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Practice Overview

Mergers and Acquisitions

Cravath has one of the most highly regarded mergers and acquisitions practices in the world. For over a decade, the Firm has been ranked in the top tier for its work in mergers and acquisitions by Chambers Global: The World’s Leading Lawyers for Business and IFLR1000. Our lawyers regularly represent both U.S. and international clients across numerous industries in the full range of corporate transactions, including mergers, acquisitions, divestitures, spin-offs, joint ventures, proxy contests and hedge fund activism.

Structuring cross‑border merger and acquisition transactions has historically been a significant part of our practice. We are often asked by boards of directors and special committees to help them navigate complex transactions and conflicts of interest. Cravath has developed innovative types of acquisitions, and we remain one of the few firms with broad experience in hostile and contested transactions. The Firm’s combination of deep corporate expertise and top level litigation skills has yielded an unparalleled level of success in this area. Our clients span the globe and include companies in such diverse industries as consumer products, energy, healthcare, media and entertainment, pharmaceuticals, technology, telecommunications, transportation, retail, financial services and blockchain and financial technology (FinTech).

Cravath has played a lead role in many of the recent cross‑border mega deals headlining the M&A market, such as our representations of Anheuser‑Busch InBev in its $123 billion acquisition of SABMiller, the $12 billion sale of SABMiller’s U.S. and global Miller branded businesses to Molson Coors and the sale of its equity stake in Coca‑Cola Beverages Africa to The Coca‑Cola Company; British American Tobacco in its $97 billion merger with Reynolds American; Linde in its $70 billion merger of equals with Praxair; Mylan in its pending $50 billion combination with Upjohn, a division of Pfizer; Johnson & Johnson in its $30 billion acquisition of Actelion and Actelion’s spin-off of Idorsia; Delhaize in its $29 billion merger with Royal Ahold; Barrick in its $18.3 billion merger with Randgold; and AXA in its $15.3 billion acquisition of XL Group.

We also act as U.S. counsel in significant cross‑border transactions, including our representations of Royal Dutch Shell in its $70 billion acquisition of BG Group; Luxottica in its $49 billion combination with Essilor; Grupo Modelo in its $20.1 billion combination with Anheuser‑Busch InBev; and PSA Peugeot Citroën, Europe’s second largest carmaker, in its global strategic alliance with General Motors.