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Christine A. Varney is the Chair of Cravath’s Antitrust practice. Ms. Varney has been widely recognized as one of the leading antitrust lawyers in the United States in both private practice and in government service, and she is the only person to have served as both the U.S. Assistant Attorney General for Antitrust and as a Commissioner of the Federal Trade Commission. Ms. Varney formulates global antitrust strategy for clients in connection with joint ventures, mergers, acquisitions, dispositions and other business transactions, including advising on business conduct or potential investments to ensure compliance with antitrust laws, securing antitrust regulatory approvals, and handling internal or governmental investigations into anticompetitive behavior. Her clients span diverse industries, including cable, financial services, manufacturing, pharmaceuticals, retail, transportation, technology and telecommunications.
From 2009 until 2011, Ms. Varney served as Assistant Attorney General and headed the Justice Department’s Antitrust Division. In that role she oversaw all aspects of the Division’s operations, including merger review, criminal and civil litigation and investigations and coordination with competition regulators outside the United States.
From 1994 through 1997, Ms. Varney served as a Commissioner of the FTC. While at the FTC, she played a leading role on a broad range of competition law issues, and she is widely credited with pioneering the application of innovation market theory analysis to information technology and biotechnology transactions.
Prior to becoming FTC Commissioner, Ms. Varney served as Assistant to the President and Secretary to the Cabinet in the Clinton Administration.
From 1997 when she left the FTC until her appointment as Assistant Attorney General in 2009, Ms. Varney was in private practice, representing major corporations before the DOJ and the FTC and advising her clients on a wide variety of legal and business issues.
Ms. Varney has been recognized as a leading lawyer by numerous professional publications. The National Law Journal selected her as one of the “100 Most Influential Lawyers in America” and as one of 50 “Governance, Risk & Compliance Trailblazers & Pioneers.” She was also recognized by the publication as a Mergers & Acquisitions and Antitrust Trailblazer. Ms. Varney was named a “Competition MVP” by Law360 and “Lawyer of the Year” by Global Competition Review (GCR). She also was featured by GCR as one of the top “Women in Antitrust” worldwide and received Euromoney Legal Media Group’s Americas Women in Business Law Award for “Best in Antitrust/Competition.” She was named to Lawdragon’s Hall of Fame in 2020. Ms. Varney has been recognized as a leader in antitrust law by Chambers Global, Chambers USA, Lawdragon’s list of “500 Leading Lawyers in America,” Benchmark Litigation, The Best Lawyers in America, The Legal 500, PLC Which Lawyer?, Who’s Who Legal, Crain’s New York Business and the Ethisphere Institute. She is often asked to speak publicly on the topics of antitrust, international competition, mergers and government investigations.
Ms. Varney currently serves on the Boards of Trustees of the American Museum of Natural History and Third Way. She also serves on the Board of Directors of the Brennan Center for Justice and on the Board of Advisors of the American Constitution Society. Ms. Varney is a fellow of the American Bar Foundation and serves as a member of the International Bar Association, the Council on Foreign Relations, The American Law Institute and The Economic Club of New York. She is a Lecturer in Law at Columbia Law School, teaching the course “Antitrust in Action.”
Ms. Varney was born in Washington, D.C. She received a B.A. from the State University of New York at Albany in 1977, an M.P.A. from Syracuse University in 1982 and a J.D. from Georgetown University Law Center in 1986.
From 2009 until 2011, Ms. Varney served as Assistant Attorney General and headed the Justice Department’s Antitrust Division. In that role she oversaw all aspects of the Division’s operations, including merger review, criminal and civil litigation and investigations and coordination with competition regulators outside the United States.
From 1994 through 1997, Ms. Varney served as a Commissioner of the FTC. While at the FTC, she played a leading role on a broad range of competition law issues, and she is widely credited with pioneering the application of innovation market theory analysis to information technology and biotechnology transactions.
Prior to becoming FTC Commissioner, Ms. Varney served as Assistant to the President and Secretary to the Cabinet in the Clinton Administration.
From 1997 when she left the FTC until her appointment as Assistant Attorney General in 2009, Ms. Varney was in private practice, representing major corporations before the DOJ and the FTC and advising her clients on a wide variety of legal and business issues.
