Cravath’s London Office Moves to 100 Cheapside
Ryan J. Patrone focuses his practice on representing issuers and investment banking firms in capital markets transactions, including initial public offerings and other primary and secondary equity offerings, as well as investment grade and high‑yield debt offerings. He also has significant experience representing clients in mergers and acquisitions, corporate governance, shareholder activism defense and general corporate matters.
Notable work highlights include:
- IPOs and similar new listing transactions for Galaxy Digital, Smithfield Foods and Valvoline, and other equity offerings of Annaly Capital Management, Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, Hess Midstream, NCR, New Fortress Energy and QuidelOrtho
- Investment grade debt offerings of American National, Brown‑Forman, Cencora, Essential Utilities, Fortis, Howmet Aerospace, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, The Mosaic Company, MPLX, Phillips 66, Polaris, Viatris, Wabtec and Zimmer Biomet
- High-yield debt offerings of Alcoa, Amentum, American Axle & Manufacturing, Ashland, Burford Capital, Centene, Compass Minerals, Denbury Resources, Fortress Transportation and Infrastructure, Hess Midstream, Lennar, Level 3 Communications, Murphy Oil, NCR, New Fortress Energy, United Rentals, Uniti and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources, Level 3 Communications and Lumen, and cash tender offers of Ashland, Lazard, Lumen, Murphy Oil and Viatris
- Representing Circle on regulatory matters related to its $1.05 billion IPO
- Representing Citi in the formation of its $25 billion private credit, direct lending program with Apollo
- Representing Disney in ESPN’s strategic alliance with PENN Entertainment to launch ESPN BET, and the related issuance to ESPN of warrants to purchase PENN common shares
- Representing the Snyder family in the $6.05 billion sale of the NFL's Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments (now Future Standard) in its combination with Portfolio Advisors, creating a $75 billion alternative investment firm
- Representing Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics
- Representing the independent members of the Neenah board of directors in the $3 billion combination with SWM
- Representing Johnson & Johnson in the $2.8 billion sale of its Advanced Sterilization Products business to Fortive
- Representing Deutsche Börse in its $2.275 billion acquisition of ISS
Mr. Patrone is an author on a range of legal topics impacting capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Mr. Patrone has been recognized for his work in capital markets by The Legal 500 US and he has also been recognized by Lawdragon as among the “500 Leading Dealmakers in America” and the “500 X – The Next Generation.”
Mr. Patrone is from Fort Myers, Florida. He received a B.S. summa cum laude from the University of Florida in 2012 and a J.D. magna cum laude from the New York University School of Law in 2015, where he was elected to the Order of the Coif.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Notable work highlights include:
- IPOs and similar new listing transactions for Galaxy Digital, Smithfield Foods and Valvoline, and other equity offerings of Annaly Capital Management, Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, Hess Midstream, NCR, New Fortress Energy and QuidelOrtho
- Investment grade debt offerings of American National, Brown‑Forman, Cencora, Essential Utilities, Fortis, Howmet Aerospace, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, The Mosaic Company, MPLX, Phillips 66, Polaris, Viatris, Wabtec and Zimmer Biomet
- High-yield debt offerings of Alcoa, Amentum, American Axle & Manufacturing, Ashland, Burford Capital, Centene, Compass Minerals, Denbury Resources, Fortress Transportation and Infrastructure, Hess Midstream, Lennar, Level 3 Communications, Murphy Oil, NCR, New Fortress Energy, United Rentals, Uniti and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources, Level 3 Communications and Lumen, and cash tender offers of Ashland, Lazard, Lumen, Murphy Oil and Viatris
- Representing Circle on regulatory matters related to its $1.05 billion IPO
- Representing Citi in the formation of its $25 billion private credit, direct lending program with Apollo
- Representing Disney in ESPN’s strategic alliance with PENN Entertainment to launch ESPN BET, and the related issuance to ESPN of warrants to purchase PENN common shares
- Representing the Snyder family in the $6.05 billion sale of the NFL's Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments (now Future Standard) in its combination with Portfolio Advisors, creating a $75 billion alternative investment firm
- Representing Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics
- Representing the independent members of the Neenah board of directors in the $3 billion combination with SWM
- Representing Johnson & Johnson in the $2.8 billion sale of its Advanced Sterilization Products business to Fortive
- Representing Deutsche Börse in its $2.275 billion acquisition of ISS
Mr. Patrone is an author on a range of legal topics impacting capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Mr. Patrone has been recognized for his work in capital markets by The Legal 500 US and he has also been recognized by Lawdragon as among the “500 Leading Dealmakers in America” and the “500 X – The Next Generation.”
