Mergers and Acquisitions

On November 5, 2026, Liberty Media Corporation (“Liberty Media”) announced that it has acquired all shares of Liberty Media’s high‑vote Series B common stock held by certain entities related to John C. Malone (the “Malone Holders”) in exchange for shares of Liberty Media’s low‑vote Series A common stock and shares of Liberty Media’s non‑voting Series C common stock. As a result of the transaction, the Malone Holders’ aggregate voting power in Liberty Media declined to approximately 3%, and no holder of Liberty Media common stock holds more than 9% of Liberty Media’s voting power, in each case, based on Liberty Media’s outstanding common stock as of October 30, 2026. The transaction was negotiated and approved by a special committee (the “Special Committee”) of Liberty Media’s board of directors consisting solely of disinterested and independent directors for purposes of Nevada law, advised by its own independent financial and legal advisors. Cravath is representing the Special Committee in connection with the transaction.

On October 29, 2026, ADT Inc. (“ADT”), a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., and Thrive Holdings, a permanent capital holding company focused on investing in established businesses and advancing their capabilities through technology, announced a definitive agreement under which Thrive Holdings will acquire ADT in an all‑cash transaction. The agreement values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value. Under the terms of the agreement, which ADT’s Board of Directors unanimously approved, ADT stockholders will receive $10.00 per share in cash upon completion. Following completion, ADT will become privately held and its common stock will cease trading on the New York Stock Exchange. Cravath is representing ADT in connection with the transaction.

On October 29, 2026, DoorDash, Inc. (“DoorDash”) and Maplebear Inc. (d.b.a. Instacart) (“Instacart”) announced a definitive agreement under which DoorDash will acquire Instacart for a total value of $65.00 for each Instacart share, or an equity value of approximately $17 billion. The aggregate transaction consideration will be at least 75% cash, with Instacart stockholders able to elect cash, DoorDash stock, or a combination of both, subject to proration so that DoorDash stock does not exceed 25% of the aggregate consideration. Instacart's board of directors has unanimously approved the agreement. Cravath is representing Instacart in connection with the transaction.

On October 20, 2026, Alcon, a global leader in eye care, announced it has acquired Neurotech Pharmaceuticals, Inc. (“Neurotech”), a company focused on developing innovative cell therapies for chronic and neurodegenerative eye diseases, for $550 million. Alcon may be required to make additional contingent payments, including upon the achievement of commercial milestones. This acquisition expands Alcon's retina portfolio with ENCELTO™, the first and only U.S. FDA-approved treatment for adults with idiopathic Macular Telangiectasia Type 2 (“MacTel”), a rare, progressive retinal disease that leads to irreversible central vision loss that has historically had no approved treatment options. Cravath represented Neurotech in connection with the transaction.

On October 8, 2026, Viatris Inc. (“Viatris”), a global healthcare company, and Pacira BioSciences, Inc. (“Pacira”), a leader in innovative non‑opioid pain therapies, announced that they have entered into a definitive agreement under which Viatris has agreed to acquire all of the outstanding shares of common stock of Pacira for $36.50 per share in cash, representing an aggregate equity value of $1.65 billion. Cravath is representing Viatris in connection with the transaction.

On October 16, 2026, Lawdragon announced the inclusion of 50 Cravath partners in its annual list of the “500 Leading Dealmakers in America.” The list, assembled based on research and vetting by peers, recognizes the lawyers in the areas of M&A, private equity, capital markets, finance, corporate governance, shareholder activism, tax, antitrust, regulatory, restructuring and energy who “close the transactions that remake industries, redraw markets and move trillions of dollars of value.”

On September 29, 2026, the Harvard Law School Forum on Corporate Governance published Cravath’s latest quarterly newsletter on M&A, activism and corporate governance. The newsletter provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape during the second quarter of 2026. Contributors to this edition include partners Margaret T. Segall, Evan A. Hill, Matthew L. Ploszek, Kimberley S. Drexler and Adam M. Sanchez.

On September 16, 2026, Cravath partners Faiza J. Saeed, Gary A. Bornstein and Ting S. Chen were named to Forbes’s 2026 list of “America’s Top Lawyers. The list recognizes “the leading dealmakers, litigators, advisers and strategists—at firms of all sizes—who stand apart in an extraordinarily competitive field” and “those who are defining modern legal excellence.”

On September 9, 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:

On July 7, 2026, the New York Law Journal named Cravath a finalist for its “Law Firm of the Year: Large Firms” award, and partner Daniel J. Cerqueira a finalist for its “Dealmaker of the Year” award. Winners will be featured online and honored at an event in September.