Mergers and Acquisitions

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.

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.

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.

On February 24, 2026, ADT, a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., announced it has acquired Origin Wireless, Inc. (“Origin”), bringing Origin’s AI sensing platform and related intellectual property into the ADT ecosystem. The purchase price for the transaction was $170 million in cash, subject to customary purchase price adjustments. Cravath is representing ADT in connection with the transaction.

On February 17, 2026, Tenax Aerospace Acquisition, LLC (“Tenax”) and Air Industries Group (“Air”) jointly announced that they have entered into an Agreement and Plan of Merger to combine Tenax’s special mission aviation business with Air’s precision aerospace manufacturing business. At the time of the merger, Air will issue shares of its common stock to holders of Tenax membership units. After the closing, Tenax shareholders are expected to own approximately 95% of Air’s outstanding shares while existing Air shareholders are expected to own approximately 5%, and the combined company expects to remain listed on the NYSE American under the symbol AIRI. Cravath is representing Tenax in connection with the transaction.

On March 4, 2026, Bloomberg featured Cravath partner Faiza J. Saeed as a top dealmaker of 2025, with her advice on M&A deals totaling roughly $90 billion over that period making her their single highest ranked woman lawyer. The article highlighted her representation of the Paramount Special Committee in Paramount’s $28 billion merger with Skydance, of Wiz in its $32 billion acquisition by Google, of Disney in its successful proxy fight against Trian, and in 2026, of Paramount in its $110 billion acquisition of Warner Bros. Discovery.

On February 20, 2026, Lawdragon announced the inclusion of 8 Cravath partners in its annual list of the “500 Leading Global Entertainment, Sports & Media Lawyers.” The list, assembled based on research and vetting by peers, recognizes lawyers who “are at the center of it all, protecting brands, advising on ownership rights and investments, and heading off legal and reputational risk for globally recognized individuals.”

On February 13, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

Cravath partners G.J. Ligelis Jr., Christopher K. Fargo, Alyssa K. Caples and Margaret T. Segall co‑authored the U.S. Law & Practice chapter of the Chambers Investing In… 2026 guide, which was published in January 2026. The guide, which is part of the publisher’s Global Practice Guide series, examines country‑specific legal issues that arise from foreign direct investment (“FDI”) and cross‑border transactions in the more than 30 jurisdictions covered. The U.S. Law & Practice chapter surveys the legal system and regulatory framework for FDI in the country, analyzing the economic climate as well as considerations related to mergers and acquisitions, corporate governance, capital markets, antitrust, national security, tax, employment and intellectual property.

Cravath partner Andrew C. Compton participated in the Forum on North American Infrastructure Investments, which was presented by Cambridge Forums from February 4‑6, 2026, in New Orleans, Louisiana. Through discussions between senior in-house counsel, institutional investors and external lawyers, the Forum explored trends and developments in direct investments in major infrastructure projects from across North America to discern best practices for successfully completing transactions and addressing the long-term risks and challenges facing investors.