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Ting S.
Chen

Partner, Corporate

tchen@cravath.com
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Ting S. Chen is Co-Head of the Global Mergers and Acquisitions Practice. She focuses her practice on mergers and acquisitions, corporate governance, and activism and takeover defense.

Ms. Chen’s clients have included Avon, Bacardi, British American Tobacco, CardWorks, DHT, DreamWorks Animation, Global Blood Therapeutics, Honeywell, IBM, Illumina, InterMune, Johnson & Johnson, Kraft, Lundbeck, New Senior, OneBeacon Insurance, Pitney Bowes, Qualcomm, SPANX, Starbucks, Thermo Fisher Scientific, The Washington Post, White Mountains Insurance and Zale Corporation.

Ms. Chen’s notable transactions include representing:

  • Avon in its $3.7 billion acquisition by Natura
  • Bacardi in its acquisition of ILEGAL Mezcal
  • BDT Capital Partners in its equity investments in Tory Burch, KIND, Marquette Transportation Company and Alliance Laundry Systems
  • British American Tobacco in its $97 billion merger with Reynolds American and its $4.7 billion investment in Reynolds American as part of Reynolds American’s $27.6 billion acquisition of Lorillard, as well as in Reynolds American’s related $7.1 billion sale of the KOOL, Salem, Winston, Maverick and blu eCigs brands and other assets and liabilities to Imperial Tobacco Group
  • CardWorks in its acquisition of Ally’s credit card business
  • DHT in an unsolicited acquisition proposal from Frontline
  • DreamWorks Animation in its $4.1 billion sale to Comcast
  • Genpact in connection with an approximately $1 billion investment by Bain Capital
  • Global Blood Therapeutics in its $5.4 billion acquisition by Pfizer
  • Honeywell in its $300 million sale of Honeywell Technology Solutions to KBR
  • Horizon Blue Cross Blue Shield of New Jersey in its reorganization into a mutual holding company
  • IBM in its acquisition of Accelalpha, its acquisition of assets from Spanugo, its acquisition of Armanta and the $505 million sale of its worldwide customer care business process outsourcing services business to SYNNEX
  • Illumina in its $8 billion acquisition and subsequent spin‑off of GRAIL, its proxy contest against Carl Icahn and its interactions with Corvex
  • InterMune in its $8.9 billion sale to Roche
  • Johnson & Johnson in its $14.6 billion acquisition of Intra‑Cellular Therapies and its $2 billion acquisition of Ambrx
  • KKR’s board committee in KKR’s conversion to a corporation and KKR’s $2.6 billion acquisition of KKR Financial Holdings
  • Kraft in the spin‑off of its $30 billion North American grocery business and the $3.7 billion sale of its frozen pizza business to Nestlé
  • Lundbeck in its acquisition of Chelsea Therapeutics for cash and contingent value rights representing a total possible consideration of $660 million
  • New Senior in its $2.3 billion acquisition by Ventas
  • OneBeacon Insurance and White Mountains Insurance in the $1.7 billion sale of OneBeacon Insurance to Intact Financial
  • Pitney Bowes in the $700 million sale of its Software Solutions business to Syncsort, its $475 million acquisition of Newgistics and its $395 million acquisition of Borderfree
  • Qualcomm in the commercial terms of its settlement of global litigation with Apple, including a global six‑year patent license agreement and a multiyear chipset supply agreement
  • The Ricketts family in the $26 billion acquisition of TD Ameritrade by Charles Schwab
  • Russell Stover Candies in its sale to the Lindt & Sprüngli Group
  • SPANX in its sale of a majority stake to Blackstone
  • Starbucks in its commercial arrangement with Oprah Winfrey to launch Oprah Chai
  • Temasek in its investments in Fanatics and Virtu Financial
  • Thermo Fisher Scientific in its $20.9 billion acquisition of PPD and its $3.1 billion acquisition of Olink
  • The Washington Post in the $250 million sale of its newspaper publishing businesses, including The Washington Post newspaper, to Jeff Bezos
  • White Mountains Insurance in the $2.6 billion sale of Sirius International Insurance to China Minsheng Investment, its and Oaktree Capital’s $250 million investment in Kudu Investment Management and its majority investment in TRANZACT
  • Zale in its $1.5 billion sale to Signet Jewelers

Ms. Chen has been named a “Dealmaker of the Year” by The American Lawyer and has been recognized in IFLR1000’s “Women Leaders – United States,” The Deal’s “Top Women in Dealmaking” and Crain’s New York Business’s “Notable Women in Law.” Ms. Chen has been recognized for her work in mergers and acquisitions by Chambers USA, The Legal 500 US, IFLR1000, The Best Lawyers in America and Lawdragon. She has also been recognized by The Legal 500 US for her activist defense work, as well as her transactional work in the media and entertainment and technology industries.

