Four Decades for Justice
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:
- Initial public offering of Valvoline and other equity offerings of Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, NCR and New Fortress Energy
- Investment grade debt offerings of Brown‑Forman, Essential Utilities, Fortis, Lazard, Lennar and Viatris
- High-yield debt offerings of American Axle & Manufacturing, Ashland, Centene, Denbury Resources, Fortress Transportation and Infrastructure, Lennar, Level 3 Communications, NCR, New Fortress Energy and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources and Level 3 Communications, and cash tender offers of Ashland and Lazard
- Representing the Snyder family in the pending sale of the Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments in its pending combination with Portfolio Advisors, creating a $73 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 is from Fort Myers, Florida. He received 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, and a B.S. summa cum laude from the University of Florida in 2012.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Notable work highlights include:
- Initial public offering of Valvoline and other equity offerings of Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, NCR and New Fortress Energy
- Investment grade debt offerings of Brown‑Forman, Essential Utilities, Fortis, Lazard, Lennar and Viatris
- High-yield debt offerings of American Axle & Manufacturing, Ashland, Centene, Denbury Resources, Fortress Transportation and Infrastructure, Lennar, Level 3 Communications, NCR, New Fortress Energy and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources and Level 3 Communications, and cash tender offers of Ashland and Lazard
- Representing the Snyder family in the pending sale of the Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments in its pending combination with Portfolio Advisors, creating a $73 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 is from Fort Myers, Florida. He received 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, and a B.S. summa cum laude from the University of Florida in 2012.
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
Deals & Cases
May 12, 2023
The Snyder Family’s Pending Sale of the Washington Commanders to Josh Harris and Partners
On May 12, 2023, the Washington Commanders and a partnership led by Josh Harris announced they have entered into a purchase and sale agreement which calls for Harris and partners to acquire the Washington Commanders from the Snyder family. The agreement is subject to NFL approval as well as the satisfaction of customary closing conditions. Cravath is representing the Snyder family in connection with the transaction.
Deals & Cases
April 11, 2023
Brown‑Forman’s Registered Notes Offering
Cravath represented the underwriters in connection with the $650 million registered notes offering of Brown‑Forman Corporation, a leading global spirits company. The transaction closed on March 23, 2023.
Deals & Cases
February 02, 2023
FS Investments’ Combination with Portfolio Advisors, Creating $73 Billion Alternative Investment Firm
On February 2, 2023, FS Investments, a pioneer in the democratization of alternative investments with more than $35 billion in assets under management, and Portfolio Advisors, a global middle‑market private asset specialist with more than $38 billion in assets under management, announced they have entered into a definitive agreement to combine their firms. The combined company will be poised for growth with over $73 billion in assets under management, including a significant permanent capital base, and a robust distribution platform. Cravath is representing FS Investments in connection with the transaction.
Deals & Cases
March 28, 2022
Neenah’s $3 Billion Combination with SWM
On March 28, 2022, Neenah, Inc. (“Neenah”) and Schweitzer‑Mauduit International, Inc. (“SWM”), two leading global manufacturers of specialty materials, announced that they have entered into a definitive agreement to combine in an all‑stock merger of equals with combined revenues of approximately $3 billion, expanded scale and capabilities, and accelerated growth opportunities. Cravath is representing the independent members of the Neenah Board of Directors in connection with the transaction.
Deals & Cases
February 28, 2022
Viatris’s $3.335 Billion Combination of its Biosimilars Portfolio with Biocon Biologics
On February 28, 2022, Viatris Inc. (“Viatris”) announced that it reached a definitive agreement with Biocon Biologics Limited (“Biocon Biologics”) to contribute its biosimilars portfolio to Biocon Biologics, which will become a uniquely positioned, vertically integrated company expected to be a global biosimilars leader. Under the terms of the agreement, Viatris will contribute to Biocon Biologics its biosimilars portfolio and related commercial and operational capabilities, amounting to 2022 estimated revenue of approximately $875 million and 2022 estimated adjusted EBITDA of approximately $200 million, in exchange for pre-tax consideration of up to $3.335 billion, which represents a transaction multiple of 16.5x of estimated 2022 biosimilars adjusted EBITDA. Cravath is representing Viatris in connection with the transaction.