Ms. Varney has been recognized as a leading lawyer by numerous professional publications. The National Law Journal selected her as one of the “100 Most Influential Lawyers in America” and as one of 50 “Governance, Risk & Compliance Trailblazers & Pioneers.” She was also recognized by the publication as a Mergers & Acquisitions and Antitrust Trailblazer. Ms. Varney was named a “Competition MVP” by Law360 and “Lawyer of the Year” by Global Competition Review (GCR). She also was featured by GCR as one of the top “Women in Antitrust” worldwide and received Euromoney Legal Media Group’s Americas Women in Business Law Award for “Best in Antitrust/Competition.” She was named to Lawdragon’s Hall of Fame in 2020. Ms. Varney has been recognized as a leader in antitrust law by Chambers Global, Chambers USA, Lawdragon’s list of “500 Leading Lawyers in America,” Benchmark Litigation, The Best Lawyers in America, The Legal 500, PLC Which Lawyer?, Who’s Who Legal, Crain’s New York Business and the Ethisphere Institute. She is often asked to speak publicly on the topics of antitrust, international competition, mergers and government investigations.
Ms. Varney currently serves on the Boards of Trustees of the American Museum of Natural History and Third Way. She also serves on the Board of Directors of the Brennan Center for Justice and on the Board of Advisors of the American Constitution Society. Ms. Varney is a fellow of the American Bar Foundation and serves as a member of the International Bar Association, the Council on Foreign Relations, The American Law Institute and The Economic Club of New York. She is a Lecturer in Law at Columbia Law School, teaching the course “Antitrust in Action.”
Ms. Varney was born in Washington, D.C. She received a B.A. from the State University of New York at Albany in 1977, an M.P.A. from Syracuse University in 1982 and a J.D. from Georgetown University Law Center in 1986.
American Bar Foundation
American Bar Association
International Bar Association
American Museum of Natural History
American Constitution Society
Brennan Center for Justice at New York University School of Law
Council on Foreign Relations
Legal Aid Society
The Economic Club of New York
Third Way
Benchmark Litigation
Benchmark Top 250 Women in Litigation (2020‑2014)
Best Lawyers in America
Chambers Global: The World's Leading Lawyers for Business
Chambers USA: America’s Leading Lawyers for Business
Crain’s New York Business
Ethisphere Institute’s “Attorneys Who Matter”
Global Competition Review
Law360
Lawdragon
Leaders League Litigation & International Arbitration Report
The Legal 500 US
The National Law Journal
Who’s Who Legal
Americas Women in Business Law Awards - Best in Antitrust/Competition, Euromoney Legal Media Group (2015, 2014)
Deals & Cases
January 06, 2021
On January 6, 2021, AmerisourceBergen Corporation and Walgreens Boots Alliance, Inc. announced strategic agreements under which AmerisourceBergen will acquire the majority of Walgreens Boots Alliance’s Alliance Healthcare businesses for approximately $6.5 billion, comprised of $6.275 billion in cash and 2 million shares of AmerisourceBergen common stock. In addition, the companies have agreed to extend and expand their commercial agreements through 2029 to drive incremental growth. Cravath is representing AmerisourceBergen in connection with the transaction.
Deals & Cases
November 10, 2020
On November 10, 2020, Ulta Beauty, the largest U.S. beauty retailer, and Target Corporation announced a strategic, long‑term partnership to transform the beauty landscape with Ulta Beauty at Target. The “shop‑in‑shop” concept will offer established and emerging prestige brands online and debut at more than 100 Target locations nationwide starting in 2021, with plans to scale to hundreds more over time. Cravath is representing Ulta Beauty with assistance on certain matters from Foley & Lardner LLP in connection with the partnership.
Deals & Cases
September 21, 2020
On September 21, 2020, Illumina, Inc. (“Illumina”) and GRAIL announced they have entered into a definitive agreement under which Illumina will acquire GRAIL for cash and stock consideration of $8 billion. In addition, GRAIL shareholders will receive future payments representing a tiered single digit percentage of certain GRAIL-related revenues. GRAIL, a healthcare company focused on multi-cancer early detection, was founded by Illumina, a global leader in DNA sequencing and array-based technologies, in 2016 and spun out as a standalone company. Cravath is representing Illumina in connection with the transaction.
