Cravath Publishes Winter 2026 Issue of Alumni Journal
Kelly M. Smercina focuses her practice on representing corporate clients and investment banking firms in a wide range of capital markets and other financing transactions, including in connection with acquisitions and spin‑offs. She also has significant experience representing clients in mergers and acquisitions and corporate governance matters.
Ms. Smercina’s notable work highlights include:
- IPOs for Alliance Laundry Systems and Schneider National and Corteva’s pending spin‑off of Vylor
- Other equity offerings for companies such as Comtech, CyrusOne and Evolent Health
- Debt offerings for companies such as Aon, CBRE, Centene, Cincinnati Bell, Concentrix, Credit Acceptance, Dell, Disney, Expedia, FIS, Fortive, HSBC USA, Kraft Heinz, Navistar, RingCentral, Six Flags, Toll Brothers, TransDigm, U.S. Concrete, Vantage Drilling International, Verisk, Versigent and Webster Bank
- Private credit transactions for companies such as Artivion and New Media
- Capital markets and bank financings in connection with Amcor’s acquisition of Bemis, Aon’s acquisition of NFP, Expedia’s acquisition of HomeAway, FIS’s acquisition of Global Payments’ Issuer Solutions business, Forward Air’s combination with Omni Logistics, Genmab’s acquisition of Merus, multiple transactions involving Lindsay Goldberg and its portfolio companies, New Media’s acquisition of Gannett, Otis Worldwide’s spin‑off from United Technologies, Outbrain’s acquisition of Teads, Six Flags’ merger of equals with Cedar Fair and Versigent’s spin‑off from Aptiv
- Representing the special committee of the board of directors of EchoStar in the $26 billion combination with DISH Network
- Representing Buckeye in its $10.3 billion acquisition by IFM
- Representing SMBC Aviation Capital in its $6.7 billion acquisition of Goshawk Aviation
- Representing AmerisourceBergen in its $6.5 billion acquisition of Walgreens’ Alliance Healthcare businesses
- Representing Light & Wonder in the $6.05 billion sale of SG Lottery to Brookfield and in the $1.2 billion sale of OpenBet to Endeavor
- Representing Route Mobile and its founding shareholders in the ₹59.22 billion sale of a majority stake in Route Mobile to Proximus Group
Ms. Smercina is an author on legal developments in the areas of capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Ms. Smercina has been recognized for her work in capital markets by The Legal 500 US and she has also been recognized by Lawdragon as among the “500 Leading Dealmakers in America” and part of the “500 X – The Next Generation.”
Ms. Smercina is from Brecksville, Ohio. She received a B.A. summa cum laude from the University of Notre Dame in 2011, where she was elected to Phi Beta Kappa, and a J.D. summa cum laude from the University of Michigan Law School in 2014, where she was Contributing Editor of the Law Review. Before joining Cravath, Ms. Smercina served as a law clerk to Hon. Diarmuid O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit.
Ms. Smercina joined Cravath in 2015 and was elected a partner in 2022.
Ms. Smercina’s notable work highlights include:
- IPOs for Alliance Laundry Systems and Schneider National and Corteva’s pending spin‑off of Vylor
- Other equity offerings for companies such as Comtech, CyrusOne and Evolent Health
- Debt offerings for companies such as Aon, CBRE, Centene, Cincinnati Bell, Concentrix, Credit Acceptance, Dell, Disney, Expedia, FIS, Fortive, HSBC USA, Kraft Heinz, Navistar, RingCentral, Six Flags, Toll Brothers, TransDigm, U.S. Concrete, Vantage Drilling International, Verisk, Versigent and Webster Bank
- Private credit transactions for companies such as Artivion and New Media
- Capital markets and bank financings in connection with Amcor’s acquisition of Bemis, Aon’s acquisition of NFP, Expedia’s acquisition of HomeAway, FIS’s acquisition of Global Payments’ Issuer Solutions business, Forward Air’s combination with Omni Logistics, Genmab’s acquisition of Merus, multiple transactions involving Lindsay Goldberg and its portfolio companies, New Media’s acquisition of Gannett, Otis Worldwide’s spin‑off from United Technologies, Outbrain’s acquisition of Teads, Six Flags’ merger of equals with Cedar Fair and Versigent’s spin‑off from Aptiv
- Representing the special committee of the board of directors of EchoStar in the $26 billion combination with DISH Network
- Representing Buckeye in its $10.3 billion acquisition by IFM
- Representing SMBC Aviation Capital in its $6.7 billion acquisition of Goshawk Aviation
- Representing AmerisourceBergen in its $6.5 billion acquisition of Walgreens’ Alliance Healthcare businesses
- Representing Light & Wonder in the $6.05 billion sale of SG Lottery to Brookfield and in the $1.2 billion sale of OpenBet to Endeavor
- Representing Route Mobile and its founding shareholders in the ₹59.22 billion sale of a majority stake in Route Mobile to Proximus Group
Ms. Smercina is an author on legal developments in the areas of capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Ms. Smercina has been recognized for her work in capital markets by The Legal 500 US and she has also been recognized by Lawdragon as among the “500 Leading Dealmakers in America” and part of the “500 X – The Next Generation.”
