Four Decades for Justice
Bethany A. Pfalzgraf focuses her practice on public and private mergers and acquisitions, as well as corporate governance and disclosure matters.
Ms. Pfalzgraf’s clients have included Airspan, Ahold Delhaize, Aras, Bharti, Biogen, Deutsche Börse, Eurazeo, Global Blood Therapeutics, GreenSky, IBM, Picard Groupe, Qualcomm, RELX Group, Robinhood, SPANX, Texas Capital Bank, Thermo Fisher Scientific, Unilever, US Foods, Vista Outdoor and Xerox.
Ms. Pfalzgraf’s notable M&A transactions include representing:
- Thermo Fisher Scientific in its $20.9 billion acquisition of PPD and its pending $3.1 billion acquisition of Olink;
- Biogen in its $7.3 billion acquisition of Reata Pharmaceuticals and its strategic collaboration agreement with Skyhawk;
- Global Blood Therapeutics in its $5.4 billion acquisition by Pfizer;
- Deutsche Börse in its €3.9 billion acquisition of SimCorp and the combination of ISS and Qontigo’s index business as ISS STOXX;
- Texas Capital Bank in the $3.4 billion sale of BankDirect Capital Finance to Truist;
- GreenSky in its $2.24 billion acquisition by Goldman Sachs;
- Vista Outdoor in the pending $1.91 billion sale of its Sporting Products business to Czechoslovak Group;
- US Foods in its $970 million acquisition of Smart Foodservice and $1.8 billion acquisition of SGA Food Group;
- Bharti in the acquisition of, and $1 billion investment in, OneWeb by a consortium led by Bharti and Her Majesty’s Government;
- Robinhood in its $605.7 million purchase from the United States Marshals Service of shares previously owned by Emergent Fidelity Technologies, a firm co‑founded by FTX founder Sam Bankman‑Fried;
- Ahold Delhaize in the pending sale of its FreshDirect business to Getir;
- Airspan in the sale of Mimosa to Radisys;
- Thrivent in its acquisition of a majority stake in College Avenue;
- Unilever in its acquisition of a majority stake in Nutrafol;
- RELX Group in its acquisition of Human API, its acquisition of Interfolio and its acquisition of BehavioSec;
- SPANX in its sale of a majority stake to funds managed by Blackstone;
- Aras in its substantial growth investment from GI Partners;
- Eurazeo in its acquisition of Scaled Agile; and
- IBM in the sale of its healthcare and data analytics assets, part of the Watson Health business, to Francisco Partners, its acquisition of McD Tech Labs from McDonald’s and its collaboration with Maersk to jointly develop TradeLens, a blockchain‑enabled shipping solution.
In 2023, Ms. Pfalzgraf was named one of the “Top Women in Dealmaking” by The Deal and was included in the Lawdragon 500 X – The Next Generation list.
Ms. Pfalzgraf is from Londonderry, New Hampshire. She received a B.A. cum laude from Boston College in 2010 and a J.D. from Columbia Law School in 2014, where she was a Harlan Fiske Stone Scholar, a member of the Journal of Transnational Law and a member of the Moot Court.
Ms. Pfalzgraf joined Cravath in 2014 and was elected a partner in 2021.
Ms. Pfalzgraf’s notable M&A transactions include representing:
- Thermo Fisher Scientific in its $20.9 billion acquisition of PPD and its pending $3.1 billion acquisition of Olink;
- Biogen in its $7.3 billion acquisition of Reata Pharmaceuticals and its strategic collaboration agreement with Skyhawk;
- Global Blood Therapeutics in its $5.4 billion acquisition by Pfizer;
- Deutsche Börse in its €3.9 billion acquisition of SimCorp and the combination of ISS and Qontigo’s index business as ISS STOXX;
- Texas Capital Bank in the $3.4 billion sale of BankDirect Capital Finance to Truist;
- GreenSky in its $2.24 billion acquisition by Goldman Sachs;
- Vista Outdoor in the pending $1.91 billion sale of its Sporting Products business to Czechoslovak Group;
- US Foods in its $970 million acquisition of Smart Foodservice and $1.8 billion acquisition of SGA Food Group;
- Bharti in the acquisition of, and $1 billion investment in, OneWeb by a consortium led by Bharti and Her Majesty’s Government;
- Robinhood in its $605.7 million purchase from the United States Marshals Service of shares previously owned by Emergent Fidelity Technologies, a firm co‑founded by FTX founder Sam Bankman‑Fried;
- Ahold Delhaize in the pending sale of its FreshDirect business to Getir;
- Airspan in the sale of Mimosa to Radisys;
- Thrivent in its acquisition of a majority stake in College Avenue;
- Unilever in its acquisition of a majority stake in Nutrafol;
- RELX Group in its acquisition of Human API, its acquisition of Interfolio and its acquisition of BehavioSec;
- SPANX in its sale of a majority stake to funds managed by Blackstone;
- Aras in its substantial growth investment from GI Partners;
- Eurazeo in its acquisition of Scaled Agile; and
- IBM in the sale of its healthcare and data analytics assets, part of the Watson Health business, to Francisco Partners, its acquisition of McD Tech Labs from McDonald’s and its collaboration with Maersk to jointly develop TradeLens, a blockchain‑enabled shipping solution.