Deals & Cases
July 30, 2020
On July 30, 2020, World Fuel Services Corporation (“World Fuel Services”) announced that it has signed a definitive agreement to sell its Multi Service payment solutions business to Corsair Capital, a New York based private equity firm specializing in financial services. Subject to certain closing adjustments, deferred payment provisions and contingent payment provisions, World Fuel Services will receive a total of approximately $350 million in cash consideration. Cravath is representing World Fuel Services in connection with the transaction.
Deals & Cases
June 10, 2020
On June 10, 2020, Just Eat Takeaway.com N.V. (“Just Eat Takeaway.com”), a food delivery marketplace with leading positions in the U.K., Germany and the Netherlands, announced it has entered into a definitive agreement to acquire 100% of the shares of Grubhub Inc. in an all-stock transaction to create the largest online food delivery platform outside of China. The transaction implies a total equity consideration, on a fully diluted basis, of $7.3 billion. Cravath represented Just Eat Takeaway.com in connection with the transaction.
Activities & Publications
December 31, 2020
On December 18, 2020, Cravath partner Christine A. Varney was profiled in Lawdragon’s “Lawyer Limelight” series. The article highlights her work as Chair of the Firm’s Antitrust practice, as well as her background as a former U.S. Assistant Attorney General for Antitrust and Commissioner of the Federal Trade Commission, during which she worked to provide businesses with transparency and predictability around merger enforcement. Christine described her early interest in consumer protection, which ultimately drew her to antitrust law, as well as Cravath’s central role in some of the industry‑shaping antitrust matters in recent history. She also discussed how antitrust law continues to evolve in the current global environment and ways it can keep up with emerging industries.
Activities & Publications
December 29, 2020
Business Insider featured Cravath partners Faiza J. Saeed, Christine A. Varney, Katherine B. Forrest, Keith R. Hummel, Daniel Slifkin, Philip J. Boeckman, Mark I. Greene, Gary A. Bornstein, Paul H. Zumbro, Craig F. Arcella, Damien R. Zoubek, Lauren Angelilli, Kevin J. Orsini, John D. Buretta and Ting S. Chen in its “Power Players” series, which profiles leaders at some of the nation’s most well‑known companies. The article, which published on December 14, 2020, highlights the Firm’s work representing “big‑ticket clients” on high‑impact transactions and litigation, as well as its close attention to associate training and collaborative approach that leverages different partners’ expertise to clients’ benefit.
Accolades
December 09, 2020
On December 7, 2020, Cravath was featured by Law360 as a “Competition Practice Group of the Year” for its role representing clients including Qualcomm in its successful appeal of an antitrust lawsuit filed by the Federal Trade Commission, Epic Games in ongoing suits against Apple and Google and Mylan in merger reviews related to its $50 billion combination with Upjohn. Cravath partner Christine A. Varney noted that the Firm’s adjustment to remote work amidst the COVID-19 pandemic has not had a lasting impact on the pace of client work, which has continued to build over the course of the year including through the Firm’s closely-watched representation of Epic Games.
Accolades
August 13, 2020
Cravath partners Christine A. Varney, Julie A. North, Katherine B. Forrest, Karin A. DeMasi and Rachel G. Skaistis have been recognized by Benchmark Litigation in the 2020 edition of Top 250 Women in Litigation, a publication which features the “most distinguished women in the world of litigation.” The list was compiled through a process involving peer and client review, and consideration of recent case work. This is the ninth consecutive year in which Julie has been selected for inclusion in the publication, and the seventh year for Christine. Karin and Rachel are recognized for the third year, and Katherine is recognized for the second year since she returned to the Firm in 2018.
Accolades
April 13, 2020
Cravath partner Christine A. Varney and retired partner Bill Whelan were named among Lawdragon’s 2020 class of “Hall of Fame” lawyers, described by Lawdragon as “the most accomplished lawyers in the country” who have made remarkable contributions to the legal profession.