Ms. Smercina is from Brecksville, Ohio. She received a B.A. summa cum laude from the University of Notre Dame in 2011, where she was elected to Phi Beta Kappa, and a J.D. summa cum laude from the University of Michigan Law School in 2014, where she was Contributing Editor of the Law Review. Before joining Cravath, Ms. Smercina served as a law clerk to Hon. Diarmuid O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit.
Ms. Smercina joined Cravath in 2015 and was elected a partner in 2022.
Education
-
J.D., 2014, University of Michigan Law SchoolOrder of the Coif, summa cum laude
-
B.A., 2011, University of Notre DamePhi Beta Kappa, summa cum laude
Clerkships
- Hon. Diarmuid F. O'Scannlain, U.S. Court of Appeals for the Ninth Circuit
Admitted In
- New York
Rankings
Lawdragon
- 500 Leading Dealmakers in America (2025)
- 500 X – The Next Generation (2026-2023)
The Legal 500 US
- Capital Markets: Debt Offerings (2024)
- Capital Markets: Global Offerings (2024)
- Capital Markets: High-Yield Debt Offerings (2025, 2024)
Deals & Cases
June 30, 2026
Dell International L.L.C. and EMC Corporation’s $3 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $3 billion registered senior notes offering of Dell International L.L.C. and EMC Corporation. Dell International L.L.C. and EMC Corporation are wholly‑owned subsidiaries of Dell Technologies, a leading integrated technology solutions provider in the IT industry. The transaction closed on June 16, 2026.
Deals & Cases
June 16, 2026
Olin Corporation’s Merger of Equals with Huntsman Corporation
On June 16, 2026, Olin Corporation and Huntsman Corporation announced that they have entered into a definitive agreement to combine in an all-stock merger of equals to create a $12+ billion North American chemicals leader. Under the terms of the agreement, Huntsman shareholders will receive 0.5476 shares in Olin for every one share of Huntsman. Upon completion of the transaction, Olin shareholders will own approximately 54.5% and Huntsman shareholders will own approximately 45.5% of the combined company, which will be renamed OlinHuntsman Corporation. Upon closing of the transaction, current Olin President and Chief Executive Officer, Ken Lane, will serve as Chief Executive Officer of OlinHuntsman. Current Chairman, President and Chief Executive Officer of Huntsman, Peter Huntsman, will serve as non-executive Chairman of OlinHuntsman’s Board of Directors. OlinHuntsman’s Board of Directors will consist of ten members, with equal representation from Olin and Huntsman. The transaction is expected to close in the first half of 2027, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Olin’s shareholders and Huntsman’s shareholders. Cravath is representing Olin Corporation in connection with the transaction.
Deals & Cases
June 04, 2026
Kraft Heinz Foods Company’s €1 Billion Registered Senior Notes Offering and Concurrent $1.1 Billion Cash Tender Offer
Cravath represented the underwriters in connection with the €1 billion registered senior notes offering of Kraft Heinz Foods Company, one of the largest food and beverage companies in the world at the time of the offering. Cravath also represented the dealer managers in connection with Kraft Heinz Foods Company's concurrent $1.1 billion cash tender offer. The transactions closed on May 21, 2026.
Deals & Cases
May 18, 2026
CBRE Services, Inc.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $750 million registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc., the world’s largest commercial real estate services and investment firm. The transaction closed on May 4, 2026.
