Corporate

Cravath represented the underwriters in connection with the $700 million registered notes offering of Canadian National Railway Company. Canadian National Railway Company engages in the rail and related transportation business. The transaction closed on November 12, 2025.

Cravath represented the underwriters in connection with the $500 million registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. The transaction closed on November 12, 2025.

On November 25, 2025, Robinhood Markets, Inc. (“Robinhood”) announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group (“Susquehanna”) to operate a CFTC-licensed exchange and clearinghouse. Robinhood will serve as the controlling partner. The independent joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets. The venture will accelerate delivery of its services by acquiring MIAXdx, a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility, and wholly-owned subsidiary of Miami International Holdings, Inc. (“MIAX”). MIAX will remain invested through a strategic 10% equity stake in the exchange. Cravath is representing Robinhood in connection with the transaction.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $2 billion revolving credit facility made available to Thomson Reuters Corporation, a leading AI and technology company empowering professionals with trusted content and workflow automation. The transaction closed on November 10, 2025.

Cravath represented Booking Holdings Inc. in connection with its €1.5 billion registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel‑related reservation and search services. The transaction closed on November 7, 2025.

On November 21, 2025, Cravath prepared a memo for its clients entitled “SEC’s Division of Corporation Finance Significantly Reduces Staff’s Role in the Rule 14a‑8 Process for the 2025‑2026 Season.” The memo examines the Division of Corporation Finance’s (“CorpFin”) changes to the Rule 14a‑8 process for the 2025‑2026 proxy season that greatly reduce the staff’s role in the process.

Cravath partner David J. Kappos and associate Leslie Liu co‑authored an article entitled “Burgeoning Patent Licensing Programs Necessitate Best Practices,” which was published in Bloomberg Law on November 18, 2025. The article discusses emerging best practices for patent pool licensing programs, including open participation, robust disclosures, transparent and consistent pricing and fair distribution of royalties, and suggests that patent pools should impose minimal restrictions in their license agreements.

On November 12, 2025, Cravath partner John W. White participated in Financial Executives International’s 2025 Corporate Financial Reporting Insights Conference, which was held virtually from November 11‑13. John, as a past Director of SEC’s Division of Corporation Finance, spoke on a panel entitled “The Road Ahead: Perspectives from Former Regulators and Standard Setters,” during which former senior leaders from the SEC, the Financial Accounting Standards Board and the Public Company Accounting Oversight Board had an in depth discussion covering the current state of financial reporting and disclosure and shared their expectations for the years ahead.

On November 10, 2025, Cravath European counsel Lawrence J. Verhelst delivered a guest lecture at the Faculty of Law of the University of Namur in Belgium as part of its Comparative Law course. Lawrence’s lecture focused on the common law tradition and provided a general introduction to the law and legal system of the United States, including its history and institutions.

On November 13, 2025, Cravath European counsel Nicoleta D. Lupea delivered a guest lecture at Sciences Po Law School in Paris as part of the course entitled “Cross‑border M&A Transactions,” which provided an overview of a deal cycle and explored the main themes that arise in international M&A transactions.