Ms. Chen regularly speaks on topics concerning corporate governance and mergers and acquisitions law. She co‑chaired a panel entitled “Developments in Public Company M&A Securities Law” hosted by the International Bar Association’s Annual International Mergers & Acquisitions Conference and has spoken multiple times at the Practising Law Institute’s (PLI) “Doing Deals: The Art of M&A Transactional Practice” program.

Ms. Chen was born in Taipei, Taiwan. She received an A.B. summa cum laude from Harvard University in 2003, where she was elected to Phi Beta Kappa, and a J.D. from Stanford Law School in 2006.

Ms. Chen joined Cravath in 2006 and was elected a partner in 2013. She currently serves as a member of the Firm’s Diversity Committee.

Ms. Chen’s notable transactions include representing:

  • Avon in its $3.7 billion acquisition by Natura
  • Bacardi in its acquisition of ILEGAL Mezcal
  • BDT Capital Partners in its equity investments in Tory Burch, KIND, Marquette Transportation Company and Alliance Laundry Systems
  • British American Tobacco in its $97 billion merger with Reynolds American and its $4.7 billion investment in Reynolds American as part of Reynolds American’s $27.6 billion acquisition of Lorillard, as well as in Reynolds American’s related $7.1 billion sale of the KOOL, Salem, Winston, Maverick and blu eCigs brands and other assets and liabilities to Imperial Tobacco Group
  • CardWorks in its acquisition of Ally’s credit card business
  • DHT in an unsolicited acquisition proposal from Frontline
  • DreamWorks Animation in its $4.1 billion sale to Comcast
  • Genpact in connection with an approximately $1 billion investment by Bain Capital
  • Global Blood Therapeutics in its $5.4 billion acquisition by Pfizer
  • Honeywell in its $300 million sale of Honeywell Technology Solutions to KBR
  • Horizon Blue Cross Blue Shield of New Jersey in its reorganization into a mutual holding company
  • IBM in its acquisition of Accelalpha, its acquisition of assets from Spanugo, its acquisition of Armanta and the $505 million sale of its worldwide customer care business process outsourcing services business to SYNNEX
  • Illumina in its $8 billion acquisition and subsequent spin‑off of GRAIL, its proxy contest against Carl Icahn and its interactions with Corvex
  • InterMune in its $8.9 billion sale to Roche
  • Johnson & Johnson in its $14.6 billion acquisition of Intra‑Cellular Therapies and its $2 billion acquisition of Ambrx
  • KKR’s board committee in KKR’s conversion to a corporation and KKR’s $2.6 billion acquisition of KKR Financial Holdings
  • Kraft in the spin‑off of its $30 billion North American grocery business and the $3.7 billion sale of its frozen pizza business to Nestlé
  • Lundbeck in its acquisition of Chelsea Therapeutics for cash and contingent value rights representing a total possible consideration of $660 million
  • New Senior in its $2.3 billion acquisition by Ventas
  • OneBeacon Insurance and White Mountains Insurance in the $1.7 billion sale of OneBeacon Insurance to Intact Financial
  • Pitney Bowes in the $700 million sale of its Software Solutions business to Syncsort, its $475 million acquisition of Newgistics and its $395 million acquisition of Borderfree
  • Qualcomm in the commercial terms of its settlement of global litigation with Apple, including a global six‑year patent license agreement and a multiyear chipset supply agreement
  • The Ricketts family in the $26 billion acquisition of TD Ameritrade by Charles Schwab
  • Russell Stover Candies in its sale to the Lindt & Sprüngli Group
  • SPANX in its sale of a majority stake to Blackstone
  • Starbucks in its commercial arrangement with Oprah Winfrey to launch Oprah Chai
  • Temasek in its investments in Fanatics and Virtu Financial
  • Thermo Fisher Scientific in its $20.9 billion acquisition of PPD and its $3.1 billion acquisition of Olink
  • The Washington Post in the $250 million sale of its newspaper publishing businesses, including The Washington Post newspaper, to Jeff Bezos
  • White Mountains Insurance in the $2.6 billion sale of Sirius International Insurance to China Minsheng Investment, its and Oaktree Capital’s $250 million investment in Kudu Investment Management and its majority investment in TRANZACT
  • Zale in its $1.5 billion sale to Signet Jewelers

