Corporate

Cravath represented the underwriters in connection with the $5 billion registered senior notes offering of Dell International L.L.C. and EMC Corporation. Dell International L.L.C. and EMC Corporation are wholly owned subsidiaries of Dell Technologies, a leading integrated technology solutions provider in the IT industry. The transaction closed on September 15, 2026.

On September 21, 2026, DRI Healthcare Trust (“DRI Healthcare”), a pioneer in global pharmaceutical royalty monetization, announced that it has entered into purchase agreements to acquire certain royalty participation rights in U.S. net sales of tavapadon, an investigational Parkinson’s disease drug candidate, from funds managed by Bain Capital and NovaQuest Capital Management. Under the terms of the purchase agreements, DRI Healthcare will pay an aggregate purchase price of $316 million at closing. Following closing, DRI Healthcare will be entitled to receive tiered royalty payments on annual U.S. net sales of tavapadon, at combined tiered, mid‑single digit to low‑double digit royalty rates. DRI Healthcare will also be entitled to receive certain sales milestone payments upon first reaching certain cumulative U.S. net sales thresholds and four annual fixed payments of $23.4 million on the first four anniversaries of FDA approval of tavapadon. Aggregate receipts are subject to a contractual hard cap of $437.5 million. Cravath is representing DRI Healthcare in connection with the transaction.

Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC‑registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on August 25, 2026.

Cravath represented the underwriters in connection with the $2.25 billion registered senior notes offering of MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns, operates, develops and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon‑based products. The transaction closed on August 24, 2026.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million revolving credit facility made available to Valvoline Inc., a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States and Canada. The transaction closed on August 24, 2026.

Cravath partner David J. Kappos participated in the Intellectual Property Owners Association’s 2026 Annual Meeting, which was held from September 27‑29, 2026, in Toronto, Canada. The event brought together intellectual property (IP) professionals from around the world to discuss strategies, trends and best practices. Dave spoke on a panel entitled “AI, Trade Policy and IP: Navigating the U.S.‑China Landscape,” which examined the rapidly evolving intersection of AI, trade and IP in the U.S. and China and explored how geopolitical dynamics, export controls and cross‑border collaboration impact IP strategy and risk management for global organizations. He was also the featured guest speaker at an open house featuring IPO’s AI, Data & New Emerging Technologies Committee and Software Related Inventions Committee.

On September 24, 2026, the Financial Times recognized Cravath for the second year in a row at the publication’s Innovative Lawyer Europe Awards 2026, which recognize the most innovative work and legal service lawyers have developed for their clients in Europe. Cravath was chosen as the winner in the “Private Capital” category in recognition of the Firm’s representation of the mandated lead arrangers and lenders in connection with the financing that supported the acquisition of Karo Healthcare by KKR. 

On September 16, 2026, Cravath partners Faiza J. Saeed, Gary A. Bornstein and Ting S. Chen were named to Forbes’s 2026 list of “America’s Top Lawyers. The list recognizes “the leading dealmakers, litigators, advisers and strategists—at firms of all sizes—who stand apart in an extraordinarily competitive field” and “those who are defining modern legal excellence.”

On September 15, 2026, Cravath partner David J. Kappos participated in The Chartered Institute of Patent Attorneys’ “Congress 2026: Durable Strategy, Enduring Value – Sustainable IP” in Manchester, United Kingdom. The conference explored the resilience of IP strategies and business practices, how IP can be developed to realize long‑term commercial value and how the IP sector can adapt to ensure it continues to add value. Dave spoke on a panel entitled “Long‑Arm Ambition: A Stretch Too Far?” which examined the impact of recent decisions on corporate domicile and global litigation strategy, including shifts in the balance between different venues and considered whether we are moving towards a harmonized European patent enforcement landscape or a patchwork of competing legal approaches.

Cravath partner David J. Kappos participated in Sisvel Connect 2026, which was hosted by Sisvel from September 15‑17, 2026 in Barcelona, Spain. The event gathered decision makers, innovators and thought leaders in the FRAND/SEP/Patent‑Pool world to examine today’s challenges and anticipate tomorrow’s opportunities. Dave spoke on a panel entitled “Key Global Developments in Policy, Courts and Licensing Strategies Over the Last 12 Months,” which provided an overview of happenings at a regulatory level and in the courts during the past year, including in the wider range of venues now coming into play for enforcement.