Corporate

Cravath represented Booking Holdings Inc. in connection with its €1.9 billion registered senior notes offering and concurrent $750 million registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel-related reservation and search services. The transactions closed on May 11, 2026 and May 7, 2026, respectively.  

Cravath represented the underwriters in connection with the $750 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 May 12, 2026.

Cravath represented the underwriters in connection with the $750 million registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc., the world’s largest commercial real estate services and investment firm. The transaction closed on May 4, 2026.  

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.

On May 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.  

The Turnaround Management Association’s Journal of Corporate Renewal published an article by Cravath partners George E. Zobitz, Paul H. Zumbro and Evan A. Hill in its May 2026 issue. The article, entitled “Why Buyers Are Increasingly Turning to State Law to Acquire Distressed Assets,” discusses how buyers are using state law mechanisms like Uniform Commercial Code (UCC) Article 9 sales and assignments for the benefit of creditors (ABCs) to acquire distressed assets more efficiently than through Chapter 11 bankruptcy sales. The piece also reviews key implications for deal practice, emphasizing the importance of early coordination among stakeholders, conducting a credible marketing and valuation process and, if the buyer is a secured creditor, early consideration of a credit bidding strategy.

On May 22, 2026, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2026. Highlights from this edition include:

On May 22, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape. This edition covers:

On May 21, 2026, Cravath partner Evan A. Hill participated in the American Bankruptcy Institute’s 2026 New York City Bankruptcy Conference. The program, which featured insolvency and restructuring professionals from around the New York metro area, provided attendees with practical techniques and tips for meeting the challenges of today’s evolving insolvency landscape. Evan spoke on a panel entitled “Bankruptcy Sales: From Rocky Roads to Detours and Deals,” which discussed how creative bankruptcy strategies can help companies overcome substantial challenges and ultimately lead to successful outcomes.