Intellectual Property

Cravath represented the underwriters in connection with the $1.5 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The transaction closed on October 1, 2025.

On October 3, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda-domiciled financial services holding company, announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to funds advised by CVC Capital Partners (“CVC”) in a transaction that values Bamboo at $1.75 billion. White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840 million. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction. Cravath is representing White Mountains and Bamboo in connection with the transaction.

On October 2, 2025, Occidental, an international energy company, and Berkshire Hathaway announced a definitive agreement for Berkshire Hathaway to acquire Occidental’s chemical business, OxyChem, in an all‑cash transaction for $9.7 billion, subject to customary purchase price adjustments. Cravath is representing Occidental in connection with the transaction.

On September 30, 2025, Future Standard, a global alternative asset manager, announced it has entered into an agreement to acquire the Digital Infrastructure platform of Post Road Group, an alternative investment advisory firm. The platform specializes in credit and structured equity investments across digital infrastructure assets, including data centers, fiber networks and cloud connectivity. Cravath is representing Future Standard in connection with the transaction.

On September 19, 2025, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. (collectively, “SMBC Group”) announced they are significantly expanding their Global Strategic Alliance. This will include a joint venture to combine their Japanese equities and ECM businesses. As part of this expansion, SMBC intends to increase its equity ownership in Jefferies to up to 20% in the open market. Cravath is representing Jefferies in connection with the transactions.

On October 9, 2025, Cravath of counsel Kathryn‑Ann Stamm participated in a panel entitled “Legal Side of Startups,” hosted by the NYU Stern Business and Law Association (“SBLA”). SBLA is dedicated to exploring the intersection between business and law by sharing practical insights from professionals involved in corporate law, strategy and entrepreneurship. During the panel, Kathryn‑Ann spoke about the interplay between venture capital and intellectual property (“IP”) law, emphasizing how early‑stage IP strategies underpin valuation, diligence readiness and long‑term success. She also explored scaling challenges as startups mature and discussed how emerging technologies, including AI, are reshaping diligence, licensing, data use and product development.

On October 9, 2025, Cravath partner David J. Kappos delivered a keynote address at the Chartered Institute of Patent Attorneys (“CIPA”) Congress in Bristol, United Kingdom. The event brought together professionals from across the industry and addressed topics such as the appropriate use of artificial intelligence in view of legal and regulatory developments and how AI is influencing client requirements and client advising strategies. Dave’s presentation addressed U.S. developments at the intersection of AI and the law.

On October 9, 2025, Cravath partner Sasha Rosenthal-Larrea participated in the World IP Review’s AI and IP Summit USA in New York. The one-day conference brought together private practice, in-house teams and AI pioneers to unlock AI’s potential and drive innovation in IP strategies, featuring sessions on streamlining legal workflows, navigating evolving regulations, building ethical frameworks and developing future-facing legal skill sets. Sasha hosted a roundtable discussion entitled “Where to draw the line between collaboration and protection? Open-source innovation in the AI era.”

On October 8, 2025, Cravath partner and former Under Secretary of Commerce and Director of the United States Patent and Trademark Office David J. Kappos testified before the United States Senate Judiciary Committee’s Subcommittee on Intellectual Property. The hearing, entitled “The Patent Eligibility Restoration Act – Restoring Clarity, Certainty, and Predictability to the U.S. Patent System,” focused on the Patent Eligibility Restoration Act of 2023 and its implications for the U.S. Patent System.

On October 7, 2025, Cravath partner Sasha Rosenthal-Larrea participated in “Understanding the Intellectual Property License 2025,” a program presented by the Practising Law Institute in New York. Sasha spoke on a panel entitled “Antitrust Issues in Licensing,” which discussed antitrust standards, horizontal and vertical licenses, restrictions in IP licenses and differences between the application of U.S. and EU antitrust law to IP licenses.