Corporate

On May 8, 2026, Array Digital Infrastructure, Inc. (“Array”) confirmed that its board of directors has received a non‑binding proposal from Telephone and Data Systems, Inc. (“TDS”) to acquire all of the outstanding common shares of Array not currently owned by TDS. Currently, TDS owns approximately 81.9% of the outstanding capital stock of and 95.9% of the voting interests in Array. The proposal is conditioned on, among other things, the recommendation of a special committee of disinterested and independent directors of Array and the approval by a majority of the votes cast by disinterested stockholders. Cravath is representing the special committee in connection with the proposal.

Cravath represented the underwriters in connection with the $1.5 billion registered fixed‑to‑floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on April 24, 2026.

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 April 21, 2026.

On April 27, 2026, Integris, a national leader in managed AI and IT services backed by OMERS Private Equity, announced its intent, subject to regulatory approval, to acquire First Focus, the largest managed service provider serving small and midsize businesses in Australia, New Zealand and the Philippines. Cravath is representing Integris as U.S. counsel in connection with the transaction.

Cravath represented the initial purchasers in connection with the $3 billion 144A/Reg. S notes offering of ERAC USA Finance LLC, guaranteed by Enterprise Holdings, Inc., a leading global mobility solutions provider operating under the Enterprise Mobility corporate brand. The transaction closed on April 14, 2026.

On May 5, 2026, Cravath partner Elad Roisman was named to Washingtonian’s list of “Washington DC’s 500 Most Influential People of 2026,” which recognizes the “power players who work to understand and shape rapidly shifting priorities across the capital.” Elad was highlighted for his reputation and work in the Banking & Finance category.  Elad, who is a member of Cravath’s Corporate Governance and Board Advisory Practice and Financial Institutions Group, as well as head of the Digital Assets Practice, also shared the best career advice he ever received: “Go into every meeting expecting to learn something new and be impressed.”

On April 26, 2026, the Harvard Journal of Law & Technology’s JOLT Digest published an article written by Cravath partner Sasha Rosenthal‑Larrea and associate Lucille D. Finn entitled “Beyond FLOPs: Shortcomings of FLOPs as a Model Classification Metric in AI Regulation.” The article examines the efficacy of a metric that is often used to determine whether an AI model should be regulated: the total number of floating point operations (“FLOPs”), a measurement of the total amount of computational effort used in the model’s training process. The authors outline where FLOPs fall short when used to evaluate a model’s sophistication or potential danger and urge regulators to retain an awareness of these limitations as they navigate AI policymaking and compliance.

On April 28, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high-level review of activity across technical, regulatory, legal, and market areas of AI over the last month.  

Cravath partner David J. Kappos participated in “Innovation to Impact: IP as an International Growth Engine,” which was hosted by the Licensing Executives Society International from April 26‑29, 2026 in Dublin, Ireland. Dave spoke on a panel entitled “Innovation as a Driver for Business Growth,” which examined how IP is developed and managed within organizations, how its value and return on investment are demonstrated to senior leadership and how IP increasingly informs business planning and investment decisions. Panelists also discussed how these practices have evolved in recent years and what truly differentiates companies that successfully leverage IP to accelerate technology development and drive sustainable business growth.

Cravath of counsel Kathryn‑Ann Stamm participated in the African Women Entrepreneurship Cooperative’s 2026 General Assembly, themed “Legacy,” which was held from April 15‑17 in Lusaka, Zambia. Kathryn‑Ann led a multi‑session learning lab entitled “Protecting What You Build: Turning Your Brand, Ideas & Knowledge Into Legacy Assets,” which guided entrepreneurs through how to identify, strengthen, and legally protect the intellectual property assets already embedded in their businesses, from brand names and creative content to trade secrets, customer data and online presence. Through hands‑on exercises and real‑world case studies, the learning lab equipped attendees with a practical toolkit, including strategies for trademark registration, copyright documentation, confidentiality agreements, and the responsible use of AI, empowering them to turn their brands, ideas, and knowledge into durable legacy assets. Kathryn‑Ann also facilitated a business dialogue entitled “If You Stepped Away Tomorrow: Getting What’s in Your Head Into Your Business,” which challenged participants to evaluate whether their critical business assets, such as their name and branding, recipes and formulas, operational processes, customer knowledge, and internet properties, are properly documented, organized and owned by the business itself rather than residing solely with the founder.