Cravath Publishes Winter 2026 Issue of Alumni Journal
Mergers and Acquisitions
Cravath is one of the preeminent law firms for mergers and acquisitions. Our lawyers are renowned for their outstanding capabilities in complex U.S. and cross‑border deals. Over the past decade, Cravath has represented clients in more than 800 M&A transactions with an aggregate value of over $4 trillion, reflecting the high‑value, high‑impact transactions that we are regularly called upon to execute.
Cravath advises companies in their most critical needs across the full spectrum of corporate transactions, including mergers, acquisitions, divestitures, spin‑offs and joint ventures. In addition to—and often alongside—the mergers and acquisitions that we handle, Cravath is a leading advisor for companies and boards in high‑stakes corporate situations, including hostile takeovers and shareholder activism defense.
Both U.S. and non-U.S. clients rely on our leadership and expertise in their most transformative corporate matters, many of which involve multiple jurisdictions across diverse industries. Our lawyers navigate novel legal and business issues in the areas of consumer products, energy, fintech, healthcare, media and entertainment, pharmaceuticals, retail, technology and telecommunications.
Cravath has been consistently ranked a top‑tier firm for M&A by numerous third‑party publications and is an 11‑time recipient of Law360’s M&A Practice Group of the Year award. Our lawyers regularly earn plaudits from their clients and peers in the market:
- “In the M&A arena, Cravath is among the smallest handful of firms that provides the highest level of knowledge, creativity, and skill. Cravath will have the latest issues and answers, along with the current market solutions. Their insights are driven by a firm understanding of the commercial issues underpinning the law as well as the trade-offs that clients and their adversaries need to make. Their advice is always pragmatic.” Best Lawyers Best Law Firms
- “They are outstanding at coordination and completeness. Every person you deal with understands the whole deal, as opposed to only their piece.” Chambers
- “Cravath’s London office works closely with colleagues in New York on a diverse range of matters, including corporate law and cross-border M&A. It is well known for its outstanding track record on high-end, cross-border matters.” The Legal 500
- “The best thing about Cravath is the consistent excellence throughout the team, from the most senior lawyers to the most junior.” Chambers
- “The people are super-smart and they have a really strong work intensity. They know the customers really well and they give practical, personal advice.” Chambers
- “The string of transactions confirms Cravath, a firm that has long been considered a powerhouse in complex and high-stakes M&A, as a hallmark player in headline deals across diverse industries.” Law360
- Cravath is “one of the brand-name law firms in the M&A space. I think it is phenomenal. When I think of complex M&A transactions, it would be first on my list of firms to go to.” Chambers
Cravath advises companies in their most critical needs across the full spectrum of corporate transactions, including mergers, acquisitions, divestitures, spin‑offs and joint ventures. In addition to—and often alongside—the mergers and acquisitions that we handle, Cravath is a leading advisor for companies and boards in high‑stakes corporate situations, including hostile takeovers and shareholder activism defense.
Both U.S. and non-U.S. clients rely on our leadership and expertise in their most transformative corporate matters, many of which involve multiple jurisdictions across diverse industries. Our lawyers navigate novel legal and business issues in the areas of consumer products, energy, fintech, healthcare, media and entertainment, pharmaceuticals, retail, technology and telecommunications.