In 2023, Ms. Pfalzgraf was named one of the “Top Women in Dealmaking” by The Deal and was included in the Lawdragon 500 X – The Next Generation list.
Ms. Pfalzgraf is from Londonderry, New Hampshire. She received a B.A. cum laude from Boston College in 2010 and a J.D. from Columbia Law School in 2014, where she was a Harlan Fiske Stone Scholar, a member of the Journal of Transnational Law and a member of the Moot Court.
Ms. Pfalzgraf joined Cravath in 2014 and was elected a partner in 2021.
Education
-
J.D., 2014, Columbia Law SchoolHarlan Fiske Stone Scholar
-
B.A., 2010, Boston CollegeCollege of Arts and Sciences Honors Program, cum laude
Admitted In
- New York
Rankings
The Deal
- Top Women in Dealmaking (2023)
Lawdragon
- 500 X – The Next Generation (2023)
Deals & Cases
November 08, 2023
Ahold Delhaize USA’s Sale of its FreshDirect Business to Getir
On November 8, 2023, Ahold Delhaize USA, a division of Netherlands-based Ahold Delhaize and the parent company of its U.S. companies, announced that it has entered into an agreement to sell its FreshDirect business to Getir, a pioneer in ultrafast grocery delivery operating in the U.S. and globally. Cravath is representing Ahold Delhaize USA in connection with the transaction.
Deals & Cases
October 17, 2023
Thermo Fisher Scientific’s Acquisition of Olink
On October 17, 2023, Thermo Fisher Scientific Inc. (“Thermo Fisher”), the world leader in serving science, and Olink Holding AB (publ) (“Olink”), a leading provider of next generation proteomics solutions, announced that their respective boards of directors have approved Thermo Fisher’s proposal to acquire Olink for $26.00 per common share in cash, representing $26.00 per American Depositary Share in cash. Thermo Fisher will commence a tender offer to acquire all of the outstanding Olink common shares and all of the American Depositary Shares. The transaction values Olink at approximately $3.1 billion which includes net cash of approximately $143 million. Cravath is representing Thermo Fisher in connection with the transaction.
Deals & Cases
October 16, 2023
Vista Outdoor’s $1.91 Billion Sale of its Sporting Products Business to CSG
On October 16, 2023, Vista Outdoor Inc. (“Vista Outdoor”), the parent company of 41 renowned brands that design, manufacture and market sporting and outdoor products to consumers around the globe, announced a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (“CSG”), a leading industrial technology holding company, for an enterprise value of $1.91 billion in an all-cash transaction. This transaction represents the next step in Vista Outdoor’s plan to split the company into separate entities. Cravath is representing Vista Outdoor in connection with the transaction.
Deals & Cases
September 01, 2023
Robinhood’s Purchase of Shares, Previously Owned by Emergent Fidelity Technologies, from U.S. Marshals Service
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.
Deals & Cases
July 28, 2023
Biogen’s $7.3 Billion Acquisition of Reata Pharmaceuticals
On July 28, 2023, Biogen Inc. (“Biogen”) and Reata Pharmaceuticals, Inc. (“Reata”) announced that they have entered into a definitive agreement under which Biogen has agreed to acquire Reata for $172.50 per share in cash, reflecting an enterprise value of approximately $7.3 billion. Cravath is representing Biogen in connection with the transaction.
Accolades
March 31, 2023
The Deal Recognizes Bethany Pfalzgraf Among its 2023 Top Women in Dealmaking
On March 30, 2023, The Deal named Cravath partner Bethany A. Pfalzgraf among the “2023 Top Women in Dealmaking.” The honorees, which are nominated by their peers and The Deal’s researchers, are attorneys who have “displayed excellence in their respective legal fields including mergers and acquisitions (M&A), private equity, restructuring and activist investing.” Eligible lawyers must “have shown the ability to navigate complex transactions over the past 12 months while maintaining strong client relationships, and leading in and out of the boardroom.”