Christine A. Varney is the Chair of Cravath’s Antitrust practice. Ms. Varney has been widely recognized as one of the leading antitrust lawyers in the United States in both private practice and in government service, and she is the only person to have served as both the U.S. Assistant Attorney General for Antitrust and as a Commissioner of the Federal Trade Commission. Ms. Varney formulates global antitrust strategy for clients in connection with joint ventures, mergers, acquisitions, dispositions and other business transactions, including advising on business conduct or potential investments to ensure compliance with antitrust laws, securing antitrust regulatory approvals, and handling internal or governmental investigations into anticompetitive behavior. Her clients span diverse industries, including cable, financial services, manufacturing, pharmaceuticals, retail, transportation, technology and telecommunications.
From 2009 until 2011, Ms. Varney served as Assistant Attorney General and headed the Justice Department’s Antitrust Division. In that role she oversaw all aspects of the Division’s operations, including merger review, criminal and civil litigation and investigations and coordination with competition regulators outside the United States.
From 1994 through 1997, Ms. Varney served as a Commissioner of the FTC. While at the FTC, she played a leading role on a broad range of competition law issues, and she is widely credited with pioneering the application of innovation market theory analysis to information technology and biotechnology transactions.
Prior to becoming FTC Commissioner, Ms. Varney served as Assistant to the President and Secretary to the Cabinet in the Clinton Administration.
From 1997 when she left the FTC until her appointment as Assistant Attorney General in 2009, Ms. Varney was in private practice, representing major corporations before the DOJ and the FTC and advising her clients on a wide variety of legal and business issues.
Ms. Varney has been recognized as a leading lawyer by numerous professional publications. The National Law Journal selected her as one of the “100 Most Influential Lawyers in America” and as one of 50 “Governance, Risk & Compliance Trailblazers & Pioneers.” She was also recognized by the publication as a Mergers & Acquisitions and Antitrust Trailblazer. Ms. Varney was named a “Competition MVP” by Law360 and “Lawyer of the Year” by Global Competition Review (GCR). She also was featured by GCR as one of the top “Women in Antitrust” worldwide and received Euromoney Legal Media Group’s Americas Women in Business Law Award for “Best in Antitrust/Competition.” She was named to Lawdragon’s Hall of Fame in 2020. Ms. Varney has been recognized as a leader in antitrust law by Chambers Global, Chambers USA, Lawdragon’s list of “500 Leading Lawyers in America,” Benchmark Litigation, The Best Lawyers in America, The Legal 500, PLC Which Lawyer?, Who’s Who Legal, Crain’s New York Business and the Ethisphere Institute. She is often asked to speak publicly on the topics of antitrust, international competition, mergers and government investigations.
Ms. Varney currently serves on the Boards of Trustees of the American Museum of Natural History and Third Way. She also serves on the Board of Directors of the Brennan Center for Justice and on the Board of Advisors of the American Constitution Society. Ms. Varney is a fellow of the American Bar Foundation and serves as a member of the International Bar Association, the Council on Foreign Relations, The American Law Institute and The Economic Club of New York. She is a Lecturer in Law at Columbia Law School, teaching the course “Antitrust in Action.”
Ms. Varney was born in Washington, D.C. She received a B.A. from the State University of New York at Albany in 1977, an M.P.A. from Syracuse University in 1982 and a J.D. from Georgetown University Law Center in 1986.
From 2009 until 2011, Ms. Varney served as Assistant Attorney General and headed the Justice Department’s Antitrust Division. In that role she oversaw all aspects of the Division’s operations, including merger review, criminal and civil litigation and investigations and coordination with competition regulators outside the United States.
From 1994 through 1997, Ms. Varney served as a Commissioner of the FTC. While at the FTC, she played a leading role on a broad range of competition law issues, and she is widely credited with pioneering the application of innovation market theory analysis to information technology and biotechnology transactions.
Prior to becoming FTC Commissioner, Ms. Varney served as Assistant to the President and Secretary to the Cabinet in the Clinton Administration.
From 1997 when she left the FTC until her appointment as Assistant Attorney General in 2009, Ms. Varney was in private practice, representing major corporations before the DOJ and the FTC and advising her clients on a wide variety of legal and business issues.