Cravath has been consistently ranked a top‑tier firm for M&A by numerous third‑party publications and is an 11‑time recipient of Law360’s M&A Practice Group of the Year award. Our lawyers regularly earn plaudits from their clients and peers in the market:
- “In the M&A arena, Cravath is among the smallest handful of firms that provides the highest level of knowledge, creativity, and skill. Cravath will have the latest issues and answers, along with the current market solutions. Their insights are driven by a firm understanding of the commercial issues underpinning the law as well as the trade-offs that clients and their adversaries need to make. Their advice is always pragmatic.” Best Lawyers Best Law Firms
- “They are outstanding at coordination and completeness. Every person you deal with understands the whole deal, as opposed to only their piece.” Chambers
- “Cravath’s London office works closely with colleagues in New York on a diverse range of matters, including corporate law and cross-border M&A. It is well known for its outstanding track record on high-end, cross-border matters.” The Legal 500
- “The best thing about Cravath is the consistent excellence throughout the team, from the most senior lawyers to the most junior.” Chambers
- “The people are super-smart and they have a really strong work intensity. They know the customers really well and they give practical, personal advice.” Chambers
- “The string of transactions confirms Cravath, a firm that has long been considered a powerhouse in complex and high-stakes M&A, as a hallmark player in headline deals across diverse industries.” Law360
- Cravath is “one of the brand-name law firms in the M&A space. I think it is phenomenal. When I think of complex M&A transactions, it would be first on my list of firms to go to.” Chambers
Deals & Cases
March 11, 2026
Elsevier’s Acquisition of Mytonomy
On March 10, 2026, Elsevier, a global leader in advanced information and decision support and part of RELX, announced it has entered into a definitive agreement to acquire Mytonomy, a leader in video-based patient engagement solutions that will complement Elsevier’s Clinical Solutions portfolio. Cravath is representing RELX in connection with the transaction.
Deals & Cases
March 09, 2026
Talkspace’s Acquisition by UHS
On March 9, 2026, Universal Health Services, Inc. (“UHS”) announced that it has entered into a definitive agreement to acquire Talkspace, Inc. (“Talkspace”) for $5.25 per share. The enterprise value for the transaction is approximately $835 million. Cravath is representing Talkspace in connection with the transaction.
Deals & Cases
March 02, 2026
Select Medical’s $3.9 Billion Acquisition by Consortium Led by Robert A. Ortenzio, Martin F. Jackson and WCAS
On March 2, 2026, Select Medical Holdings Corporation (“Select Medical”) announced that it has entered into a definitive agreement pursuant to which an entity affiliated with a consortium led by Robert A. Ortenzio, Executive Chairman, Co-Founder and Director of Select Medical, Martin F. Jackson, Senior Executive Vice President of Strategic Finance and Operations of Select Medical, and Welsh, Carson, Anderson & Stowe (“WCAS” and, together with Mr. Ortenzio and Mr. Jackson, the “Consortium”) will acquire all of the outstanding shares of common stock of Select Medical not already owned by the Consortium for a price per share of $16.50 in cash, representing an enterprise value of $3.9 billion, on the terms and subject to the conditions set forth in the merger agreement. Cravath is representing the buyer consortium in connection with the transaction.
Deals & Cases
February 28, 2026
Paramount’s $110 Billion Acquisition of Warner Bros. Discovery, Inc.
On February 27, 2026, Paramount Skydance Corporation (“Paramount”) and Warner Bros. Discovery, Inc. ("WBD") announced they have entered into a definitive merger agreement under which Paramount will acquire WBD. Under the terms of the agreement, Paramount will pay $31.00 per share in cash for all outstanding shares of WBD. The transaction values WBD at an enterprise value of $110 billion, and has been unanimously approved by the Boards of Directors of both companies. Cravath is representing Paramount in connection with the transaction.
Deals & Cases
February 27, 2026
White Mountains’ Strategic Investment in Bishop Street
On February 26, 2026, Bishop Street Underwriters (“Bishop Street”), a RedBird Capital Partners portfolio company, announced that it has completed a strategic structured capital investment of $125 million by White Mountains Insurance Group, Ltd. (“White Mountains”). Cravath is representing White Mountains in connection with the transaction.
Activities
March 26, 2026
Cravath Shortlisted for Chambers USA Awards 2026 in Antitrust and Corporate/M&A
The Chambers USA Awards 2026 named Cravath a finalist in its Antitrust and Corporate/M&A practice area categories. The awards celebrate the achievements of leading law firms and lawyers operating across the United States, recognizing those who demonstrate excellence in legal practice, innovation and sustained performance at the highest level. The winners will be announced on June 11, 2026 at an awards ceremony in New York.
