Corporate

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 April 27, 2026, Thermo Fisher Scientific Inc. (“Thermo Fisher”), the world leader in serving science, announced that it has signed a definitive agreement to sell its microbiology business, which provides antimicrobial susceptibility testing and culture media solutions for clinical, pharmaceutical and food safety testing, to Astorg, a leading pan‑European private equity firm, for consideration of approximately $1.075 billion, consisting of cash and a $50 million seller note. Cravath is representing Thermo Fisher in connection with the transaction.

Cravath represented the administrative agents, joint lead arrangers and joint bookrunners in connection with a $5 billion revolving credit facility made available to Marathon Petroleum Corporation, a leading, integrated, downstream and midstream energy company, and a $2.5 billion revolving credit facility made available to MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. The transactions closed on April 7, 2026.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $2.5 billion revolving credit facility made available to Expedia Group, Inc., one of the world’s largest online travel companies. The transaction closed on March 27, 2026.

Cravath represented the underwriters in connection with the $2 billion registered notes offering of Hewlett Packard Enterprise Company, an industry leading technology company. The transaction closed on March 23, 2026.

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.

On April 14, 2026, Cravath partner William D. Podurgiel participated in “CHROs as Business Leaders and Board Directors: The Path to the Boardroom,” a program hosted by Challenger, Gray & Christmas in Chicago. Bill spoke during a workshop entitled “The Legal and Regulatory Foundation of Corporate Governance,” which discussed director roles and accountabilities, board structure and operating rhythm, effective board dynamics and private vs. public boards.

Cravath partner Faiza J. Saeed was named to The Hollywood Reporter’s annual “Power Lawyers” list, which recognizes attorneys at the “top of their field” who “help keep the wheels of the industry turning” and was published in the April 8, 2026 issue of The Hollywood Reporter Magazine. The feature highlighted Faiza’s representation of Paramount Skydance in its pending $110 billion acquisition of Warner Bros. Discovery, Inc. and the Paramount Special Committee in connection with the company’s $8.4 billion merger with Skydance. She was also recognized for her representation of Hailey Bieber in rhode’s $1 billion acquisition by e.l.f. beauty. This is Faiza’s ninth year being recognized as a “Power Lawyer.”