Ms. Varney has been recognized as a leading lawyer by numerous professional publications. The National Law Journal selected her as one of the “100 Most Influential Lawyers in America” and as one of 50 “Governance, Risk & Compliance Trailblazers & Pioneers.” She was also recognized by the publication as a Mergers & Acquisitions and Antitrust Trailblazer. Ms. Varney was named a “Competition MVP” by Law360 and “Lawyer of the Year” by Global Competition Review (GCR). She also was featured by GCR as one of the top “Women in Antitrust” worldwide and received Euromoney Legal Media Group’s Americas Women in Business Law Award for “Best in Antitrust/Competition.” She was named to Lawdragon’s Hall of Fame in 2020. Ms. Varney has been recognized as a leader in antitrust law by Chambers Global, Chambers USA, Lawdragon’s list of “500 Leading Lawyers in America,” Benchmark Litigation, The Best Lawyers in America, The Legal 500, PLC Which Lawyer?, Who’s Who Legal, Crain’s New York Business and the Ethisphere Institute. She is often asked to speak publicly on the topics of antitrust, international competition, mergers and government investigations.
Ms. Varney currently serves on the Boards of Trustees of the American Museum of Natural History and Third Way. She also serves on the Board of Directors of the Brennan Center for Justice and on the Board of Advisors of the American Constitution Society. Ms. Varney is a fellow of the American Bar Foundation and serves as a member of the International Bar Association, the Council on Foreign Relations, The American Law Institute and The Economic Club of New York. She is a Lecturer in Law at Columbia Law School, teaching the course “Antitrust in Action.”
Ms. Varney was born in Washington, D.C. She received a B.A. from the State University of New York at Albany in 1977, an M.P.A. from Syracuse University in 1982 and a J.D. from Georgetown University Law Center in 1986.
American Bar Foundation
American Bar Association
International Bar Association
American Museum of Natural History
American Constitution Society
Brennan Center for Justice at New York University School of Law
Council on Foreign Relations
Legal Aid Society
The Economic Club of New York
Third Way
Benchmark Litigation
Benchmark Top 250 Women in Litigation (2020‑2014)
Best Lawyers in America
Chambers Global: The World's Leading Lawyers for Business
Chambers USA: America’s Leading Lawyers for Business
Crain’s New York Business
Ethisphere Institute’s “Attorneys Who Matter”
Global Competition Review
Law360
Lawdragon
Leaders League Litigation & International Arbitration Report
The Legal 500 US
The National Law Journal
Who’s Who Legal
Americas Women in Business Law Awards - Best in Antitrust/Competition, Euromoney Legal Media Group (2015, 2014)
Deals & Cases
January 06, 2021
On January 6, 2021, AmerisourceBergen Corporation and Walgreens Boots Alliance, Inc. announced strategic agreements under which AmerisourceBergen will acquire the majority of Walgreens Boots Alliance’s Alliance Healthcare businesses for approximately $6.5 billion, comprised of $6.275 billion in cash and 2 million shares of AmerisourceBergen common stock. In addition, the companies have agreed to extend and expand their commercial agreements through 2029 to drive incremental growth. Cravath is representing AmerisourceBergen in connection with the transaction.
Deals & Cases
November 10, 2020
On November 10, 2020, Ulta Beauty, the largest U.S. beauty retailer, and Target Corporation announced a strategic, long‑term partnership to transform the beauty landscape with Ulta Beauty at Target. The “shop‑in‑shop” concept will offer established and emerging prestige brands online and debut at more than 100 Target locations nationwide starting in 2021, with plans to scale to hundreds more over time. Cravath is representing Ulta Beauty with assistance on certain matters from Foley & Lardner LLP in connection with the partnership.
Deals & Cases
September 21, 2020
On September 21, 2020, Illumina, Inc. (“Illumina”) and GRAIL announced they have entered into a definitive agreement under which Illumina will acquire GRAIL for cash and stock consideration of $8 billion. In addition, GRAIL shareholders will receive future payments representing a tiered single digit percentage of certain GRAIL-related revenues. GRAIL, a healthcare company focused on multi-cancer early detection, was founded by Illumina, a global leader in DNA sequencing and array-based technologies, in 2016 and spun out as a standalone company. Cravath is representing Illumina in connection with the transaction.