Activities
March 26, 2026
G.J. Ligelis Jr. Speaks at the 38th Annual Tulane Corporate Law Institute
On March 20, 2026, Cravath partner G.J. Ligelis Jr. participated in the 38th Annual Tulane Corporate Law Institute, which was hosted by Tulane University Law School from March 19‑20 in New Orleans, Louisiana. The event featured discussions between M&A and securities practitioners, Delaware Supreme Court and Court of Chancery judiciary, corporate counsel and investment bankers on topics in M&A, corporate and securities law. G.J. spoke on a panel entitled “The Shareholder Proposal Process.”
Activities
March 25, 2026
Bob Townsend, Mike Mariani and Jin Baek Named 2026 Dealmakers of the Year by The American Lawyer
On March 24, 2026, Cravath partners Robert I. Townsend III, Michael E. Mariani and Jin‑Kyu Baek were featured as 2026 “Dealmakers of the Year” by The American Lawyer in recognition of their representation of Kenvue in its $48.7 billion acquisition by Kimberly‑Clark. Putting together two companies of their size “is always a complex process,” said Mike. Added Bob, “from the Kenvue perspective, there was definitely a desire to either get to a transaction or pursue one of the other strategic alternatives” the board had considered – “it was a tremendous effort by the entire [Kenvue] management team.”
Activities
March 25, 2026
Dan Cerqueira Co‑Chairs Session at the International Bar Association’s Conference on M&A in Latin America
On March 23, 2026, Cravath partner Daniel J. Cerqueira participated in the International Bar Association’s “Mergers and Acquisitions in Latin America — Building Bridges Through Business: Rethinking M&A in the Americas,” which took place from March 23‑25 in Punta del Este, Uruguay. Dan co‑chaired a session entitled “Cross‑Border M&A: Legal and Regulatory Challenges in Latin America,” which examined issues surrounding the navigation of complex legal, regulatory, cultural and compliance‑related challenges in cross‑border deals.
Activities
March 20, 2026
Dave Kappos Co‑Chairs INTA’s Conference on the Business of M&A: Navigating the Convergence of Intangible Assets and Capital in the Age of AI
On March 18, 2026, Cravath partner David J. Kappos co‑chaired and delivered opening and closing remarks and participated in a panel at the International Trademark Association’s (“INTA”) “The Business of M&A: Navigating the Convergence of Intangible Assets and Capital in the Age of AI” in New York. The program explored how intangible assets are reshaping deal structures, valuation models, deal terms and post‑close integration strategies across industries.
Deals & Cases
March 11, 2026
Elsevier’s Acquisition of Mytonomy
On March 10, 2026, Elsevier, a global leader in advanced information and decision support and part of RELX, announced it has entered into a definitive agreement to acquire Mytonomy, a leader in video-based patient engagement solutions that will complement Elsevier’s Clinical Solutions portfolio. Cravath is representing RELX in connection with the transaction.
Deals & Cases
March 09, 2026
Talkspace’s Acquisition by UHS
On March 9, 2026, Universal Health Services, Inc. (“UHS”) announced that it has entered into a definitive agreement to acquire Talkspace, Inc. (“Talkspace”) for $5.25 per share. The enterprise value for the transaction is approximately $835 million. Cravath is representing Talkspace in connection with the transaction.
Deals & Cases
March 02, 2026
Select Medical’s $3.9 Billion Acquisition by Consortium Led by Robert A. Ortenzio, Martin F. Jackson and WCAS
On March 2, 2026, Select Medical Holdings Corporation (“Select Medical”) announced that it has entered into a definitive agreement pursuant to which an entity affiliated with a consortium led by Robert A. Ortenzio, Executive Chairman, Co-Founder and Director of Select Medical, Martin F. Jackson, Senior Executive Vice President of Strategic Finance and Operations of Select Medical, and Welsh, Carson, Anderson & Stowe (“WCAS” and, together with Mr. Ortenzio and Mr. Jackson, the “Consortium”) will acquire all of the outstanding shares of common stock of Select Medical not already owned by the Consortium for a price per share of $16.50 in cash, representing an enterprise value of $3.9 billion, on the terms and subject to the conditions set forth in the merger agreement. Cravath is representing the buyer consortium in connection with the transaction.
