Cravath’s London Office Moves to 100 Cheapside
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, Bendix, 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 $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 $2.225 billion sale of The Kinetic Group to Czechoslovak Group and the $1.125 billion sale of Revelyst to SVP;
- 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, and its $300 million acquisition of TradePMR;
- Bendix in the sale of R.H. Sheppard to Balmoral Funds;
- Ahold Delhaize in the 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. She has been recognized for her work in mergers and acquisitions by IFLR1000 and has been named to the Lawdragon 500 X – The Next Generation list. Ms. Pfalzgraf was selected to serve as a member of Law360’s Mergers & Acquisitions Editorial Advisory Board in 2024.
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 $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 $2.225 billion sale of The Kinetic Group to Czechoslovak Group and the $1.125 billion sale of Revelyst to SVP;
- 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, and its $300 million acquisition of TradePMR;
- Bendix in the sale of R.H. Sheppard to Balmoral Funds;
- Ahold Delhaize in the 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. She has been recognized for her work in mergers and acquisitions by IFLR1000 and has been named to the Lawdragon 500 X – The Next Generation list. Ms. Pfalzgraf was selected to serve as a member of Law360’s Mergers & Acquisitions Editorial Advisory Board in 2024.
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
Organizations
Law360
- Member, Editorial Advisory Board – Mergers & Acquisitions, 2024
Rankings
The Deal
- Top Women in Dealmaking (2023)
IFLR1000
- Mergers and Acquisitions - US (2024)
Lawdragon
- 500 Leading Dealmakers in America (2024)
- 500 X – The Next Generation (2024, 2023)
Deals & Cases
December 22, 2024
Bendix’s Divestiture of R.H. Sheppard to an Affiliate of Balmoral
On December 20, 2024, Bendix Commercial Vehicle Systems LLC (“Bendix”), a North American subsidiary of Knorr-Bremse, announced the company finalized the sale of its wholly owned subsidiary, R.H. Sheppard Co., Inc. (“R.H. Sheppard”), to an affiliate of Balmoral Funds LLC (“Balmoral”), a Los Angeles-based private equity firm. The transaction encompasses the entire Sheppard business, including Sheppard’s branded products, production equipment, sales and service companies, and interests in joint ventures relating to sales and production. Cravath is representing Bendix in connection with the transaction.
Deals & Cases
November 19, 2024
Robinhood’s Acquisition of TradePMR
On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.
Deals & Cases
October 07, 2024
Vista Outdoor’s $1.125 Billion Sale of Revelyst to SVP
On October 4, 2024, Vista Outdoor Inc. (“Vista Outdoor”), the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products, announced it has entered into a definitive agreement with funds managed by Strategic Value Partners, LLC, and its affiliates (“SVP”), a global alternative investment firm with approximately $19 billion of assets under management, to sell Revelyst in an all‑cash transaction based on an enterprise value of $1.125 billion. In connection with the SVP Transaction, Vista Outdoor also entered into an amendment to the merger agreement with Czechoslovak Group a.s. (“CSG”) to acquire The Kinetic Group, increasing the purchase price for The Kinetic Group to $2.225 billion. Together, the CSG Transaction and the SVP Transaction represent an enterprise value of $3.35 billion for Vista Outdoor and will deliver an estimated $45 per share in cash to Vista Outdoor stockholders. Cravath is representing Vista Outdoor in connection with the transaction.
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.
Activities
April 21, 2025
Three Cravath Partners Featured in Vault’s 2025 Guide to Legal Practice Areas
Cravath partners C. Daniel Haaren, Bethany A. Pfalzgraf and Noah Joshua Phillips were featured in the 2025 edition of “Practice Perspectives: Vault’s Guide to Legal Practice Areas,” which highlights the experiences of practicing lawyers in more than 20 different areas of the law and is published annually.
Activities
September 23, 2024
Alyssa Caples, Maggie Segall, Nick Dorsey, Dan Haaren and Bethany Pfalzgraf Speak at IBA’s 2024 Annual Conference
Cravath partners Alyssa K. Caples, Margaret T. Segall, Nicholas A. Dorsey, C. Daniel Haaren and Bethany A. Pfalzgraf spoke at the International Bar Association’s 2024 Annual Conference, which was held September 15‑20 in Mexico City and convened legal professionals from across the globe.
Activities
March 21, 2024
Law360 Selects Five Cravath Partners for 2024 Editorial Advisory Boards
Five Cravath partners were selected to serve on Law360’s 2024 Editorial Advisory Boards: Wes Earnhardt (Media & Entertainment), Evan Norris (Cybersecurity & Privacy), Helam Gebremariam (Securities), Bethany A. Pfalzgraf (Mergers & Acquisitions) and Maurio A. Fiore (Private Equity). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.
Activities
February 14, 2024
Law360 Names Cravath a 2023 “Mergers & Acquisitions Practice Group of the Year”
On February 12, 2024, Cravath was featured by Law360 as a “Mergers & Acquisitions Practice Group of the Year,” receiving the distinction for the eleventh time in thirteen years. The profile highlighted the Firm’s role representing the Snyder Family in its sale of the Washington Commanders to Josh Harris and partners, WestRock in its $20 billion combination with Smurfit Kappa, Brookfield Renewable in its and Cameco’s $7.875 billion acquisition of Westinghouse and Biogen in its $7.3 billion acquisition of Reata Pharmaceuticals.