Ms. Chen has been named a “Dealmaker of the Year” by The American Lawyer and has been recognized in IFLR1000’s “Women Leaders – United States,” The Deal’s “Top Women in Dealmaking” and Crain’s New York Business’s “Notable Women in Law.” Ms. Chen has been recognized for her work in mergers and acquisitions by Chambers USA, The Legal 500 US, IFLR1000, The Best Lawyers in America and Lawdragon. She has also been recognized by The Legal 500 US for her activist defense work, as well as her transactional work in the media and entertainment and technology industries.

Ms. Chen regularly speaks on topics concerning corporate governance and mergers and acquisitions law. She co‑chaired a panel entitled “Developments in Public Company M&A Securities Law” hosted by the International Bar Association’s Annual International Mergers & Acquisitions Conference and has spoken multiple times at the Practising Law Institute’s (PLI) “Doing Deals: The Art of M&A Transactional Practice” program.

Ms. Chen was born in Taipei, Taiwan. She received an A.B. summa cum laude from Harvard University in 2003, where she was elected to Phi Beta Kappa, and a J.D. from Stanford Law School in 2006.

Ms. Chen joined Cravath in 2006 and was elected a partner in 2013. She currently serves as a member of the Firm’s Diversity Committee.

Education

  • J.D., 2006, Stanford Law School
  • A.B., 2003, Harvard College
    Phi Beta Kappa, summa cum laude

Admitted In

  • New York

Professional Affiliations

American Bar Association

International Bar Association

New York State Bar Association

Rankings

The American Lawyer

  • Dealmaker of the Year (2022)

Best Lawyers in America

  • Mergers and Acquisitions Law (2025, 2024)

Chambers USA

  • Corporate/M&A - New York (2024-2021)

Crain’s New York Business

  • Notable Women in Law (2019)

The Deal

  • Top Women in Dealmaking (2022, 2020)

IFLR1000

  • Mergers and Acquisitions - US (2024‑2016)
  • Women Leaders – United States (2022)

Latin Lawyer 250: Latin America’s Leading Business Law Firms

  • Corporate and M&A - International (2020)

Law360

  • Rising Star: Mergers and Acquisitions (2015)

Lawdragon

  • 500 Leading Lawyers in America (2025, 2024, 2023)
  • 500 Leading Dealmakers in America (2024-2021)

The Legal 500 US

  • M&A/Corporate and Commercial: Large Deals, $1bn+ (“Leading Lawyer” - 2024, 2023, 2022) (“Next Generation Partner” - 2021, 2020, 2019) (2018, 2017)
  • Media and Entertainment: Transactional (2020) (“Next Generation Partner” - 2019, 2018, 2017)
  • Shareholder Activism: Advice to Boards (2019)
  • Technology Transactions (2016)

New York Law Journal

  • Rising Star (2020)

Super Lawyers - Rising Stars - New York

  • Mergers & Acquisitions (2017, 2016, 2015)

Americas Women in Business Law Award ‑ Rising Star: Corporate, Euromoney Legal Media Group (2018, 2016)

Deals & Cases

January 22, 2025

CardWorks’s Acquisition of Ally’s Credit Card Business

On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.

Deals & Cases

January 13, 2025

Johnson & Johnson’s $14.6 Billion Acquisition of Intra‑Cellular Therapies, Inc.

On January 13, 2025, Johnson & Johnson and Intra‑Cellular Therapies, Inc. announced that they have entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of Intra‑Cellular Therapies, a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, for $132 per share in cash for a total equity value of approximately $14.6 billion. Cravath is representing Johnson & Johnson in connection with the transaction.

Deals & Cases

September 10, 2024

IBM’s Acquisition of Accelalpha

On September 9, 2024, IBM announced its intent to acquire Accelalpha, a global Oracle services provider with deep expertise helping clients digitize core business operations and accelerate adoption of Oracle Cloud Applications. This acquisition expands IBM's Oracle consulting expertise in supply chain and logistics, finance, enterprise performance management and customer transformation. Cravath is representing IBM in connection with the transaction.

