Private Equity

Cravath represented the underwriters in connection with the $500 million registered senior notes offering of TPG Operating Group II, L.P. TPG Operating Group II, L.P. is a subsidiary of TPG Inc., a leading global alternative asset manager. The transaction closed on February 26, 2026.

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 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 16, 2026, Hapag‑Lloyd signed an agreement with ZIM Integrated Shipping Services Ltd. (“ZIM”), the world’s 10th largest container shipping line, under which Hapag‑Lloyd will acquire 100% of ZIM’s shares for a consideration of $35 per share in cash. The total transaction value amounts to over $4 billion. As part of the transaction, FIMI Opportunity Funds will take ownership of a carved‑out Israeli container liner business. Cravath is representing Hapag‑Lloyd in connection with the transaction.

On January 27, 2026, Siegfried, a leading global Contract Development and Manufacturing Organization for the pharmaceutical industry, announced it has signed binding agreements with an affiliate of SK Capital Partners to acquire the drug substance business of the Noramco Group and Extractas Bioscience (“Extractas”). The acquired businesses include Noramco, Purisys and Extractas, three high-quality small molecules drug substances sites. Cravath is representing Siegfried in connection with the transaction.

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.

On December 9, 2025, Cravath was recognized by the Financial Times in connection with its annual “North America Innovative Lawyers” report, which showcases “the most innovative work and legal services that lawyers have developed for clients in North America.” The Firm received “Highly commended” honors in the “Dealmaking” category for its representation of Vista Outdoor in its $1.125 billion sale of Revelyst to SVP and $2.225 billion sale of The Kinetic Group to CSG.

Cravath partners Alyssa K. Caples, Nicholas A. Dorsey and Daniel J. Cerqueira spoke at the International Bar Association’s 2025 Annual Conference, which was held November 2-7 in Toronto and convened legal professionals from across the globe.

In an article highlighting the October release of the 2025 edition of IFLR1000, IFLR named Cravath among the law firms that “made the largest strides in the banking and finance rankings across four key European markets this year.” It further pointed to Cravath’s “sharp ascent” in rankings as evidence of U.S. firms becoming increasingly active in London’s finance space. The 2025 edition of IFLR1000 recognized Cravath across five categories: Bank Lending – Lender Side, Bank Lending – Sponsor Side, Capital Markets – Debt, Capital Markets – Equity and Capital Markets – High Yield.

On October 17, 2025, Lawdragon announced the inclusion of 57 Cravath partners in its annual list of the “500 Leading Dealmakers in America.” The list, assembled based on research and vetting by peers, recognizes lawyers in the areas of M&A, capital markets, corporate governance, finance, private equity and tax who “shake the world with the deals they make happen” and are “among the most coveted lawyers in the world.”