Mr. Patrone is from Fort Myers, Florida. He received a B.S. summa cum laude from the University of Florida in 2012 and a J.D. magna cum laude from the New York University School of Law in 2015, where he was elected to the Order of the Coif.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Education
-
J.D., 2015, New York University School of LawOrder of the Coif; Florence Allen Scholar, magna cum laude
-
B.S., 2012, University of Floridasumma cum laude
Admitted In
- New York
Rankings
Lawdragon
- 500 Leading Dealmakers in America (2025)
- 500 X – The Next Generation (2025, 2024, 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
December 01, 2025
Polaris Inc.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Polaris Inc. Polaris Inc. designs, engineers, manufactures and markets powersport vehicles and also designs and manufactures or sources parts, garments and accessories. The transaction closed on November 13, 2025.
Deals & Cases
December 01, 2025
The Mosaic Company’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $900 million registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. The transaction closed on November 13, 2025.
Deals & Cases
November 26, 2025
Howmet Aerospace Inc.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The transaction closed on November 12, 2025.
Deals & Cases
October 20, 2025
Windstream Services, LLC’s $1.4 Billion High-Yield Senior Secured Notes Offering
Cravath represented the initial purchasers in connection with the $1.4 billion high-yield senior secured notes offering of Windstream Services, LLC, an indirect wholly owned subsidiary of Uniti Group Inc., a premier insurgent fiber provider dedicated to enabling mission-critical connectivity across the United States. The transaction closed on October 6, 2025.
Deals & Cases
October 17, 2025
American Axle & Manufacturing, Inc.’s $2.1 Billion High-Yield Senior Secured Notes and Senior Notes Offering
Cravath represented the initial purchasers in connection with the $2.1 billion 144A/Reg. S high-yield senior secured notes and senior notes offering of American Axle & Manufacturing, Inc., a wholly-owned subsidiary of American Axle & Manufacturing Holdings, Inc., a leading global tier 1 automotive and mobility supplier that designs, engineers and manufactures driveline and metal forming technologies to support electric, hybrid and internal combustion vehicles. A portion of the proceeds of the offering will be used in connection with American Axle Manufacturing Holdings, Inc.’s pending business combination with Dowlais Group plc. The transaction closed on October 3, 2025.
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
February 25, 2025
John White, Michael Arnold, Helam Gebremariam and Ryan Patrone Speak at 41st Annual Federal Securities Institute
Cravath partners John W. White, Michael L. Arnold, Helam Gebremariam and Ryan J. Patrone participated in the 41st Annual Federal Securities Institute, which was hosted by the Business Law Section of the Florida Bar in Tampa, Florida from February 24‑25, 2025 and brought together corporate, M&A and securities practitioners, in‑house counsel, executives and advisors to discuss various topics in corporate law, including structuring acquisitions and capital‑raising transactions, navigating regulatory enforcement issues and corporate governance.
Publications
October 28, 2024
Cravath and FTI Technology Publish Article on Blockchain Due Diligence in Strategic Dealmaking
On October 25, 2024, Cravath published an article by partners D. Scott Bennett, Benjamin Gruenstein, David J. Kappos, Evan Norris, Ryan J. Patrone, Elad Roisman and Sasha Rosenthal‑Larrea, in collaboration with Jason Trager, Senior Director of Blockchain & Digital Assets at FTI Technology, entitled “Bringing Blockchain Due Diligence into Focus Alongside Uptick in Strategic Dealmaking.” The article discusses the renewed momentum around blockchain and digital assets, predicting an increase in deal activity including M&A transactions and joint ventures going into 2025, and explores the key elements that dealmaking teams should consider when conducting due diligence for these transactions.
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.
Activities
March 18, 2024
Cravath Hosts 2024 Web3 Regulatory Forum
On March 14, 2024, Cravath hosted its 2024 Web3 Regulatory Forum at its offices in New York. The event brought together lawyers from the Firm, market participants, executives, investors and others for presentations by practitioners, current and former regulators, and interactive roundtables examining the most significant regulatory developments in the digital assets and Web3 space.