Firm News
November 16, 2022
Cravath Announces New Partners
Cravath has elected eight new partners. They are:
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:
- Initial public offering of Valvoline and other equity offerings of Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, NCR and New Fortress Energy
- Investment grade debt offerings of Brown‑Forman, Essential Utilities, Fortis, Lazard, Lennar and Viatris
- High-yield debt offerings of American Axle & Manufacturing, Ashland, Centene, Denbury Resources, Fortress Transportation and Infrastructure, Lennar, Level 3 Communications, NCR, New Fortress Energy and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources and Level 3 Communications, and cash tender offers of Ashland and Lazard
- Representing the Snyder family in the pending sale of the Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments in its pending combination with Portfolio Advisors, creating a $73 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 is from Fort Myers, Florida. He received 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, and a B.S. summa cum laude from the University of Florida in 2012.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Notable work highlights include:
- Initial public offering of Valvoline and other equity offerings of Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, NCR and New Fortress Energy
- Investment grade debt offerings of Brown‑Forman, Essential Utilities, Fortis, Lazard, Lennar and Viatris
- High-yield debt offerings of American Axle & Manufacturing, Ashland, Centene, Denbury Resources, Fortress Transportation and Infrastructure, Lennar, Level 3 Communications, NCR, New Fortress Energy and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources and Level 3 Communications, and cash tender offers of Ashland and Lazard
- Representing the Snyder family in the pending sale of the Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments in its pending combination with Portfolio Advisors, creating a $73 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 is from Fort Myers, Florida. He received 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, and a B.S. summa cum laude from the University of Florida in 2012.
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
Deals & Cases
May 12, 2023
The Snyder Family’s Pending Sale of the Washington Commanders to Josh Harris and Partners
On May 12, 2023, the Washington Commanders and a partnership led by Josh Harris announced they have entered into a purchase and sale agreement which calls for Harris and partners to acquire the Washington Commanders from the Snyder family. The agreement is subject to NFL approval as well as the satisfaction of customary closing conditions. Cravath is representing the Snyder family in connection with the transaction.
Deals & Cases
April 11, 2023
Brown‑Forman’s Registered Notes Offering
Cravath represented the underwriters in connection with the $650 million registered notes offering of Brown‑Forman Corporation, a leading global spirits company. The transaction closed on March 23, 2023.
Deals & Cases
February 02, 2023
FS Investments’ Combination with Portfolio Advisors, Creating $73 Billion Alternative Investment Firm
On February 2, 2023, FS Investments, a pioneer in the democratization of alternative investments with more than $35 billion in assets under management, and Portfolio Advisors, a global middle‑market private asset specialist with more than $38 billion in assets under management, announced they have entered into a definitive agreement to combine their firms. The combined company will be poised for growth with over $73 billion in assets under management, including a significant permanent capital base, and a robust distribution platform. Cravath is representing FS Investments in connection with the transaction.
Deals & Cases
March 28, 2022
Neenah’s $3 Billion Combination with SWM
On March 28, 2022, Neenah, Inc. (“Neenah”) and Schweitzer‑Mauduit International, Inc. (“SWM”), two leading global manufacturers of specialty materials, announced that they have entered into a definitive agreement to combine in an all‑stock merger of equals with combined revenues of approximately $3 billion, expanded scale and capabilities, and accelerated growth opportunities. Cravath is representing the independent members of the Neenah Board of Directors in connection with the transaction.
Deals & Cases
February 28, 2022
Viatris’s $3.335 Billion Combination of its Biosimilars Portfolio with Biocon Biologics
On February 28, 2022, Viatris Inc. (“Viatris”) announced that it reached a definitive agreement with Biocon Biologics Limited (“Biocon Biologics”) to contribute its biosimilars portfolio to Biocon Biologics, which will become a uniquely positioned, vertically integrated company expected to be a global biosimilars leader. Under the terms of the agreement, Viatris will contribute to Biocon Biologics its biosimilars portfolio and related commercial and operational capabilities, amounting to 2022 estimated revenue of approximately $875 million and 2022 estimated adjusted EBITDA of approximately $200 million, in exchange for pre-tax consideration of up to $3.335 billion, which represents a transaction multiple of 16.5x of estimated 2022 biosimilars adjusted EBITDA. Cravath is representing Viatris in connection with the transaction.
Firm News
November 16, 2022
Cravath Announces New Partners
Cravath has elected eight new partners. They are:
Cravath Bicentennial
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