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Cravath’s London Office Moves to 100 Cheapside

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Ryan J.
Patrone

Partner, Corporate

rpatrone@cravath.com
  • New York+1-212-474-1280
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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, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, MPLX, Phillips 66, 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, 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 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 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 has been named to the Lawdragon 500 X – The Next Generation list.

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, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, MPLX, Phillips 66, 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, 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 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 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 has been named to the Lawdragon 500 X – The Next Generation list.

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 Law
    Order of the Coif; Florence Allen Scholar, magna cum laude
  • B.S., 2012, University of Florida
    summa cum laude

Admitted In

  • New York

Rankings

Lawdragon

  • 500 X – The Next Generation (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

July 01, 2025

Circle’s Regulatory Clarity Amidst IPO Process

Cravath represented Circle Internet Financial, LLC on SEC regulatory matters concerning the non‑applicability of securities laws to payment stablecoins, concurrent with Circle Internet Group Inc.’s initial public offering.

Deals & Cases

June 30, 2025

Compass Minerals International, Inc.’s High‑Yield Senior Notes Offering

Cravath represented the initial purchasers in connection with the $650 million 144A/Reg. S high‑yield senior notes offering of Compass Minerals International, Inc., a leading provider of essential minerals. The transaction closed on June 16, 2025.

Deals & Cases

June 17, 2025

Galaxy Digital Inc.’s First SEC‑Registered Underwritten Offering of Class A Common Stock

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

Deals & Cases

June 13, 2025

Hess Midstream LP’s Registered Secondary Offering of Class A Common Stock

Cravath represented the underwriters in connection with the $559 million registered secondary offering of class A common stock of Hess Midstream LP, a fee‑based, growth‑oriented, limited partnership formed by Hess Midstream GP LP and Hess Infrastructure Partners GP LLC to own, operate, develop and acquire a diverse set of midstream assets and provide fee‑based services to Hess Corporation and third‑party customers. The transaction closed on May 30, 2025.

Deals & Cases

June 12, 2025

Westinghouse Air Brake Technologies Corporation’s $1.25 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $1.25 billion registered senior notes offering of Westinghouse Air Brake Technologies Corporation (“Wabtec”), one of the world’s largest providers of value‑added, technology‑based locomotives, equipment, systems and services for the global freight rail and passenger transit industries, and also serves customers in the mining, marine and industrial markets. Proceeds of the offering will be used to partially finance Wabtec’s acquisition of Evident Corporation’s Inspection Technologies division. The transaction closed on May 29, 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, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, MPLX, Phillips 66, 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, 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 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 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 has been named to the Lawdragon 500 X – The Next Generation list.

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, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, MPLX, Phillips 66, 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, 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 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 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 has been named to the Lawdragon 500 X – The Next Generation list.

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 Law
    Order of the Coif; Florence Allen Scholar, magna cum laude
  • B.S., 2012, University of Florida
    summa cum laude

Admitted In

  • New York

Rankings

Lawdragon

  • 500 X – The Next Generation (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

July 01, 2025

Circle’s Regulatory Clarity Amidst IPO Process

Cravath represented Circle Internet Financial, LLC on SEC regulatory matters concerning the non‑applicability of securities laws to payment stablecoins, concurrent with Circle Internet Group Inc.’s initial public offering.

Deals & Cases

June 30, 2025

Compass Minerals International, Inc.’s High‑Yield Senior Notes Offering

Cravath represented the initial purchasers in connection with the $650 million 144A/Reg. S high‑yield senior notes offering of Compass Minerals International, Inc., a leading provider of essential minerals. The transaction closed on June 16, 2025.

Deals & Cases

June 17, 2025

Galaxy Digital Inc.’s First SEC‑Registered Underwritten Offering of Class A Common Stock

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

Deals & Cases

June 13, 2025

Hess Midstream LP’s Registered Secondary Offering of Class A Common Stock

Cravath represented the underwriters in connection with the $559 million registered secondary offering of class A common stock of Hess Midstream LP, a fee‑based, growth‑oriented, limited partnership formed by Hess Midstream GP LP and Hess Infrastructure Partners GP LLC to own, operate, develop and acquire a diverse set of midstream assets and provide fee‑based services to Hess Corporation and third‑party customers. The transaction closed on May 30, 2025.

Deals & Cases

June 12, 2025

Westinghouse Air Brake Technologies Corporation’s $1.25 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $1.25 billion registered senior notes offering of Westinghouse Air Brake Technologies Corporation (“Wabtec”), one of the world’s largest providers of value‑added, technology‑based locomotives, equipment, systems and services for the global freight rail and passenger transit industries, and also serves customers in the mining, marine and industrial markets. Proceeds of the offering will be used to partially finance Wabtec’s acquisition of Evident Corporation’s Inspection Technologies division. The transaction closed on May 29, 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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