Deals & Cases

June 24, 2024

Illumina’s Completed Divestiture of GRAIL

On June 24, 2024, Illumina, Inc. (“Illumina”), a global leader in DNA sequencing and array-based technologies, announced the successful completion of the spin-off of GRAIL, a healthcare company whose mission is to detect cancer early. This follows Illumina’s previously announced plans to divest GRAIL, and GRAIL is now a public and independent company. The separation was achieved through the distribution of 85.5% of the outstanding shares of GRAIL to holders of Illumina common stock on June 24, 2024. In addition to retaining their shares of Illumina common stock, Illumina shareholders received one share of GRAIL common stock for every six shares of Illumina stock held as of close of business on the record date of June 13, 2024. Illumina retained 14.5% of the outstanding shares of GRAIL common stock. Cravath represented Illumina in connection with the transaction.

Deals & Cases

October 17, 2023

Thermo Fisher Scientific’s Acquisition of Olink

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.

Activities

January 30, 2025

John White Moderates and Ting Chen Speaks at Northwestern’s 2025 Securities Regulation Institute

Cravath partners John W. White and Ting S. Chen participated in Northwestern Pritzker School of Law’s 52nd Annual Securities Regulation Institute, which was held from January 27‑29, 2025, in Coronado, California. John moderated a panel of former senior Corporation Finance staff members entitled “Developments in the Division of Corporation Finance,” which included a lively discussion of areas of focus for public companies and their advisors as the SEC comes under new leadership. Ting spoke on a panel entitled “Navigating an Activist Campaign Through a Simulated Attack,” during which panelists discussed steps companies can take to prepare for an activist campaign, applicable disclosure requirements and SEC rules and common settlement agreement terms.

Activities

June 11, 2024

Ting Chen Speaks at IBA’s 2024 International Mergers & Acquisitions Conference

On June 5, 2024, Cravath partner Ting S. Chen participated in the International Bar Association’s 21st Annual International Mergers & Acquisitions Conference, which was held from June 5‑6, 2024, in New York. The event convened global practitioners to discuss topics in international M&A law such as healthcare and life sciences M&A; private equity dealmaking; and governance, stewardship and activism. Ting co‑chaired a panel entitled “Global M&A Hot Topics,” which examined recent M&A developments and hot topics arising around the world.

Activities

February 29, 2024

Ting Chen Speaks at PLI’s “Doing Deals 2024: The Art of M&A Transactional Practice” Program

On February 28, 2024, Cravath partner Ting S. Chen participated in “Doing Deals 2024: The Art of M&A Transactional Practice,” a program presented by the Practising Law Institute in New York, which focused on the latest trends and developments in the M&A market and featured outside and in‑house lawyers and investment bankers. Ting spoke on a panel entitled “Negotiating the M&A Agreement in the Time of Covid and Beyond,” which reviewed how to mitigate risk in a purchase agreement, the evolution of the Material Adverse Effect clause and interim operating covenants, and Con Ed provisions.

Activities

January 29, 2024

John White and Ting Chen Speak at Northwestern’s 2024 Securities Regulation Institute

Cravath partners John W. White and Ting S. Chen participated in Northwestern Pritzker School of Law’s 51st Annual Securities Regulation Institute, which was held from January 22‑24, 2024, in Coronado, CA. The Institute’s keynote David S. Ruder Luncheon Address was a fireside chat between John and Paul Munter, the SEC’s Chief Accountant, exploring audit committee challenges, materiality and the impacts of economic, geopolitical and regulatory uncertainty on accounting today. Ting spoke on a panel entitled “M&A Trends & Developments,” which reviewed the current state of the M&A market, recent M&A litigation and negotiation and contractual issues in the current M&A environment.

Activities

June 09, 2023

Ting Chen Co‑Chairs Panel at IBA’s 2023 International Mergers & Acquisitions Conference

On June 7, 2023, Cravath partner Ting S. Chen participated in the International Bar Association’s 20th Annual International Mergers & Acquisitions Conference, which was held from June 6‑7, 2023 in New York. Ting co‑chaired a panel entitled “Developments in Public Company M&A and Securities Law,” which discussed the ever-evolving landscape of public M&A around the world.

