Executive Compensation and Benefits

Cravath represented Martin Marietta Materials, Inc. (“Martin Marietta”) in connection with its $5.5 billion registered senior notes offering. Martin Marietta is a leading supplier of aggregates and heavy building materials for the construction industry in the United States. Proceeds of the offering will be used to finance the acquisition of Lhoist North America, Inc. The transaction closed on August 14, 2026.

On August 6, 2026, Harrow, a leading provider of ophthalmic disease management solutions in North America, announced that it has entered into a definitive agreement to acquire TYRVAYA® (varenicline solution) nasal spray 0.03 mg from Viatris Inc. (“Viatris”), a global healthcare company. TYRVAYA is a cholinergic agonist indicated for the treatment of the signs and symptoms of dry eye disease (DED) and is currently approved in the U.S., China, and Taiwan, with marketing authorization applications pending in other countries. Under the terms of the agreement, Harrow will pay $30 million in cash at closing and up to $70 million in contingent milestone payments tied to TYRVAYA's net sales, for a potential total consideration of up to $100 million. Cravath is representing Viatris in connection with the transaction.

On July 30, 2026, TMX Group, a global provider of data, listing services, trading markets, clearing facilities and other services to the global financial community, announced a definitive agreement to make a strategic investment in MEMX, an exchange operator and market technology provider. Concurrent with that transaction, BOX, a U.S. equity options market with both electronic and floor-based trading, will be combined with MEMX, and TMX Group will have an approximately 59% ownership interest in the combined business. Under the terms of the agreement, this transaction will create a consolidated U.S. exchange group with an enterprise value of approximately $2.3 billion. The new entity will be funded by an equity investment from TMX Group of approximately $800 million, a rollover of TMX’s existing equity interest in BOX, committed rollovers from a group of MEMX and BOX investors, comprised of key market participants, and an investment from a new financial partner. Cravath is representing TMX Group in connection with the transaction.

Cravath represented the underwriters in connection with the $3 billion registered senior notes offering of Dell International L.L.C. and EMC Corporation. Dell International L.L.C. and EMC Corporation are wholly‑owned subsidiaries of Dell Technologies, a leading integrated technology solutions provider in the IT industry. The transaction closed on June 16, 2026.

On June 29, 2026, Martin Marietta Materials, Inc. (“Martin Marietta”), a leading supplier of aggregates and other building materials, announced that it has entered into a definitive agreement to combine with Lhoist North America, Inc. (“Lhoist North America”), a leading producer of hi‑calcium lime, dolomitic lime and industrial mineral products and a subsidiary of Lhoist Group, for $13.5 billion in cash and shares of Martin Marietta common stock. The transaction is expected to be completed in the second half of 2026, subject to regulatory approvals. Cravath is representing Martin Marietta in connection with the transaction.

Cravath released the Summer 2026 issue of its Alumni Journal, which highlights the Firm’s global alumni community. This issue features the career journey of Colin Bennett, General Counsel and Chief Compliance Officer at Skims, as well as two recent conversations—one with Rebecca Rettig, the Chief Operating Officer and Chief Legal Officer of Jito Labs, and the other with the Honorable LaShann DeArcy Hall, a United States District Court Judge for the Eastern District of New York. This edition also includes photos from the Firm’s June 2026 Zoo Party, which brought together Cravath attorneys, summer associates and their families at the Central Park Zoo in Manhattan. 

On June 24, 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, restructuring, regulatory and corporate governance landscape during the first 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.

Cravath named Aaron S. Cha and Joshua Kameel of counsels of the Firm, effective July 1, 2026. 

The 2026 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 14 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 71 Cravath attorneys were individually recognized by Legal 500 United States this year.

The 2026 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate Crime & Investigations (Highly Regarded); Corporate/M&A (The Elite); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eleven areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Employee Benefits & Executive Compensation; Environment (Mainly Transactional); Intellectual Property (Patent: Transactional); Media & Entertainment (Corporate); Litigation (General Commercial: The Elite); Litigation (Securities); Tax; and White‑Collar Crime & Government Investigations (Highly Regarded). Fifty‑one Cravath lawyers were ranked across nineteen practice categories.