Mergers and Acquisitions

On May 9, 2025, TaskUs, Inc. (“TaskUs”), a leading provider of outsourced digital services and next‑generation customer experience to companies, announced it has entered into a definitive agreement to become a privately held company. Under the terms of the agreement, an affiliate of Blackstone, TaskUs Co‑Founder and Chief Executive Officer Bryce Maddock and TaskUs Co‑Founder and President Jaspar Weir (collectively the “Buyer Group”) will acquire 100% of the outstanding shares of Class A common stock they do not already own for $16.50 per share in an all-cash transaction. Upon completion of the transaction, the Company’s Class A common stock will no longer be listed on any public market. The TaskUs Board of Directors has approved the transaction upon the unanimous recommendation of a special committee of independent directors (the “Special Committee”), which was formed on March 20, 2025, in response to interest expressed by the Buyer Group in exploring a possible transaction. Cravath is representing the Special Committee in connection with the transaction.

On May 7, 2025, Costamare Inc. (“Costamare”) announced that it has completed the spin‑off of its dry bulk business into a standalone public company, Costamare Bulkers Holdings Limited (“Costamare Bulkers”). Each holder of Costamare common shares received one common share of Costamare Bulkers for every five Costamare common shares held as of the close of business on April 29, 2025. Cravath represented Costamare in connection with the transaction.

On April 10, 2025, an investor group led by White Mountains Insurance Group, Ltd. (“White Mountains”), Ethos Capital and British Columbia Investment Management Corporation announced it will acquire an ownership position in BroadStreet Partners, Inc. (“BroadStreet”), a leading North American insurance brokerage company. Under the terms of the agreement, Ontario Teachers’ Pension Plan will maintain a significant co‑control stake in BroadStreet and operate in partnership with the investment group. Cravath is representing White Mountains in connection with the transaction.

On April 7, 2025, IBM announced it has acquired Hakkoda Inc., a leading global data and AI consultancy. Hakkoda will expand IBM Consulting's data transformation services portfolio, adding specialized data platform expertise to help clients get their data ready to fuel AI‑powered business operations. Cravath is representing IBM in connection with the transaction.

On April 4, 2025, Rogers Communications Inc. (“Rogers”) announced it has entered into a definitive agreement with funds managed by Blackstone, backed by leading Canadian institutional investors, for a CDN$7 billion equity investment. Under the terms of the transaction, Blackstone will acquire a non-controlling interest in a new Canadian subsidiary of Rogers that will own a minor part of the Rogers wireless network. Following the transaction, Blackstone will hold a 49.9% equity interest (with a 20% voting interest) in the new subsidiary. Rogers will maintain full operational control of its network and will include the financial results of the new subsidiary in its consolidated financial statements. At any time between the eighth and twelfth anniversaries of closing, Rogers will have the right to purchase Blackstone’s interest in the new subsidiary. Rogers intends to use the net proceeds from the transaction to repay debt. Cravath is representing Rogers as U.S. counsel in connection with the transaction.

On May 7, 2025, Cravath of counsel Kiran Sheffrin participated in “Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2025,” a program presented by the Practising Law Institute from May 6‑8, 2025, in New York. Kiran spoke on a panel entitled “Distressed Partnerships (Including Bankruptcy and CARES Act),” which reviewed the complexities that arise when a distressed borrower is a partnership, including the assorted types of restructuring transactions that can have varying effects on different partners.

On April 30, 2025, Cravath partner Daniel J. Cerqueira participated in the American Bar Association’s 2025 International Law Section Annual Conference, which was held from April 28 to May 1 in New York. The event hosted international attorneys from law firms, private organizations and global governmental institutions to discuss topics related to the theme of “Adapting to Today's International Legal Challenges.”

Cravath partner Faiza J. Saeed was named to The Hollywood Reporter’s annual “Power Lawyers” list, which recognizes “the entertainment industry’s most powerful legal advocates” and was published in the April 2, 2025 issue of The Hollywood Reporter Magazine. The feature highlighted Faiza’s representation of the Paramount Special Committee of independent directors in connection with Paramount’s $28 billion merger agreement with Skydance, as well as her representation of the independent Special Committee of Endeavor’s board of directors in connection with Endeavor’s $25 billion take private acquisition by Silver Lake. This is Faiza’s eighth year being recognized as a “Power Lawyer.”

Cravath partners C. Daniel Haaren, Bethany A. Pfalzgraf and Noah Joshua Phillips were featured in the 2025 edition of “Practice Perspectives: Vault’s Guide to Legal Practice Areas,” which highlights the experiences of practicing lawyers in more than 20 different areas of the law and is published annually.

On April 10, 2025, Cravath partner J. Leonard Teti II participated in the 25th Annual U.S. and Europe Tax Practice Trends Conference, which was held from April 9‑11, 2025 in Amsterdam and presented by the International Bar Association Tax Section, American Bar Association Tax Section and USA Branch of the International Fiscal Association. Len spoke on a panel entitled “Reversions – Coming Back to U.S.‑Based Multinationals,” which reviewed the tax structures and strategies for the movement of companies from outside the U.S. to the U.S. and how a U.S. holding company structure can be achieved in the course of restructurings, spins or mergers.