Deals & Cases
April 06, 2026
Versigent’s $1.35 Billion Credit Facilities and $1.6 Billion High‑Yield Senior Notes Offering in Connection with Aptiv PLC’s Spin‑Off of Versigent
Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with $1.35 billion of credit facilities made available to subsidiaries of Versigent Limited, a global leader in the design, development and manufacture of low voltage and high voltage electrical architectures and the holding company for Aptiv PLC’s Electrical Distribution Systems segment, which Aptiv PLC spun off into a separate, independent, publicly traded company. The proceeds were used to partially finance the spin‑off. The credit facilities consisted of a $500 million term loan facility and an $850 million revolving credit facility. The transaction closed on November 26, 2025.
Publications
June 15, 2026
Cravath Publishes Two Memos on SEC’s Proposed Filer Status and Registered Offering Reforms and Request for Comment on IPO Modernization
On June 15, 2026, Cravath prepared two companion memos for its clients entitled “The Bold and the Creative (Part I): SEC Proposes to Rationalize Filer Status Framework and Extend Accommodations to Significantly More Registrants” and “The Bold and the Creative (Part II): SEC Proposes Significant Registered Offering Reforms Designed to Incentivize Companies to Go and Stay Public and Seeks Public Comment on Further Modernization.”
Publications
June 12, 2026
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2026 Chambers Acquisition Finance Guide
Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2026 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone, Kelly M. Smercina and Margaret R. M. Rallings, the U.S. chapter of the guide.
Publications
June 25, 2025
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2025 Chambers Acquisition Finance Guide
Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2025 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone, Kelly M. Smercina and Margaret R. M. Rallings, the U.S. chapter of the guide.
Activities
March 06, 2025
Nick Dorsey and Kelly Smercina Speak at NOVA and CFGI’s US – IPO Readiness Event
On March 6, 2025, Cravath partners Nicholas A. Dorsey and Kelly M. Smercina participated in NOVA and CFGI’s US – IPO Readiness event, which was hosted by BNY in London. The event convened representatives of the four organizations for a training session on IPO readiness in U.S. capital markets, covering the IPO process and timeline, team and organizational setup and legal considerations.
Publications
June 25, 2024
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2024 Chambers Acquisition Finance Guide
Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2024 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone and Kelly M. Smercina and European Counsel Margaret R. M. Rallings, the U.S. chapter of the guide.
Kelly M. Smercina focuses her practice on representing corporate clients and investment banking firms in a wide range of capital markets and other financing transactions, including in connection with acquisitions and spin‑offs. She also has significant experience representing clients in mergers and acquisitions and corporate governance matters.
Ms. Smercina’s notable work highlights include:
- IPOs for Alliance Laundry Systems and Schneider National and Corteva’s pending spin‑off of Vylor
- Other equity offerings for companies such as Comtech, CyrusOne and Evolent Health
- Debt offerings for companies such as Aon, CBRE, Centene, Cincinnati Bell, Concentrix, Credit Acceptance, Dell, Disney, Expedia, FIS, Fortive, HSBC USA, Kraft Heinz, Navistar, RingCentral, Six Flags, Toll Brothers, TransDigm, U.S. Concrete, Vantage Drilling International, Verisk, Versigent and Webster Bank
- Private credit transactions for companies such as Artivion and New Media
- Capital markets and bank financings in connection with Amcor’s acquisition of Bemis, Aon’s acquisition of NFP, Expedia’s acquisition of HomeAway, FIS’s acquisition of Global Payments’ Issuer Solutions business, Forward Air’s combination with Omni Logistics, Genmab’s acquisition of Merus, multiple transactions involving Lindsay Goldberg and its portfolio companies, New Media’s acquisition of Gannett, Otis Worldwide’s spin‑off from United Technologies, Outbrain’s acquisition of Teads, Six Flags’ merger of equals with Cedar Fair and Versigent’s spin‑off from Aptiv
- Representing the special committee of the board of directors of EchoStar in the $26 billion combination with DISH Network
- Representing Buckeye in its $10.3 billion acquisition by IFM
- Representing SMBC Aviation Capital in its $6.7 billion acquisition of Goshawk Aviation
- Representing AmerisourceBergen in its $6.5 billion acquisition of Walgreens’ Alliance Healthcare businesses
- Representing Light & Wonder in the $6.05 billion sale of SG Lottery to Brookfield and in the $1.2 billion sale of OpenBet to Endeavor
- Representing Route Mobile and its founding shareholders in the ₹59.22 billion sale of a majority stake in Route Mobile to Proximus Group
Ms. Smercina is an author on legal developments in the areas of capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Ms. Smercina has been recognized for her work in capital markets by The Legal 500 US and she has also been recognized by Lawdragon as among the “500 Leading Dealmakers in America” and part of the “500 X – The Next Generation.”