Ting S. Chen is Co-Head of the Global Mergers and Acquisitions Practice. She focuses her practice on mergers and acquisitions, corporate governance, and activism and takeover defense.

Ms. Chen’s clients have included Avon, Bacardi, British American Tobacco, CardWorks, DHT, DreamWorks Animation, Global Blood Therapeutics, Honeywell, IBM, Illumina, InterMune, Johnson & Johnson, Kraft, Lundbeck, New Senior, OneBeacon Insurance, Pitney Bowes, Qualcomm, SPANX, Starbucks, Thermo Fisher Scientific, The Washington Post, White Mountains Insurance and Zale Corporation.

Ms. Chen’s notable transactions include representing:

  • Avon in its $3.7 billion acquisition by Natura
  • Bacardi in its acquisition of ILEGAL Mezcal
  • BDT Capital Partners in its equity investments in Tory Burch, KIND, Marquette Transportation Company and Alliance Laundry Systems
  • British American Tobacco in its $97 billion merger with Reynolds American and its $4.7 billion investment in Reynolds American as part of Reynolds American’s $27.6 billion acquisition of Lorillard, as well as in Reynolds American’s related $7.1 billion sale of the KOOL, Salem, Winston, Maverick and blu eCigs brands and other assets and liabilities to Imperial Tobacco Group
  • CardWorks in its acquisition of Ally’s credit card business
  • DHT in an unsolicited acquisition proposal from Frontline
  • DreamWorks Animation in its $4.1 billion sale to Comcast
  • Genpact in connection with an approximately $1 billion investment by Bain Capital
  • Global Blood Therapeutics in its $5.4 billion acquisition by Pfizer
  • Honeywell in its $300 million sale of Honeywell Technology Solutions to KBR
  • Horizon Blue Cross Blue Shield of New Jersey in its reorganization into a mutual holding company
  • IBM in its acquisition of Accelalpha, its acquisition of assets from Spanugo, its acquisition of Armanta and the $505 million sale of its worldwide customer care business process outsourcing services business to SYNNEX
  • Illumina in its $8 billion acquisition and subsequent spin‑off of GRAIL, its proxy contest against Carl Icahn and its interactions with Corvex
  • InterMune in its $8.9 billion sale to Roche
  • Johnson & Johnson in its $14.6 billion acquisition of Intra‑Cellular Therapies and its $2 billion acquisition of Ambrx
  • KKR’s board committee in KKR’s conversion to a corporation and KKR’s $2.6 billion acquisition of KKR Financial Holdings
  • Kraft in the spin‑off of its $30 billion North American grocery business and the $3.7 billion sale of its frozen pizza business to Nestlé
  • Lundbeck in its acquisition of Chelsea Therapeutics for cash and contingent value rights representing a total possible consideration of $660 million
  • New Senior in its $2.3 billion acquisition by Ventas
  • OneBeacon Insurance and White Mountains Insurance in the $1.7 billion sale of OneBeacon Insurance to Intact Financial
  • Pitney Bowes in the $700 million sale of its Software Solutions business to Syncsort, its $475 million acquisition of Newgistics and its $395 million acquisition of Borderfree
  • Qualcomm in the commercial terms of its settlement of global litigation with Apple, including a global six‑year patent license agreement and a multiyear chipset supply agreement
  • The Ricketts family in the $26 billion acquisition of TD Ameritrade by Charles Schwab
  • Russell Stover Candies in its sale to the Lindt & Sprüngli Group
  • SPANX in its sale of a majority stake to Blackstone
  • Starbucks in its commercial arrangement with Oprah Winfrey to launch Oprah Chai
  • Temasek in its investments in Fanatics and Virtu Financial
  • Thermo Fisher Scientific in its $20.9 billion acquisition of PPD and its $3.1 billion acquisition of Olink
  • The Washington Post in the $250 million sale of its newspaper publishing businesses, including The Washington Post newspaper, to Jeff Bezos
  • White Mountains Insurance in the $2.6 billion sale of Sirius International Insurance to China Minsheng Investment, its and Oaktree Capital’s $250 million investment in Kudu Investment Management and its majority investment in TRANZACT
  • Zale in its $1.5 billion sale to Signet Jewelers

Ms. Chen has been named a “Dealmaker of the Year” by The American Lawyer and has been recognized in IFLR1000’s “Women Leaders – United States,” The Deal’s “Top Women in Dealmaking” and Crain’s New York Business’s “Notable Women in Law.” Ms. Chen has been recognized for her work in mergers and acquisitions by Chambers USA, The Legal 500 US, IFLR1000, The Best Lawyers in America and Lawdragon. She has also been recognized by The Legal 500 US for her activist defense work, as well as her transactional work in the media and entertainment and technology industries.