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, Bendix, 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 $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 $2.225 billion sale of The Kinetic Group to Czechoslovak Group and the $1.125 billion sale of Revelyst to SVP;
- 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, and its $300 million acquisition of TradePMR;
- Bendix in the sale of R.H. Sheppard to Balmoral Funds;
- Ahold Delhaize in the 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. She has been recognized for her work in mergers and acquisitions by IFLR1000 and has been named to the Lawdragon 500 X – The Next Generation list. Ms. Pfalzgraf was selected to serve as a member of Law360’s Mergers & Acquisitions Editorial Advisory Board in 2024.
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 $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 $2.225 billion sale of The Kinetic Group to Czechoslovak Group and the $1.125 billion sale of Revelyst to SVP;
- 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, and its $300 million acquisition of TradePMR;
- Bendix in the sale of R.H. Sheppard to Balmoral Funds;
- Ahold Delhaize in the 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. She has been recognized for her work in mergers and acquisitions by IFLR1000 and has been named to the Lawdragon 500 X – The Next Generation list. Ms. Pfalzgraf was selected to serve as a member of Law360’s Mergers & Acquisitions Editorial Advisory Board in 2024.
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
Organizations
Law360
- Member, Editorial Advisory Board – Mergers & Acquisitions, 2024
Rankings
The Deal
- Top Women in Dealmaking (2023)
IFLR1000
- Mergers and Acquisitions - US (2024)
Lawdragon
- 500 Leading Dealmakers in America (2024)
- 500 X – The Next Generation (2024, 2023)
Deals & Cases
December 22, 2024
Bendix’s Divestiture of R.H. Sheppard to an Affiliate of Balmoral
On December 20, 2024, Bendix Commercial Vehicle Systems LLC (“Bendix”), a North American subsidiary of Knorr-Bremse, announced the company finalized the sale of its wholly owned subsidiary, R.H. Sheppard Co., Inc. (“R.H. Sheppard”), to an affiliate of Balmoral Funds LLC (“Balmoral”), a Los Angeles-based private equity firm. The transaction encompasses the entire Sheppard business, including Sheppard’s branded products, production equipment, sales and service companies, and interests in joint ventures relating to sales and production. Cravath is representing Bendix in connection with the transaction.
Deals & Cases
November 19, 2024
Robinhood’s Acquisition of TradePMR
On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.
Deals & Cases
October 07, 2024
Vista Outdoor’s $1.125 Billion Sale of Revelyst to SVP
On October 4, 2024, Vista Outdoor Inc. (“Vista Outdoor”), the parent company of more than three dozen renowned brands that design, manufacture and market sporting and outdoor products, announced it has entered into a definitive agreement with funds managed by Strategic Value Partners, LLC, and its affiliates (“SVP”), a global alternative investment firm with approximately $19 billion of assets under management, to sell Revelyst in an all‑cash transaction based on an enterprise value of $1.125 billion. In connection with the SVP Transaction, Vista Outdoor also entered into an amendment to the merger agreement with Czechoslovak Group a.s. (“CSG”) to acquire The Kinetic Group, increasing the purchase price for The Kinetic Group to $2.225 billion. Together, the CSG Transaction and the SVP Transaction represent an enterprise value of $3.35 billion for Vista Outdoor and will deliver an estimated $45 per share in cash to Vista Outdoor stockholders. Cravath is representing Vista Outdoor in connection with the transaction.
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.
Activities
April 21, 2025
Three Cravath Partners Featured in Vault’s 2025 Guide to Legal Practice Areas
Cravath partners C. Daniel Haaren, Bethany A. Pfalzgraf and Noah Joshua Phillips were featured in the 2025 edition of “Practice Perspectives: Vault’s Guide to Legal Practice Areas,” which highlights the experiences of practicing lawyers in more than 20 different areas of the law and is published annually.
Activities
September 23, 2024
Alyssa Caples, Maggie Segall, Nick Dorsey, Dan Haaren and Bethany Pfalzgraf Speak at IBA’s 2024 Annual Conference
Cravath partners Alyssa K. Caples, Margaret T. Segall, Nicholas A. Dorsey, C. Daniel Haaren and Bethany A. Pfalzgraf spoke at the International Bar Association’s 2024 Annual Conference, which was held September 15‑20 in Mexico City and convened legal professionals from across the globe.
Activities
March 21, 2024
Law360 Selects Five Cravath Partners for 2024 Editorial Advisory Boards
Five Cravath partners were selected to serve on Law360’s 2024 Editorial Advisory Boards: Wes Earnhardt (Media & Entertainment), Evan Norris (Cybersecurity & Privacy), Helam Gebremariam (Securities), Bethany A. Pfalzgraf (Mergers & Acquisitions) and Maurio A. Fiore (Private Equity). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.
Activities
February 14, 2024
Law360 Names Cravath a 2023 “Mergers & Acquisitions Practice Group of the Year”
On February 12, 2024, Cravath was featured by Law360 as a “Mergers & Acquisitions Practice Group of the Year,” receiving the distinction for the eleventh time in thirteen years. The profile highlighted the Firm’s role representing the Snyder Family in its sale of the Washington Commanders to Josh Harris and partners, WestRock in its $20 billion combination with Smurfit Kappa, Brookfield Renewable in its and Cameco’s $7.875 billion acquisition of Westinghouse and Biogen in its $7.3 billion acquisition of Reata Pharmaceuticals.
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