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.
Deals & Cases
September 18, 2023
On September 18, 2023, OMERS Private Equity announced the signing of a definitive agreement to acquire a majority stake in Knight Commercial, a leading provider of commercial restoration services. Cravath is representing OMERS Private Equity in connection with the transaction.
Deals & Cases
May 30, 2023
On May 30, 2023, Oshkosh Corporation (“Oshkosh”), a leading innovator of purpose‑built vehicles and equipment, announced that it has entered into a definitive agreement to acquire the AeroTech business (“AeroTech”) from JBT Corporation in an $800 million all‑cash transaction. AeroTech is a leading provider of aviation ground support products, gate equipment and airport services to commercial airlines, airports, air‑freight carriers, ground handling and military customers. Cravath is representing Oshkosh in connection with the transaction.
Deals & Cases
October 02, 2022
On October 1, 2022, RWE AG (“RWE”), a leading renewable energy company, signed a purchase agreement with Con Edison, Inc. to acquire all shares in Con Edison Clean Energy Businesses, Inc., a leading operator and developer of renewable energy plants in the United States, for a purchase price based on an enterprise value of $6.8 billion. Cravath is representing RWE, alongside Hengeler Mueller, in connection with the transaction.
Deals & Cases
September 06, 2022
On September 6, 2022, ADT Inc. (“ADT”) and State Farm announced that State Farm has agreed to make a $1.2 billion equity investment in ADT to acquire 133.3 million shares of ADT’s common stock at $9 a share. In connection with State Farm’s equity investment, ADT will be commencing a self‑tender offer for up to 133.3 million shares of its outstanding common stock and Class B common stock at $9 per share, to be funded by the proceeds from the State Farm equity investment. After the equity investment and tender offer close, State Farm will own approximately 15% of ADT. Additionally, State Farm will commit $300 million to an opportunity fund to support product and technology innovation, customer growth and marketing, and Google has separately agreed to commit an incremental $150 million, raising its total success fund commitment to $300 million. Cravath is representing ADT in connection with the transactions.
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
Attorney Advertising. © 2023 Cravath, Swaine & Moore LLP.