Ms. Chen regularly speaks on topics concerning corporate governance and mergers and acquisitions law. She co‑chaired a panel entitled “Developments in Public Company M&A Securities Law” hosted by the International Bar Association’s Annual International Mergers & Acquisitions Conference and has spoken multiple times at the Practising Law Institute’s (PLI) “Doing Deals: The Art of M&A Transactional Practice” program.

Ms. Chen was born in Taipei, Taiwan. She received an A.B. summa cum laude from Harvard University in 2003, where she was elected to Phi Beta Kappa, and a J.D. from Stanford Law School in 2006.

Ms. Chen joined Cravath in 2006 and was elected a partner in 2013. She currently serves as a member of the Firm’s Diversity Committee.

Ms. Chen’s notable transactions include representing:

  • Avon in its $3.7 billion acquisition by Natura
  • Bacardi in its acquisition of ILEGAL Mezcal
  • BDT Capital Partners in its equity investments in Tory Burch, KIND, Marquette Transportation Company and Alliance Laundry Systems
  • British American Tobacco in its $97 billion merger with Reynolds American and its $4.7 billion investment in Reynolds American as part of Reynolds American’s $27.6 billion acquisition of Lorillard, as well as in Reynolds American’s related $7.1 billion sale of the KOOL, Salem, Winston, Maverick and blu eCigs brands and other assets and liabilities to Imperial Tobacco Group
  • CardWorks in its acquisition of Ally’s credit card business
  • DHT in an unsolicited acquisition proposal from Frontline
  • DreamWorks Animation in its $4.1 billion sale to Comcast
  • Genpact in connection with an approximately $1 billion investment by Bain Capital
  • Global Blood Therapeutics in its $5.4 billion acquisition by Pfizer
  • Honeywell in its $300 million sale of Honeywell Technology Solutions to KBR
  • Horizon Blue Cross Blue Shield of New Jersey in its reorganization into a mutual holding company
  • IBM in its acquisition of Accelalpha, its acquisition of assets from Spanugo, its acquisition of Armanta and the $505 million sale of its worldwide customer care business process outsourcing services business to SYNNEX
  • Illumina in its $8 billion acquisition and subsequent spin‑off of GRAIL, its proxy contest against Carl Icahn and its interactions with Corvex
  • InterMune in its $8.9 billion sale to Roche
  • Johnson & Johnson in its $14.6 billion acquisition of Intra‑Cellular Therapies and its $2 billion acquisition of Ambrx
  • KKR’s board committee in KKR’s conversion to a corporation and KKR’s $2.6 billion acquisition of KKR Financial Holdings
  • Kraft in the spin‑off of its $30 billion North American grocery business and the $3.7 billion sale of its frozen pizza business to Nestlé
  • Lundbeck in its acquisition of Chelsea Therapeutics for cash and contingent value rights representing a total possible consideration of $660 million
  • New Senior in its $2.3 billion acquisition by Ventas
  • OneBeacon Insurance and White Mountains Insurance in the $1.7 billion sale of OneBeacon Insurance to Intact Financial
  • Pitney Bowes in the $700 million sale of its Software Solutions business to Syncsort, its $475 million acquisition of Newgistics and its $395 million acquisition of Borderfree
  • Qualcomm in the commercial terms of its settlement of global litigation with Apple, including a global six‑year patent license agreement and a multiyear chipset supply agreement
  • The Ricketts family in the $26 billion acquisition of TD Ameritrade by Charles Schwab
  • Russell Stover Candies in its sale to the Lindt & Sprüngli Group
  • SPANX in its sale of a majority stake to Blackstone
  • Starbucks in its commercial arrangement with Oprah Winfrey to launch Oprah Chai
  • Temasek in its investments in Fanatics and Virtu Financial
  • Thermo Fisher Scientific in its $20.9 billion acquisition of PPD and its $3.1 billion acquisition of Olink
  • The Washington Post in the $250 million sale of its newspaper publishing businesses, including The Washington Post newspaper, to Jeff Bezos
  • White Mountains Insurance in the $2.6 billion sale of Sirius International Insurance to China Minsheng Investment, its and Oaktree Capital’s $250 million investment in Kudu Investment Management and its majority investment in TRANZACT
  • Zale in its $1.5 billion sale to Signet Jewelers

Ms. Chen has been named a “Dealmaker of the Year” by The American Lawyer and has been recognized in IFLR1000’s “Women Leaders – United States,” The Deal’s “Top Women in Dealmaking” and Crain’s New York Business’s “Notable Women in Law.” Ms. Chen has been recognized for her work in mergers and acquisitions by Chambers USA, The Legal 500 US, IFLR1000, The Best Lawyers in America and Lawdragon. She has also been recognized by The Legal 500 US for her activist defense work, as well as her transactional work in the media and entertainment and technology industries.

Ms. Chen regularly speaks on topics concerning corporate governance and mergers and acquisitions law. She co‑chaired a panel entitled “Developments in Public Company M&A Securities Law” hosted by the International Bar Association’s Annual International Mergers & Acquisitions Conference and has spoken multiple times at the Practising Law Institute’s (PLI) “Doing Deals: The Art of M&A Transactional Practice” program.

Ms. Chen was born in Taipei, Taiwan. She received an A.B. summa cum laude from Harvard University in 2003, where she was elected to Phi Beta Kappa, and a J.D. from Stanford Law School in 2006.

Ms. Chen joined Cravath in 2006 and was elected a partner in 2013. She currently serves as a member of the Firm’s Diversity Committee.

Education

  • J.D., 2006, Stanford Law School
  • A.B., 2003, Harvard College
    Phi Beta Kappa, summa cum laude

Admitted In

  • New York

Professional Affiliations

American Bar Association

International Bar Association

New York State Bar Association

Rankings

The American Lawyer

  • Dealmaker of the Year (2022)

Best Lawyers in America

  • Mergers and Acquisitions Law (2025, 2024)

Chambers USA

  • Corporate/M&A - New York (2024-2021)

Crain’s New York Business

  • Notable Women in Law (2019)

The Deal

  • Top Women in Dealmaking (2022, 2020)

IFLR1000

  • Mergers and Acquisitions - US (2024‑2016)
  • Women Leaders – United States (2022)

Latin Lawyer 250: Latin America’s Leading Business Law Firms

  • Corporate and M&A - International (2020)

Law360

  • Rising Star: Mergers and Acquisitions (2015)

Lawdragon

  • 500 Leading Lawyers in America (2025, 2024, 2023)
  • 500 Leading Dealmakers in America (2024-2021)

The Legal 500 US

  • M&A/Corporate and Commercial: Large Deals, $1bn+ (“Leading Lawyer” - 2024, 2023, 2022) (“Next Generation Partner” - 2021, 2020, 2019) (2018, 2017)
  • Media and Entertainment: Transactional (2020) (“Next Generation Partner” - 2019, 2018, 2017)
  • Shareholder Activism: Advice to Boards (2019)
  • Technology Transactions (2016)

New York Law Journal

  • Rising Star (2020)

Super Lawyers - Rising Stars - New York

  • Mergers & Acquisitions (2017, 2016, 2015)

Americas Women in Business Law Award ‑ Rising Star: Corporate, Euromoney Legal Media Group (2018, 2016)

Deals & Cases

January 22, 2025

CardWorks’s Acquisition of Ally’s Credit Card Business

On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.

Deals & Cases

January 13, 2025

Johnson & Johnson’s $14.6 Billion Acquisition of Intra‑Cellular Therapies, Inc.

On January 13, 2025, Johnson & Johnson and Intra‑Cellular Therapies, Inc. announced that they have entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of Intra‑Cellular Therapies, a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, for $132 per share in cash for a total equity value of approximately $14.6 billion. Cravath is representing Johnson & Johnson in connection with the transaction.

Deals & Cases

September 10, 2024

IBM’s Acquisition of Accelalpha

On September 9, 2024, IBM announced its intent to acquire Accelalpha, a global Oracle services provider with deep expertise helping clients digitize core business operations and accelerate adoption of Oracle Cloud Applications. This acquisition expands IBM's Oracle consulting expertise in supply chain and logistics, finance, enterprise performance management and customer transformation. Cravath is representing IBM in connection with the transaction.

Deals & Cases

June 24, 2024

Illumina’s Completed Divestiture of GRAIL

On June 24, 2024, Illumina, Inc. (“Illumina”), a global leader in DNA sequencing and array-based technologies, announced the successful completion of the spin-off of GRAIL, a healthcare company whose mission is to detect cancer early. This follows Illumina’s previously announced plans to divest GRAIL, and GRAIL is now a public and independent company. The separation was achieved through the distribution of 85.5% of the outstanding shares of GRAIL to holders of Illumina common stock on June 24, 2024. In addition to retaining their shares of Illumina common stock, Illumina shareholders received one share of GRAIL common stock for every six shares of Illumina stock held as of close of business on the record date of June 13, 2024. Illumina retained 14.5% of the outstanding shares of GRAIL common stock. Cravath represented Illumina in connection with the transaction.

Deals & Cases

October 17, 2023

Thermo Fisher Scientific’s Acquisition of Olink

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.

Activities

January 30, 2025

John White Moderates and Ting Chen Speaks at Northwestern’s 2025 Securities Regulation Institute

Cravath partners John W. White and Ting S. Chen participated in Northwestern Pritzker School of Law’s 52nd Annual Securities Regulation Institute, which was held from January 27‑29, 2025, in Coronado, California. John moderated a panel of former senior Corporation Finance staff members entitled “Developments in the Division of Corporation Finance,” which included a lively discussion of areas of focus for public companies and their advisors as the SEC comes under new leadership. Ting spoke on a panel entitled “Navigating an Activist Campaign Through a Simulated Attack,” during which panelists discussed steps companies can take to prepare for an activist campaign, applicable disclosure requirements and SEC rules and common settlement agreement terms.

Activities

June 11, 2024

Ting Chen Speaks at IBA’s 2024 International Mergers & Acquisitions Conference

On June 5, 2024, Cravath partner Ting S. Chen participated in the International Bar Association’s 21st Annual International Mergers & Acquisitions Conference, which was held from June 5‑6, 2024, in New York. The event convened global practitioners to discuss topics in international M&A law such as healthcare and life sciences M&A; private equity dealmaking; and governance, stewardship and activism. Ting co‑chaired a panel entitled “Global M&A Hot Topics,” which examined recent M&A developments and hot topics arising around the world.

Activities

February 29, 2024

Ting Chen Speaks at PLI’s “Doing Deals 2024: The Art of M&A Transactional Practice” Program

On February 28, 2024, Cravath partner Ting S. Chen participated in “Doing Deals 2024: The Art of M&A Transactional Practice,” a program presented by the Practising Law Institute in New York, which focused on the latest trends and developments in the M&A market and featured outside and in‑house lawyers and investment bankers. Ting spoke on a panel entitled “Negotiating the M&A Agreement in the Time of Covid and Beyond,” which reviewed how to mitigate risk in a purchase agreement, the evolution of the Material Adverse Effect clause and interim operating covenants, and Con Ed provisions.

Activities

January 29, 2024

John White and Ting Chen Speak at Northwestern’s 2024 Securities Regulation Institute

Cravath partners John W. White and Ting S. Chen participated in Northwestern Pritzker School of Law’s 51st Annual Securities Regulation Institute, which was held from January 22‑24, 2024, in Coronado, CA. The Institute’s keynote David S. Ruder Luncheon Address was a fireside chat between John and Paul Munter, the SEC’s Chief Accountant, exploring audit committee challenges, materiality and the impacts of economic, geopolitical and regulatory uncertainty on accounting today. Ting spoke on a panel entitled “M&A Trends & Developments,” which reviewed the current state of the M&A market, recent M&A litigation and negotiation and contractual issues in the current M&A environment.

Activities

June 09, 2023

Ting Chen Co‑Chairs Panel at IBA’s 2023 International Mergers & Acquisitions Conference

On June 7, 2023, Cravath partner Ting S. Chen participated in the International Bar Association’s 20th Annual International Mergers & Acquisitions Conference, which was held from June 6‑7, 2023 in New York. Ting co‑chaired a panel entitled “Developments in Public Company M&A and Securities Law,” which discussed the ever-evolving landscape of public M&A around the world.

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