Bethany A. Pfalzgraf focuses her practice on public and private mergers and acquisitions, as well as corporate governance and disclosure matters.
Ms. Pfalzgraf’s clients have included Airspan, Ahold Delhaize, Aras, Bharti, Biogen, Deutsche Börse, Eurazeo, Global Blood Therapeutics, GreenSky, IBM, Picard Groupe, Qualcomm, RELX Group, Robinhood, SPANX, Texas Capital Bank, Thermo Fisher Scientific, Unilever, US Foods, Vista Outdoor and Xerox.
Ms. Pfalzgraf’s notable M&A transactions include representing:
- Thermo Fisher Scientific in its $20.9 billion acquisition of PPD and its pending $3.1 billion acquisition of Olink;
- Biogen in its $7.3 billion acquisition of Reata Pharmaceuticals and its strategic collaboration agreement with Skyhawk;
- Global Blood Therapeutics in its $5.4 billion acquisition by Pfizer;
- Deutsche Börse in its €3.9 billion acquisition of SimCorp and the combination of ISS and Qontigo’s index business as ISS STOXX;
- Texas Capital Bank in the $3.4 billion sale of BankDirect Capital Finance to Truist;
- GreenSky in its $2.24 billion acquisition by Goldman Sachs;
- Vista Outdoor in the pending $1.91 billion sale of its Sporting Products business to Czechoslovak Group;
- US Foods in its $970 million acquisition of Smart Foodservice and $1.8 billion acquisition of SGA Food Group;
- Bharti in the acquisition of, and $1 billion investment in, OneWeb by a consortium led by Bharti and Her Majesty’s Government;
- Robinhood in its $605.7 million purchase from the United States Marshals Service of shares previously owned by Emergent Fidelity Technologies, a firm co‑founded by FTX founder Sam Bankman‑Fried;
- Ahold Delhaize in the pending sale of its FreshDirect business to Getir;
- Airspan in the sale of Mimosa to Radisys;
- Thrivent in its acquisition of a majority stake in College Avenue;
- Unilever in its acquisition of a majority stake in Nutrafol;
- RELX Group in its acquisition of Human API, its acquisition of Interfolio and its acquisition of BehavioSec;
- SPANX in its sale of a majority stake to funds managed by Blackstone;
- Aras in its substantial growth investment from GI Partners;
- Eurazeo in its acquisition of Scaled Agile; and
- IBM in the sale of its healthcare and data analytics assets, part of the Watson Health business, to Francisco Partners, its acquisition of McD Tech Labs from McDonald’s and its collaboration with Maersk to jointly develop TradeLens, a blockchain‑enabled shipping solution.
In 2023, Ms. Pfalzgraf was named one of the “Top Women in Dealmaking” by The Deal and was included in the Lawdragon 500 X – The Next Generation list.
Ms. Pfalzgraf is from Londonderry, New Hampshire. She received a B.A. cum laude from Boston College in 2010 and a J.D. from Columbia Law School in 2014, where she was a Harlan Fiske Stone Scholar, a member of the Journal of Transnational Law and a member of the Moot Court.
Ms. Pfalzgraf joined Cravath in 2014 and was elected a partner in 2021.
Ms. Pfalzgraf’s notable M&A transactions include representing:
- Thermo Fisher Scientific in its $20.9 billion acquisition of PPD and its pending $3.1 billion acquisition of Olink;
- Biogen in its $7.3 billion acquisition of Reata Pharmaceuticals and its strategic collaboration agreement with Skyhawk;
- Global Blood Therapeutics in its $5.4 billion acquisition by Pfizer;
- Deutsche Börse in its €3.9 billion acquisition of SimCorp and the combination of ISS and Qontigo’s index business as ISS STOXX;
- Texas Capital Bank in the $3.4 billion sale of BankDirect Capital Finance to Truist;
- GreenSky in its $2.24 billion acquisition by Goldman Sachs;
- Vista Outdoor in the pending $1.91 billion sale of its Sporting Products business to Czechoslovak Group;
- US Foods in its $970 million acquisition of Smart Foodservice and $1.8 billion acquisition of SGA Food Group;
- Bharti in the acquisition of, and $1 billion investment in, OneWeb by a consortium led by Bharti and Her Majesty’s Government;
- Robinhood in its $605.7 million purchase from the United States Marshals Service of shares previously owned by Emergent Fidelity Technologies, a firm co‑founded by FTX founder Sam Bankman‑Fried;
- Ahold Delhaize in the pending sale of its FreshDirect business to Getir;
- Airspan in the sale of Mimosa to Radisys;
- Thrivent in its acquisition of a majority stake in College Avenue;
- Unilever in its acquisition of a majority stake in Nutrafol;
- RELX Group in its acquisition of Human API, its acquisition of Interfolio and its acquisition of BehavioSec;
- SPANX in its sale of a majority stake to funds managed by Blackstone;
- Aras in its substantial growth investment from GI Partners;
- Eurazeo in its acquisition of Scaled Agile; and
- IBM in the sale of its healthcare and data analytics assets, part of the Watson Health business, to Francisco Partners, its acquisition of McD Tech Labs from McDonald’s and its collaboration with Maersk to jointly develop TradeLens, a blockchain‑enabled shipping solution.
