Corporate

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $4.25 billion revolving credit facility made available to 3M Company, a leading diversified technology company. The transaction closed on August 17, 2026. 

Cravath represented AdvanSix Inc. in connection with $425 million of credit facilities. AdvanSix Inc. is a leading integrated chemistry company that produces essential materials for diverse end markets. The facilities consisted of a $275 million revolving credit facility and a $150 million term loan facility. The transaction closed on August 14, 2026. 

On August 31, 2026, Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Cravath is representing Aon in connection with the transaction.

Cravath represented Illumina, Inc. in connection with its $1 billion revolving credit facility. Illumina, Inc. is a global leader in sequencing- and array‑based solutions for genetic and genomic analysis. The transaction closed on August 13, 2026.

Cravath represented the underwriters in connection with the $500 million offering of depositary shares representing preferred stock of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on August 12, 2026.

On August 28, 2026, Columbia Law School's Blue Sky Blog published an article by Cravath of counsel Lucas E. Beirne entitled "Challenging Examination Results." The article examines how recent shifts in federal banking supervision may create new opportunities for banking organizations to challenge examination findings, ratings downgrades and other material supervisory determinations. It discusses informal advocacy strategies, the role of agency ombudsmen and the formal appeals processes available and offers practical guidance for institutions seeking to challenge supervisory decisions.

Cravath partner David J. Kappos participated in the 2026 Global Forum on Intellectual Property, entitled “The Rise of AI: Is It IP as Usual?,” which was hosted by the Intellectual Property Office of Singapore from August 26‑27, 2026 in Singapore. Dave spoke on a panel entitled “A Better Brew and Grounds for Recovery: From Drafting to Enforcement,” which explored how parties can manage IP risks from contract design through to recovery—covering practical issues such as territorial restrictions, group structures, audit rights, dispute resolution mechanisms, damages quantification, settlement evaluation, asset tracing and enforcement risk.

On August 25, 2026, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which provides insight into U.S. and global venture capital and related activity during the first half of 2026 and an outlook for the rest of the year. Key takeaways from this edition include:

On August 25, 2026, Cravath prepared a memo for its clients entitled “Federal Reserve Board Proposes Update to Regulation O.” The memo discusses the Federal Reserve Board’s request for comments on a proposed rulemaking to modernize Regulation O, which establishes limits on lending by a bank to individuals and entities that can potentially influence its lending decisions, as well as related governance and recordkeeping requirements for insider lending. 

On August 11, 2026, Bloomberg Law published an article by Cravath partners David J. Kappos, Sasha Rosenthal‑Larrea and Evan Norris, of counsel Dean M. Nickles and associate Lucille D. Finn entitled “Hasty Adoption of Internal AI Tools Can Expose Sensitive Data." The article outlines risks that companies should be aware of when AI tools are rolled out, including the potential for exposure of sensitive company data, and discusses mitigation options such as data access controls, data inventory, data integrity protection and human oversight.