Real Estate and Hospitality

On August 8, 2023, AG Mortgage Investment Trust, Inc. (“MITT”), a publicly traded residential mortgage REIT managed by AG REIT Management, LLC, an affiliate of Angelo, Gordon & Co., L.P., a leading alternative investment firm, and Western Asset Mortgage Capital Corporation (“WMC”), a real estate investment trust, announced that they have entered into a definitive merger agreement, following WMC’s termination of its previously announced acquisition agreement with Terra Property Trust, