Four Decades for Justice
Kiran Sheffrin focuses her practice on advising clients on the tax and structuring aspects of mergers and acquisitions, spin‑offs and other divestitures, restructurings, joint ventures and financing transactions, both in the United States and in connection with cross-border transactions. Ms. Sheffrin also advises clients during the course of tax controversy with various tax authorities.
Ms. Sheffrin’s work spans many industry sectors, with significant depth in pharmaceuticals, consumer products, telecommunications and technology.
Ms. Sheffrin’s clients have included AmerisourceBergen, Anheuser‑Busch InBev, Avon, BDT, Cincinnati Bell, Conduent, DRI Capital, Eurazeo, IBM, Lindsay Goldberg, New Senior, Parker Hannifin, RELX Group, Unilever, Valvoline and Viatris.
In 2023, Ms. Sheffrin was shortlisted for the “Rising Star: Tax” award at Euromoney Legal Media Group’s Americas Women in Business Law Awards.
Ms. Sheffrin’s notable transactions include representing:
Anheuser-Busch InBev in its $123 billion acquisition of SABMiller and the $12 billion sale of SABMiller’s U.S. and global Miller-branded businesses to Molson Coors and an asset swap with Ambev in which AB InBev transferred SABMiller’s Panamanian business to Ambev and Ambev transferred its business in Colombia, Peru and Ecuador to AB InBev;
Avon in its $3.7 billion acquisition by Natura and Avon North America in its $125 million acquisition by LG Household and Healthcare;
Cincinnati Bell in its $2.9 billion acquisition by Macquarie Infrastructure, its $650 million combination with Hawaii Telecom and its $201 million acquisition of OnX Enterprise Solutions;
Conduent in the sale of its commercial vehicle operations business to Alinda Capital Partners and the sale of its U.S.-based human resource consulting and actuarial business to H.I.G. Capital;
Dentsu Aegis in its acquisition of Merkle;
DRI Capital and its affiliates in connection with DRI Healthcare Trust’s acquisition of a royalty interest in Orserdu from Eisai, its acquisition of a second royalty interest in Orserdu from Radius Health, the $210 million sale of its TZIELD royalty interest to Sanofi and its C$98 million offering of units;
Eurazeo in its acquisition of Scaled Agile;
Fortress in the sale of its remaining 40.5% equity interest in OneMain Holdings to an investor group led by Apollo Global Management and Värde Partners;
The Fresh Market in its $1.36 billion sale to affiliates of Apollo;
GasLog in its take‑private transaction with BlackRock’s Global Energy & Power Infrastructure Fund;
IBM in numerous transactions, including its acquisitions of the Adobe Workfront consultancy, Agile 3 solutions, BoxBoat Technologies, the technology assets from Catalogic Software, Databand.ai, McD Tech Labs from McDonald’s, Polar Security, Randori, ReaQta and Sentaca;
Lindsay Goldberg and American Securities in the $2.405 billion acquisition of AECOM’s Management Services business, as well as Lindsay Goldberg in its acquisitions of Fleetwood-Fibre Packaging & Graphics and Allpak Container;
New Senior in its $2.3 billion acquisition by Ventas;
Orbotech in its $3.4 billion sale to KLA‑Tencor;
Unilever in its $384 million acquisition of TAZO from Starbucks, its acquisition of Seventh Generation and its acquisition of Sundial Brands;
Valvoline in the $2.65 billion sale of its Global Products business to Aramco;
Viatris in its divestitures totaling $6.94 billion in value, including the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics and the pending divestitures of its Over‑the‑Counter, Women’s Healthcare and Active Pharmaceutical Ingredients businesses, and in the $750 million acquisitions of Oyster Point and Famy Life Sciences, as well as Mylan in its $50 billion combination with Upjohn, a division of Pfizer, to form Viatris, its $9.9 billion acquisition of Meda, its $5.6 billion inversion acquisition of Abbott Laboratories’ non‑U.S. developed markets specialty and branded generics business, its acquisition of the non‑sterile, topicals‑focused specialty and generics business of Renaissance Acquisition Holdings for $950 million in cash at closing plus additional contingent payments of up to $50 million and its proposal to acquire Perrigo in a transaction valued at approximately $35 billion; and
Ms. Sheffrin was born in Princeton, New Jersey and grew up in Davis, California. She received a B.A. from Wesleyan University in 2010 and a J.D. magna cum laude from Brooklyn Law School in 2013, where she was an Associate Managing Editor of the Journal of International Law and a member of the Moot Court Honor Society. Following her graduation, Ms. Sheffrin served as a law clerk to the Hon. Ralph K. Winter of the U.S. Court of Appeals for the Second Circuit.
Ms. Sheffrin joined Cravath in 2014 and was elected of counsel in 2023.
Ms. Sheffrin’s clients have included AmerisourceBergen, Anheuser‑Busch InBev, Avon, BDT, Cincinnati Bell, Conduent, DRI Capital, Eurazeo, IBM, Lindsay Goldberg, New Senior, Parker Hannifin, RELX Group, Unilever, Valvoline and Viatris.
In 2023, Ms. Sheffrin was shortlisted for the “Rising Star: Tax” award at Euromoney Legal Media Group’s Americas Women in Business Law Awards.
Ms. Sheffrin’s notable transactions include representing:
Anheuser-Busch InBev in its $123 billion acquisition of SABMiller and the $12 billion sale of SABMiller’s U.S. and global Miller-branded businesses to Molson Coors and an asset swap with Ambev in which AB InBev transferred SABMiller’s Panamanian business to Ambev and Ambev transferred its business in Colombia, Peru and Ecuador to AB InBev;
Avon in its $3.7 billion acquisition by Natura and Avon North America in its $125 million acquisition by LG Household and Healthcare;
Cincinnati Bell in its $2.9 billion acquisition by Macquarie Infrastructure, its $650 million combination with Hawaii Telecom and its $201 million acquisition of OnX Enterprise Solutions;
Conduent in the sale of its commercial vehicle operations business to Alinda Capital Partners and the sale of its U.S.-based human resource consulting and actuarial business to H.I.G. Capital;
Dentsu Aegis in its acquisition of Merkle;
DRI Capital and its affiliates in connection with DRI Healthcare Trust’s acquisition of a royalty interest in Orserdu from Eisai, its acquisition of a second royalty interest in Orserdu from Radius Health, the $210 million sale of its TZIELD royalty interest to Sanofi and its C$98 million offering of units;
Eurazeo in its acquisition of Scaled Agile;
Fortress in the sale of its remaining 40.5% equity interest in OneMain Holdings to an investor group led by Apollo Global Management and Värde Partners;
The Fresh Market in its $1.36 billion sale to affiliates of Apollo;
GasLog in its take‑private transaction with BlackRock’s Global Energy & Power Infrastructure Fund;
IBM in numerous transactions, including its acquisitions of the Adobe Workfront consultancy, Agile 3 solutions, BoxBoat Technologies, the technology assets from Catalogic Software, Databand.ai, McD Tech Labs from McDonald’s, Polar Security, Randori, ReaQta and Sentaca;
Lindsay Goldberg and American Securities in the $2.405 billion acquisition of AECOM’s Management Services business, as well as Lindsay Goldberg in its acquisitions of Fleetwood-Fibre Packaging & Graphics and Allpak Container;
New Senior in its $2.3 billion acquisition by Ventas;
Orbotech in its $3.4 billion sale to KLA‑Tencor;
Unilever in its $384 million acquisition of TAZO from Starbucks, its acquisition of Seventh Generation and its acquisition of Sundial Brands;
Valvoline in the $2.65 billion sale of its Global Products business to Aramco;
Viatris in its divestitures totaling $6.94 billion in value, including the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics and the pending divestitures of its Over‑the‑Counter, Women’s Healthcare and Active Pharmaceutical Ingredients businesses, and in the $750 million acquisitions of Oyster Point and Famy Life Sciences, as well as Mylan in its $50 billion combination with Upjohn, a division of Pfizer, to form Viatris, its $9.9 billion acquisition of Meda, its $5.6 billion inversion acquisition of Abbott Laboratories’ non‑U.S. developed markets specialty and branded generics business, its acquisition of the non‑sterile, topicals‑focused specialty and generics business of Renaissance Acquisition Holdings for $950 million in cash at closing plus additional contingent payments of up to $50 million and its proposal to acquire Perrigo in a transaction valued at approximately $35 billion; and
Ms. Sheffrin was born in Princeton, New Jersey and grew up in Davis, California. She received a B.A. from Wesleyan University in 2010 and a J.D. magna cum laude from Brooklyn Law School in 2013, where she was an Associate Managing Editor of the Journal of International Law and a member of the Moot Court Honor Society. Following her graduation, Ms. Sheffrin served as a law clerk to the Hon. Ralph K. Winter of the U.S. Court of Appeals for the Second Circuit.
Ms. Sheffrin joined Cravath in 2014 and was elected of counsel in 2023.
Deals & Cases
November 21, 2023
On November 21, 2023, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that it has entered into a definitive agreement to sell its South Texas cement business and certain of its related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash. Cravath is representing Martin Marietta in connection with the transaction.
Deals & Cases
October 20, 2023
On October 20, 2023, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced that it has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC (“Bamboo”), a managing general agent focused on the California homeowners insurance market. White Mountains expects to invest approximately $285 million, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo’s outstanding equity interests. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
October 17, 2023
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 02, 2023
On October 1, 2023, Viatris Inc. (“Viatris”), a global healthcare company, announced it has received an offer for the divestiture of substantially all of its Over-the-Counter (“OTC”) business, and has entered into definitive agreements to divest its Women’s Healthcare business, its Active Pharmaceutical Ingredient (“API”) business in India and commercialization rights in certain non-core markets that were acquired as part of the combination with Upjohn. The total transactions value, including Viatris’s 2022 divestiture of its biosimilars business, represents up to $6.94 billion of total gross proceeds. The estimated transaction value for the divestitures announced today is $3.6 billion, including gross consideration of up to approximately $2.17 billion for the divestiture of substantially all of its OTC business, and up to approximately $1.2 billion combined for the divestitures of its API and Women’s Healthcare businesses. Cravath is representing Viatris in connection with the transactions.
Deals & Cases
August 15, 2023
On August 14, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a second royalty interest in the worldwide net sales of ORSERDU®, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy. DRI Healthcare entered into a purchase agreement with Radius Pharmaceuticals, Inc., a wholly owned subsidiary of Radius Health, Inc. for an upfront purchase price of $130 million. In addition to running royalties, DRI Healthcare is also entitled to receive milestone payments of up to $40 million on the achievement of sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.
Firm News
June 15, 2023
On June 15, 2023, Sarah W. Colangelo, Rebecca J. Schindel and Kiran Sheffrin have become of counsels and Aaron S. Cha and Arian Mossanenzadeh have become senior attorneys of the Firm.
Kiran Sheffrin focuses her practice on advising clients on the tax and structuring aspects of mergers and acquisitions, spin‑offs and other divestitures, restructurings, joint ventures and financing transactions, both in the United States and in connection with cross-border transactions. Ms. Sheffrin also advises clients during the course of tax controversy with various tax authorities.
Ms. Sheffrin’s work spans many industry sectors, with significant depth in pharmaceuticals, consumer products, telecommunications and technology.
Ms. Sheffrin’s clients have included AmerisourceBergen, Anheuser‑Busch InBev, Avon, BDT, Cincinnati Bell, Conduent, DRI Capital, Eurazeo, IBM, Lindsay Goldberg, New Senior, Parker Hannifin, RELX Group, Unilever, Valvoline and Viatris.
In 2023, Ms. Sheffrin was shortlisted for the “Rising Star: Tax” award at Euromoney Legal Media Group’s Americas Women in Business Law Awards.
Ms. Sheffrin’s notable transactions include representing:
Anheuser-Busch InBev in its $123 billion acquisition of SABMiller and the $12 billion sale of SABMiller’s U.S. and global Miller-branded businesses to Molson Coors and an asset swap with Ambev in which AB InBev transferred SABMiller’s Panamanian business to Ambev and Ambev transferred its business in Colombia, Peru and Ecuador to AB InBev;
Avon in its $3.7 billion acquisition by Natura and Avon North America in its $125 million acquisition by LG Household and Healthcare;
Cincinnati Bell in its $2.9 billion acquisition by Macquarie Infrastructure, its $650 million combination with Hawaii Telecom and its $201 million acquisition of OnX Enterprise Solutions;
Conduent in the sale of its commercial vehicle operations business to Alinda Capital Partners and the sale of its U.S.-based human resource consulting and actuarial business to H.I.G. Capital;
Dentsu Aegis in its acquisition of Merkle;
DRI Capital and its affiliates in connection with DRI Healthcare Trust’s acquisition of a royalty interest in Orserdu from Eisai, its acquisition of a second royalty interest in Orserdu from Radius Health, the $210 million sale of its TZIELD royalty interest to Sanofi and its C$98 million offering of units;
Eurazeo in its acquisition of Scaled Agile;
Fortress in the sale of its remaining 40.5% equity interest in OneMain Holdings to an investor group led by Apollo Global Management and Värde Partners;
The Fresh Market in its $1.36 billion sale to affiliates of Apollo;
GasLog in its take‑private transaction with BlackRock’s Global Energy & Power Infrastructure Fund;
IBM in numerous transactions, including its acquisitions of the Adobe Workfront consultancy, Agile 3 solutions, BoxBoat Technologies, the technology assets from Catalogic Software, Databand.ai, McD Tech Labs from McDonald’s, Polar Security, Randori, ReaQta and Sentaca;
Lindsay Goldberg and American Securities in the $2.405 billion acquisition of AECOM’s Management Services business, as well as Lindsay Goldberg in its acquisitions of Fleetwood-Fibre Packaging & Graphics and Allpak Container;
New Senior in its $2.3 billion acquisition by Ventas;
Orbotech in its $3.4 billion sale to KLA‑Tencor;
Unilever in its $384 million acquisition of TAZO from Starbucks, its acquisition of Seventh Generation and its acquisition of Sundial Brands;
Valvoline in the $2.65 billion sale of its Global Products business to Aramco;
Viatris in its divestitures totaling $6.94 billion in value, including the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics and the pending divestitures of its Over‑the‑Counter, Women’s Healthcare and Active Pharmaceutical Ingredients businesses, and in the $750 million acquisitions of Oyster Point and Famy Life Sciences, as well as Mylan in its $50 billion combination with Upjohn, a division of Pfizer, to form Viatris, its $9.9 billion acquisition of Meda, its $5.6 billion inversion acquisition of Abbott Laboratories’ non‑U.S. developed markets specialty and branded generics business, its acquisition of the non‑sterile, topicals‑focused specialty and generics business of Renaissance Acquisition Holdings for $950 million in cash at closing plus additional contingent payments of up to $50 million and its proposal to acquire Perrigo in a transaction valued at approximately $35 billion; and
Ms. Sheffrin was born in Princeton, New Jersey and grew up in Davis, California. She received a B.A. from Wesleyan University in 2010 and a J.D. magna cum laude from Brooklyn Law School in 2013, where she was an Associate Managing Editor of the Journal of International Law and a member of the Moot Court Honor Society. Following her graduation, Ms. Sheffrin served as a law clerk to the Hon. Ralph K. Winter of the U.S. Court of Appeals for the Second Circuit.
Ms. Sheffrin joined Cravath in 2014 and was elected of counsel in 2023.
Ms. Sheffrin’s clients have included AmerisourceBergen, Anheuser‑Busch InBev, Avon, BDT, Cincinnati Bell, Conduent, DRI Capital, Eurazeo, IBM, Lindsay Goldberg, New Senior, Parker Hannifin, RELX Group, Unilever, Valvoline and Viatris.
In 2023, Ms. Sheffrin was shortlisted for the “Rising Star: Tax” award at Euromoney Legal Media Group’s Americas Women in Business Law Awards.
Ms. Sheffrin’s notable transactions include representing:
Anheuser-Busch InBev in its $123 billion acquisition of SABMiller and the $12 billion sale of SABMiller’s U.S. and global Miller-branded businesses to Molson Coors and an asset swap with Ambev in which AB InBev transferred SABMiller’s Panamanian business to Ambev and Ambev transferred its business in Colombia, Peru and Ecuador to AB InBev;
Avon in its $3.7 billion acquisition by Natura and Avon North America in its $125 million acquisition by LG Household and Healthcare;
Cincinnati Bell in its $2.9 billion acquisition by Macquarie Infrastructure, its $650 million combination with Hawaii Telecom and its $201 million acquisition of OnX Enterprise Solutions;
Conduent in the sale of its commercial vehicle operations business to Alinda Capital Partners and the sale of its U.S.-based human resource consulting and actuarial business to H.I.G. Capital;
Dentsu Aegis in its acquisition of Merkle;
DRI Capital and its affiliates in connection with DRI Healthcare Trust’s acquisition of a royalty interest in Orserdu from Eisai, its acquisition of a second royalty interest in Orserdu from Radius Health, the $210 million sale of its TZIELD royalty interest to Sanofi and its C$98 million offering of units;
Eurazeo in its acquisition of Scaled Agile;
Fortress in the sale of its remaining 40.5% equity interest in OneMain Holdings to an investor group led by Apollo Global Management and Värde Partners;
The Fresh Market in its $1.36 billion sale to affiliates of Apollo;
GasLog in its take‑private transaction with BlackRock’s Global Energy & Power Infrastructure Fund;
IBM in numerous transactions, including its acquisitions of the Adobe Workfront consultancy, Agile 3 solutions, BoxBoat Technologies, the technology assets from Catalogic Software, Databand.ai, McD Tech Labs from McDonald’s, Polar Security, Randori, ReaQta and Sentaca;
Lindsay Goldberg and American Securities in the $2.405 billion acquisition of AECOM’s Management Services business, as well as Lindsay Goldberg in its acquisitions of Fleetwood-Fibre Packaging & Graphics and Allpak Container;
New Senior in its $2.3 billion acquisition by Ventas;
Orbotech in its $3.4 billion sale to KLA‑Tencor;
Unilever in its $384 million acquisition of TAZO from Starbucks, its acquisition of Seventh Generation and its acquisition of Sundial Brands;
Valvoline in the $2.65 billion sale of its Global Products business to Aramco;
Viatris in its divestitures totaling $6.94 billion in value, including the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics and the pending divestitures of its Over‑the‑Counter, Women’s Healthcare and Active Pharmaceutical Ingredients businesses, and in the $750 million acquisitions of Oyster Point and Famy Life Sciences, as well as Mylan in its $50 billion combination with Upjohn, a division of Pfizer, to form Viatris, its $9.9 billion acquisition of Meda, its $5.6 billion inversion acquisition of Abbott Laboratories’ non‑U.S. developed markets specialty and branded generics business, its acquisition of the non‑sterile, topicals‑focused specialty and generics business of Renaissance Acquisition Holdings for $950 million in cash at closing plus additional contingent payments of up to $50 million and its proposal to acquire Perrigo in a transaction valued at approximately $35 billion; and
Ms. Sheffrin was born in Princeton, New Jersey and grew up in Davis, California. She received a B.A. from Wesleyan University in 2010 and a J.D. magna cum laude from Brooklyn Law School in 2013, where she was an Associate Managing Editor of the Journal of International Law and a member of the Moot Court Honor Society. Following her graduation, Ms. Sheffrin served as a law clerk to the Hon. Ralph K. Winter of the U.S. Court of Appeals for the Second Circuit.
Ms. Sheffrin joined Cravath in 2014 and was elected of counsel in 2023.
Deals & Cases
November 21, 2023
On November 21, 2023, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that it has entered into a definitive agreement to sell its South Texas cement business and certain of its related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash. Cravath is representing Martin Marietta in connection with the transaction.
Deals & Cases
October 20, 2023
On October 20, 2023, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced that it has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC (“Bamboo”), a managing general agent focused on the California homeowners insurance market. White Mountains expects to invest approximately $285 million, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo’s outstanding equity interests. Cravath is representing White Mountains in connection with the transaction.
Deals & Cases
October 17, 2023
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 02, 2023
On October 1, 2023, Viatris Inc. (“Viatris”), a global healthcare company, announced it has received an offer for the divestiture of substantially all of its Over-the-Counter (“OTC”) business, and has entered into definitive agreements to divest its Women’s Healthcare business, its Active Pharmaceutical Ingredient (“API”) business in India and commercialization rights in certain non-core markets that were acquired as part of the combination with Upjohn. The total transactions value, including Viatris’s 2022 divestiture of its biosimilars business, represents up to $6.94 billion of total gross proceeds. The estimated transaction value for the divestitures announced today is $3.6 billion, including gross consideration of up to approximately $2.17 billion for the divestiture of substantially all of its OTC business, and up to approximately $1.2 billion combined for the divestitures of its API and Women’s Healthcare businesses. Cravath is representing Viatris in connection with the transactions.
Deals & Cases
August 15, 2023
On August 14, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a second royalty interest in the worldwide net sales of ORSERDU®, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy. DRI Healthcare entered into a purchase agreement with Radius Pharmaceuticals, Inc., a wholly owned subsidiary of Radius Health, Inc. for an upfront purchase price of $130 million. In addition to running royalties, DRI Healthcare is also entitled to receive milestone payments of up to $40 million on the achievement of sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.
Firm News
June 15, 2023
On June 15, 2023, Sarah W. Colangelo, Rebecca J. Schindel and Kiran Sheffrin have become of counsels and Aaron S. Cha and Arian Mossanenzadeh have become senior attorneys of the Firm.
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