IP and Strategic Tech Transactions

On September 30, 2026, Westinghouse Electric Company (“Westinghouse”) and Brookfield Asset Management (“Brookfield”) welcomed the new strategic partnership between the U.S. Government and the Republic of Korea (“Korea”) to support the deployment of Westinghouse technology in the U.S. Under the partnership, Korea commits up to $120 billion of investment to help finance the construction of eight nuclear reactors in the U.S., including six Westinghouse AP1000 reactors and two Korean APR1400 reactors which also incorporate Westinghouse technology. The partnership also provides for a cornerstone equity investment of between 5% and 10% in Westinghouse by Korea. Cravath is representing Westinghouse and Brookfield in connection with the strategic partnership.

On October 1, 2026, Corteva, Inc. (“Corteva”) announced it has successfully spun off its advanced seed and genetics business as a new public company, Vylor, Inc., and will move forward as a leading, pure‑play global crop protection company. Cravath is representing Corteva in connection with the transaction.

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.

On September 4, 2026, Stanley Black & Decker, a worldwide leader in Tools and Outdoor, announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel is a leading designer and manufacturer of premium commercial and residential turf‑care equipment under the distinct brand of Hustler Turf Equipment (“Hustler”). Cravath is representing Stanley Black & Decker in connection with the transaction.

On August 31, 2026, Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Cravath is representing Aon in connection with the transaction.

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 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.

On September 2, 2026, Cravath partner and former Under Secretary of Commerce and Director of the United States Patent and Trademark Office David J. Kappos testified before the Subcommittee on Courts, Intellectual Property, Artificial Intelligence, and the Internet of the United States House Judiciary Committee. The hearing, entitled “Renewal of USPTO Fee Setting Authority: Giving Full Effect to the America Invents Act,” considered Congress's role in renewing PTO’s fee setting authority alongside the agency discretion and procedural limits Congress built into the American Invents Act.

On September 1, 2026, Intellectual Asset Management (“IAM”) published an article by Cravath partner David J. Kappos and associate Noa M. Ma entitled "Comparable Licences Entered in the Shadow of Litigation are the Best Benchmark." The article discusses whether licenses reached during SEP litigation should be used to determine FRAND rates, arguing that these agreements often provide the best evidence of real‑world market value.