Ryan J. Patrone focuses his practice on representing issuers and investment banking firms in capital markets transactions, including initial public offerings and other primary and secondary equity offerings, as well as investment grade and high‑yield debt offerings. He also has significant experience representing clients in mergers and acquisitions, corporate governance, shareholder activism defense and general corporate matters.
Notable work highlights include:
- IPOs and similar new listing transactions for Galaxy Digital, Smithfield Foods and Valvoline, and other equity offerings of Annaly Capital Management, Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, Hess Midstream, NCR, New Fortress Energy and QuidelOrtho
- Investment grade debt offerings of American National, Brown‑Forman, Cencora, Essential Utilities, Fortis, Howmet Aerospace, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, The Mosaic Company, MPLX, Phillips 66, Polaris, Viatris, Wabtec and Zimmer Biomet
- High-yield debt offerings of Alcoa, Amentum, American Axle & Manufacturing, Ashland, Burford Capital, Centene, Compass Minerals, Denbury Resources, Fortress Transportation and Infrastructure, Hess Midstream, Lennar, Level 3 Communications, Murphy Oil, NCR, New Fortress Energy, United Rentals, Uniti and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources, Level 3 Communications and Lumen, and cash tender offers of Ashland, Lazard, Lumen, Murphy Oil and Viatris
- Representing Circle on regulatory matters related to its $1.05 billion IPO
- Representing Citi in the formation of its $25 billion private credit, direct lending program with Apollo
- Representing Disney in ESPN’s strategic alliance with PENN Entertainment to launch ESPN BET, and the related issuance to ESPN of warrants to purchase PENN common shares
- Representing the Snyder family in the $6.05 billion sale of the NFL's Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments (now Future Standard) in its combination with Portfolio Advisors, creating a $75 billion alternative investment firm
- Representing Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics
- Representing the independent members of the Neenah board of directors in the $3 billion combination with SWM
- Representing Johnson & Johnson in the $2.8 billion sale of its Advanced Sterilization Products business to Fortive
- Representing Deutsche Börse in its $2.275 billion acquisition of ISS
Mr. Patrone is an author on a range of legal topics impacting capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Mr. Patrone has been recognized for his work in capital markets by The Legal 500 US and he has also been recognized by Lawdragon as among the “500 Leading Dealmakers in America” and the “500 X – The Next Generation.”
Mr. Patrone is from Fort Myers, Florida. He received a B.S. summa cum laude from the University of Florida in 2012 and a J.D. magna cum laude from the New York University School of Law in 2015, where he was elected to the Order of the Coif.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Notable work highlights include:
- IPOs and similar new listing transactions for Galaxy Digital, Smithfield Foods and Valvoline, and other equity offerings of Annaly Capital Management, Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, Hess Midstream, NCR, New Fortress Energy and QuidelOrtho
- Investment grade debt offerings of American National, Brown‑Forman, Cencora, Essential Utilities, Fortis, Howmet Aerospace, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, The Mosaic Company, MPLX, Phillips 66, Polaris, Viatris, Wabtec and Zimmer Biomet
- High-yield debt offerings of Alcoa, Amentum, American Axle & Manufacturing, Ashland, Burford Capital, Centene, Compass Minerals, Denbury Resources, Fortress Transportation and Infrastructure, Hess Midstream, Lennar, Level 3 Communications, Murphy Oil, NCR, New Fortress Energy, United Rentals, Uniti and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources, Level 3 Communications and Lumen, and cash tender offers of Ashland, Lazard, Lumen, Murphy Oil and Viatris
- Representing Circle on regulatory matters related to its $1.05 billion IPO
- Representing Citi in the formation of its $25 billion private credit, direct lending program with Apollo
- Representing Disney in ESPN’s strategic alliance with PENN Entertainment to launch ESPN BET, and the related issuance to ESPN of warrants to purchase PENN common shares
- Representing the Snyder family in the $6.05 billion sale of the NFL's Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments (now Future Standard) in its combination with Portfolio Advisors, creating a $75 billion alternative investment firm
- Representing Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics
- Representing the independent members of the Neenah board of directors in the $3 billion combination with SWM
- Representing Johnson & Johnson in the $2.8 billion sale of its Advanced Sterilization Products business to Fortive
- Representing Deutsche Börse in its $2.275 billion acquisition of ISS
Mr. Patrone is an author on a range of legal topics impacting capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Mr. Patrone has been recognized for his work in capital markets by The Legal 500 US and he has also been recognized by Lawdragon as among the “500 Leading Dealmakers in America” and the “500 X – The Next Generation.”