Deals & Cases
February 28, 2026
Paramount’s $110 Billion Acquisition of Warner Bros. Discovery, Inc.
On February 27, 2026, Paramount Skydance Corporation (“Paramount”) and Warner Bros. Discovery, Inc. ("WBD") announced they have entered into a definitive merger agreement under which Paramount will acquire WBD. Under the terms of the agreement, Paramount will pay $31.00 per share in cash for all outstanding shares of WBD. The transaction values WBD at an enterprise value of $110 billion, and has been unanimously approved by the Boards of Directors of both companies. Cravath is representing Paramount in connection with the transaction.
Deals & Cases
February 27, 2026
White Mountains’ Strategic Investment in Bishop Street
On February 26, 2026, Bishop Street Underwriters (“Bishop Street”), a RedBird Capital Partners portfolio company, announced that it has completed a strategic structured capital investment of $125 million by White Mountains Insurance Group, Ltd. (“White Mountains”). Cravath is representing White Mountains in connection with the transaction.
Activities
March 26, 2026
Cravath Shortlisted for Chambers USA Awards 2026 in Antitrust and Corporate/M&A
The Chambers USA Awards 2026 named Cravath a finalist in its Antitrust and Corporate/M&A practice area categories. The awards celebrate the achievements of leading law firms and lawyers operating across the United States, recognizing those who demonstrate excellence in legal practice, innovation and sustained performance at the highest level. The winners will be announced on June 11, 2026 at an awards ceremony in New York.
Activities
March 26, 2026
G.J. Ligelis Jr. Speaks at the 38th Annual Tulane Corporate Law Institute
On March 20, 2026, Cravath partner G.J. Ligelis Jr. participated in the 38th Annual Tulane Corporate Law Institute, which was hosted by Tulane University Law School from March 19‑20 in New Orleans, Louisiana. The event featured discussions between M&A and securities practitioners, Delaware Supreme Court and Court of Chancery judiciary, corporate counsel and investment bankers on topics in M&A, corporate and securities law. G.J. spoke on a panel entitled “The Shareholder Proposal Process.”
Activities
March 25, 2026
Bob Townsend, Mike Mariani and Jin Baek Named 2026 Dealmakers of the Year by The American Lawyer
On March 24, 2026, Cravath partners Robert I. Townsend III, Michael E. Mariani and Jin‑Kyu Baek were featured as 2026 “Dealmakers of the Year” by The American Lawyer in recognition of their representation of Kenvue in its $48.7 billion acquisition by Kimberly‑Clark. Putting together two companies of their size “is always a complex process,” said Mike. Added Bob, “from the Kenvue perspective, there was definitely a desire to either get to a transaction or pursue one of the other strategic alternatives” the board had considered – “it was a tremendous effort by the entire [Kenvue] management team.”
Activities
March 25, 2026
Dan Cerqueira Co‑Chairs Session at the International Bar Association’s Conference on M&A in Latin America
On March 23, 2026, Cravath partner Daniel J. Cerqueira participated in the International Bar Association’s “Mergers and Acquisitions in Latin America — Building Bridges Through Business: Rethinking M&A in the Americas,” which took place from March 23‑25 in Punta del Este, Uruguay. Dan co‑chaired a session entitled “Cross‑Border M&A: Legal and Regulatory Challenges in Latin America,” which examined issues surrounding the navigation of complex legal, regulatory, cultural and compliance‑related challenges in cross‑border deals.
Activities
March 20, 2026
Dave Kappos Co‑Chairs INTA’s Conference on the Business of M&A: Navigating the Convergence of Intangible Assets and Capital in the Age of AI
On March 18, 2026, Cravath partner David J. Kappos co‑chaired and delivered opening and closing remarks and participated in a panel at the International Trademark Association’s (“INTA”) “The Business of M&A: Navigating the Convergence of Intangible Assets and Capital in the Age of AI” in New York. The program explored how intangible assets are reshaping deal structures, valuation models, deal terms and post‑close integration strategies across industries.
Cravath Bicentennial
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
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