Deals & Cases
July 30, 2020
On July 30, 2020, World Fuel Services Corporation (“World Fuel Services”) announced that it has signed a definitive agreement to sell its Multi Service payment solutions business to Corsair Capital, a New York based private equity firm specializing in financial services. Subject to certain closing adjustments, deferred payment provisions and contingent payment provisions, World Fuel Services will receive a total of approximately $350 million in cash consideration. Cravath is representing World Fuel Services in connection with the transaction.
Deals & Cases
June 10, 2020
On June 10, 2020, Just Eat Takeaway.com N.V. (“Just Eat Takeaway.com”), a food delivery marketplace with leading positions in the U.K., Germany and the Netherlands, announced it has entered into a definitive agreement to acquire 100% of the shares of Grubhub Inc. in an all-stock transaction to create the largest online food delivery platform outside of China. The transaction implies a total equity consideration, on a fully diluted basis, of $7.3 billion. Cravath represented Just Eat Takeaway.com in connection with the transaction.
Activities & Publications
December 31, 2020
On December 18, 2020, Cravath partner Christine A. Varney was profiled in Lawdragon’s “Lawyer Limelight” series. The article highlights her work as Chair of the Firm’s Antitrust practice, as well as her background as a former U.S. Assistant Attorney General for Antitrust and Commissioner of the Federal Trade Commission, during which she worked to provide businesses with transparency and predictability around merger enforcement. Christine described her early interest in consumer protection, which ultimately drew her to antitrust law, as well as Cravath’s central role in some of the industry‑shaping antitrust matters in recent history. She also discussed how antitrust law continues to evolve in the current global environment and ways it can keep up with emerging industries.
Activities & Publications
December 29, 2020
Business Insider featured Cravath partners Faiza J. Saeed, Christine A. Varney, Katherine B. Forrest, Keith R. Hummel, Daniel Slifkin, Philip J. Boeckman, Mark I. Greene, Gary A. Bornstein, Paul H. Zumbro, Craig F. Arcella, Damien R. Zoubek, Lauren Angelilli, Kevin J. Orsini, John D. Buretta and Ting S. Chen in its “Power Players” series, which profiles leaders at some of the nation’s most well‑known companies. The article, which published on December 14, 2020, highlights the Firm’s work representing “big‑ticket clients” on high‑impact transactions and litigation, as well as its close attention to associate training and collaborative approach that leverages different partners’ expertise to clients’ benefit.
Accolades
December 09, 2020
On December 7, 2020, Cravath was featured by Law360 as a “Competition Practice Group of the Year” for its role representing clients including Qualcomm in its successful appeal of an antitrust lawsuit filed by the Federal Trade Commission, Epic Games in ongoing suits against Apple and Google and Mylan in merger reviews related to its $50 billion combination with Upjohn. Cravath partner Christine A. Varney noted that the Firm’s adjustment to remote work amidst the COVID-19 pandemic has not had a lasting impact on the pace of client work, which has continued to build over the course of the year including through the Firm’s closely-watched representation of Epic Games.
Accolades
August 13, 2020
Cravath partners Christine A. Varney, Julie A. North, Katherine B. Forrest, Karin A. DeMasi and Rachel G. Skaistis have been recognized by Benchmark Litigation in the 2020 edition of Top 250 Women in Litigation, a publication which features the “most distinguished women in the world of litigation.” The list was compiled through a process involving peer and client review, and consideration of recent case work. This is the ninth consecutive year in which Julie has been selected for inclusion in the publication, and the seventh year for Christine. Karin and Rachel are recognized for the third year, and Katherine is recognized for the second year since she returned to the Firm in 2018.
Accolades
April 13, 2020
Cravath partner Christine A. Varney and retired partner Bill Whelan were named among Lawdragon’s 2020 class of “Hall of Fame” lawyers, described by Lawdragon as “the most accomplished lawyers in the country” who have made remarkable contributions to the legal profession.
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