Ms. Smercina is from Brecksville, Ohio. She received a B.A. summa cum laude from the University of Notre Dame in 2011, where she was elected to Phi Beta Kappa, and a J.D. summa cum laude from the University of Michigan Law School in 2014, where she was Contributing Editor of the Law Review. Before joining Cravath, Ms. Smercina served as a law clerk to Hon. Diarmuid O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit.
Ms. Smercina joined Cravath in 2015 and was elected a partner in 2022.
Ms. Smercina’s notable work highlights include:
- IPOs for Alliance Laundry Systems and Schneider National and Corteva’s pending spin‑off of Vylor
- Other equity offerings for companies such as Comtech, CyrusOne and Evolent Health
- Debt offerings for companies such as Aon, CBRE, Centene, Cincinnati Bell, Concentrix, Credit Acceptance, Dell, Disney, Expedia, FIS, Fortive, HSBC USA, Kraft Heinz, Navistar, RingCentral, Six Flags, Toll Brothers, TransDigm, U.S. Concrete, Vantage Drilling International, Verisk, Versigent and Webster Bank
- Private credit transactions for companies such as Artivion and New Media
- Capital markets and bank financings in connection with Amcor’s acquisition of Bemis, Aon’s acquisition of NFP, Expedia’s acquisition of HomeAway, FIS’s acquisition of Global Payments’ Issuer Solutions business, Forward Air’s combination with Omni Logistics, Genmab’s acquisition of Merus, multiple transactions involving Lindsay Goldberg and its portfolio companies, New Media’s acquisition of Gannett, Otis Worldwide’s spin‑off from United Technologies, Outbrain’s acquisition of Teads, Six Flags’ merger of equals with Cedar Fair and Versigent’s spin‑off from Aptiv
- Representing the special committee of the board of directors of EchoStar in the $26 billion combination with DISH Network
- Representing Buckeye in its $10.3 billion acquisition by IFM
- Representing SMBC Aviation Capital in its $6.7 billion acquisition of Goshawk Aviation
- Representing AmerisourceBergen in its $6.5 billion acquisition of Walgreens’ Alliance Healthcare businesses
- Representing Light & Wonder in the $6.05 billion sale of SG Lottery to Brookfield and in the $1.2 billion sale of OpenBet to Endeavor
- Representing Route Mobile and its founding shareholders in the ₹59.22 billion sale of a majority stake in Route Mobile to Proximus Group
Ms. Smercina is an author on legal developments in the areas of capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Ms. Smercina has been recognized for her work in capital markets by The Legal 500 US and she has also been recognized by Lawdragon as among the “500 Leading Dealmakers in America” and part of the “500 X – The Next Generation.”
Ms. Smercina is from Brecksville, Ohio. She received a B.A. summa cum laude from the University of Notre Dame in 2011, where she was elected to Phi Beta Kappa, and a J.D. summa cum laude from the University of Michigan Law School in 2014, where she was Contributing Editor of the Law Review. Before joining Cravath, Ms. Smercina served as a law clerk to Hon. Diarmuid O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit.
Ms. Smercina joined Cravath in 2015 and was elected a partner in 2022.
Education
-
J.D., 2014, University of Michigan Law SchoolOrder of the Coif, summa cum laude
-
B.A., 2011, University of Notre DamePhi Beta Kappa, summa cum laude
Clerkships
- Hon. Diarmuid F. O'Scannlain, U.S. Court of Appeals for the Ninth Circuit
Admitted In
- New York
Rankings
Lawdragon
- 500 Leading Dealmakers in America (2025)
- 500 X – The Next Generation (2026-2023)
The Legal 500 US
- Capital Markets: Debt Offerings (2024)
- Capital Markets: Global Offerings (2024)
- Capital Markets: High-Yield Debt Offerings (2025, 2024)
Deals & Cases
June 30, 2026
Dell International L.L.C. and EMC Corporation’s $3 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $3 billion registered senior notes offering of Dell International L.L.C. and EMC Corporation. Dell International L.L.C. and EMC Corporation are wholly‑owned subsidiaries of Dell Technologies, a leading integrated technology solutions provider in the IT industry. The transaction closed on June 16, 2026.