Mr. Patrone is from Fort Myers, Florida. He received a B.S. summa cum laude from the University of Florida in 2012 and a J.D. magna cum laude from the New York University School of Law in 2015, where he was elected to the Order of the Coif.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Education
-
J.D., 2015, New York University School of LawOrder of the Coif; Florence Allen Scholar, magna cum laude
-
B.S., 2012, University of Floridasumma cum laude
Admitted In
- New York
Rankings
Lawdragon
- 500 Leading Dealmakers in America (2025)
- 500 X – The Next Generation (2025, 2024, 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
December 01, 2025
Polaris Inc.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Polaris Inc. Polaris Inc. designs, engineers, manufactures and markets powersport vehicles and also designs and manufactures or sources parts, garments and accessories. The transaction closed on November 13, 2025.
Deals & Cases
December 01, 2025
The Mosaic Company’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $900 million registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. The transaction closed on November 13, 2025.
Deals & Cases
November 26, 2025
Howmet Aerospace Inc.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The transaction closed on November 12, 2025.
Deals & Cases
October 20, 2025
Windstream Services, LLC’s $1.4 Billion High-Yield Senior Secured Notes Offering
Cravath represented the initial purchasers in connection with the $1.4 billion high-yield senior secured notes offering of Windstream Services, LLC, an indirect wholly owned subsidiary of Uniti Group Inc., a premier insurgent fiber provider dedicated to enabling mission-critical connectivity across the United States. The transaction closed on October 6, 2025.
Deals & Cases
October 17, 2025
American Axle & Manufacturing, Inc.’s $2.1 Billion High-Yield Senior Secured Notes and Senior Notes Offering
Cravath represented the initial purchasers in connection with the $2.1 billion 144A/Reg. S high-yield senior secured notes and senior notes offering of American Axle & Manufacturing, Inc., a wholly-owned subsidiary of American Axle & Manufacturing Holdings, Inc., a leading global tier 1 automotive and mobility supplier that designs, engineers and manufactures driveline and metal forming technologies to support electric, hybrid and internal combustion vehicles. A portion of the proceeds of the offering will be used in connection with American Axle Manufacturing Holdings, Inc.’s pending business combination with Dowlais Group plc. The transaction closed on October 3, 2025.
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
February 25, 2025
John White, Michael Arnold, Helam Gebremariam and Ryan Patrone Speak at 41st Annual Federal Securities Institute
Cravath partners John W. White, Michael L. Arnold, Helam Gebremariam and Ryan J. Patrone participated in the 41st Annual Federal Securities Institute, which was hosted by the Business Law Section of the Florida Bar in Tampa, Florida from February 24‑25, 2025 and brought together corporate, M&A and securities practitioners, in‑house counsel, executives and advisors to discuss various topics in corporate law, including structuring acquisitions and capital‑raising transactions, navigating regulatory enforcement issues and corporate governance.
Publications
October 28, 2024
Cravath and FTI Technology Publish Article on Blockchain Due Diligence in Strategic Dealmaking
On October 25, 2024, Cravath published an article by partners D. Scott Bennett, Benjamin Gruenstein, David J. Kappos, Evan Norris, Ryan J. Patrone, Elad Roisman and Sasha Rosenthal‑Larrea, in collaboration with Jason Trager, Senior Director of Blockchain & Digital Assets at FTI Technology, entitled “Bringing Blockchain Due Diligence into Focus Alongside Uptick in Strategic Dealmaking.” The article discusses the renewed momentum around blockchain and digital assets, predicting an increase in deal activity including M&A transactions and joint ventures going into 2025, and explores the key elements that dealmaking teams should consider when conducting due diligence for these transactions.
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.
Activities
March 18, 2024
Cravath Hosts 2024 Web3 Regulatory Forum
On March 14, 2024, Cravath hosted its 2024 Web3 Regulatory Forum at its offices in New York. The event brought together lawyers from the Firm, market participants, executives, investors and others for presentations by practitioners, current and former regulators, and interactive roundtables examining the most significant regulatory developments in the digital assets and Web3 space.
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