In 2023, Ms. Pfalzgraf was named one of the “Top Women in Dealmaking” by The Deal and was included in the Lawdragon 500 X – The Next Generation list.
Ms. Pfalzgraf is from Londonderry, New Hampshire. She received a B.A. cum laude from Boston College in 2010 and a J.D. from Columbia Law School in 2014, where she was a Harlan Fiske Stone Scholar, a member of the Journal of Transnational Law and a member of the Moot Court.
Ms. Pfalzgraf joined Cravath in 2014 and was elected a partner in 2021.
Education
-
J.D., 2014, Columbia Law SchoolHarlan Fiske Stone Scholar
-
B.A., 2010, Boston CollegeCollege of Arts and Sciences Honors Program, cum laude
Admitted In
- New York
Rankings
The Deal
- Top Women in Dealmaking (2023)
Lawdragon
- 500 X – The Next Generation (2023)
Deals & Cases
November 08, 2023
Ahold Delhaize USA’s Sale of its FreshDirect Business to Getir
On November 8, 2023, Ahold Delhaize USA, a division of Netherlands-based Ahold Delhaize and the parent company of its U.S. companies, announced that it has entered into an agreement to sell its FreshDirect business to Getir, a pioneer in ultrafast grocery delivery operating in the U.S. and globally. Cravath is representing Ahold Delhaize USA in connection with the transaction.
Deals & Cases
October 17, 2023
Thermo Fisher Scientific’s Acquisition of Olink
On October 17, 2023, Thermo Fisher Scientific Inc. (“Thermo Fisher”), the world leader in serving science, and Olink Holding AB (publ) (“Olink”), a leading provider of next generation proteomics solutions, announced that their respective boards of directors have approved Thermo Fisher’s proposal to acquire Olink for $26.00 per common share in cash, representing $26.00 per American Depositary Share in cash. Thermo Fisher will commence a tender offer to acquire all of the outstanding Olink common shares and all of the American Depositary Shares. The transaction values Olink at approximately $3.1 billion which includes net cash of approximately $143 million. Cravath is representing Thermo Fisher in connection with the transaction.
Deals & Cases
October 16, 2023
Vista Outdoor’s $1.91 Billion Sale of its Sporting Products Business to CSG
On October 16, 2023, Vista Outdoor Inc. (“Vista Outdoor”), the parent company of 41 renowned brands that design, manufacture and market sporting and outdoor products to consumers around the globe, announced a definitive agreement to sell its Sporting Products business to Czechoslovak Group a.s. (“CSG”), a leading industrial technology holding company, for an enterprise value of $1.91 billion in an all-cash transaction. This transaction represents the next step in Vista Outdoor’s plan to split the company into separate entities. Cravath is representing Vista Outdoor in connection with the transaction.
Deals & Cases
September 01, 2023
Robinhood’s Purchase of Shares, Previously Owned by Emergent Fidelity Technologies, from U.S. Marshals Service
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.
Deals & Cases
July 28, 2023
Biogen’s $7.3 Billion Acquisition of Reata Pharmaceuticals
On July 28, 2023, Biogen Inc. (“Biogen”) and Reata Pharmaceuticals, Inc. (“Reata”) announced that they have entered into a definitive agreement under which Biogen has agreed to acquire Reata for $172.50 per share in cash, reflecting an enterprise value of approximately $7.3 billion. Cravath is representing Biogen in connection with the transaction.
Accolades
March 31, 2023
The Deal Recognizes Bethany Pfalzgraf Among its 2023 Top Women in Dealmaking
On March 30, 2023, The Deal named Cravath partner Bethany A. Pfalzgraf among the “2023 Top Women in Dealmaking.” The honorees, which are nominated by their peers and The Deal’s researchers, are attorneys who have “displayed excellence in their respective legal fields including mergers and acquisitions (M&A), private equity, restructuring and activist investing.” Eligible lawyers must “have shown the ability to navigate complex transactions over the past 12 months while maintaining strong client relationships, and leading in and out of the boardroom.”
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