Deals & Cases
June 16, 2026
Olin Corporation’s Merger of Equals with Huntsman Corporation
On June 16, 2026, Olin Corporation and Huntsman Corporation announced that they have entered into a definitive agreement to combine in an all-stock merger of equals to create a $12+ billion North American chemicals leader. Under the terms of the agreement, Huntsman shareholders will receive 0.5476 shares in Olin for every one share of Huntsman. Upon completion of the transaction, Olin shareholders will own approximately 54.5% and Huntsman shareholders will own approximately 45.5% of the combined company, which will be renamed OlinHuntsman Corporation. Upon closing of the transaction, current Olin President and Chief Executive Officer, Ken Lane, will serve as Chief Executive Officer of OlinHuntsman. Current Chairman, President and Chief Executive Officer of Huntsman, Peter Huntsman, will serve as non-executive Chairman of OlinHuntsman’s Board of Directors. OlinHuntsman’s Board of Directors will consist of ten members, with equal representation from Olin and Huntsman. The transaction is expected to close in the first half of 2027, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Olin’s shareholders and Huntsman’s shareholders. Cravath is representing Olin Corporation in connection with the transaction.
Deals & Cases
June 04, 2026
Kraft Heinz Foods Company’s €1 Billion Registered Senior Notes Offering and Concurrent $1.1 Billion Cash Tender Offer
Cravath represented the underwriters in connection with the €1 billion registered senior notes offering of Kraft Heinz Foods Company, one of the largest food and beverage companies in the world at the time of the offering. Cravath also represented the dealer managers in connection with Kraft Heinz Foods Company's concurrent $1.1 billion cash tender offer. The transactions closed on May 21, 2026.
Deals & Cases
May 18, 2026
CBRE Services, Inc.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $750 million registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc., the world’s largest commercial real estate services and investment firm. The transaction closed on May 4, 2026.
Deals & Cases
April 06, 2026
Versigent’s $1.35 Billion Credit Facilities and $1.6 Billion High‑Yield Senior Notes Offering in Connection with Aptiv PLC’s Spin‑Off of Versigent
Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with $1.35 billion of credit facilities made available to subsidiaries of Versigent Limited, a global leader in the design, development and manufacture of low voltage and high voltage electrical architectures and the holding company for Aptiv PLC’s Electrical Distribution Systems segment, which Aptiv PLC spun off into a separate, independent, publicly traded company. The proceeds were used to partially finance the spin‑off. The credit facilities consisted of a $500 million term loan facility and an $850 million revolving credit facility. The transaction closed on November 26, 2025.
Publications
June 15, 2026
Cravath Publishes Two Memos on SEC’s Proposed Filer Status and Registered Offering Reforms and Request for Comment on IPO Modernization
On June 15, 2026, Cravath prepared two companion memos for its clients entitled “The Bold and the Creative (Part I): SEC Proposes to Rationalize Filer Status Framework and Extend Accommodations to Significantly More Registrants” and “The Bold and the Creative (Part II): SEC Proposes Significant Registered Offering Reforms Designed to Incentivize Companies to Go and Stay Public and Seeks Public Comment on Further Modernization.”
Publications
June 12, 2026
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2026 Chambers Acquisition Finance Guide
Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2026 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone, Kelly M. Smercina and Margaret R. M. Rallings, the U.S. chapter of the guide.
Publications
June 25, 2025
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2025 Chambers Acquisition Finance Guide
Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2025 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone, Kelly M. Smercina and Margaret R. M. Rallings, the U.S. chapter of the guide.
Activities
March 06, 2025
Nick Dorsey and Kelly Smercina Speak at NOVA and CFGI’s US – IPO Readiness Event
On March 6, 2025, Cravath partners Nicholas A. Dorsey and Kelly M. Smercina participated in NOVA and CFGI’s US – IPO Readiness event, which was hosted by BNY in London. The event convened representatives of the four organizations for a training session on IPO readiness in U.S. capital markets, covering the IPO process and timeline, team and organizational setup and legal considerations.
Publications
June 25, 2024
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2024 Chambers Acquisition Finance Guide
Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2024 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone and Kelly M. Smercina and European Counsel Margaret R. M. Rallings, the U.S. chapter of the guide.
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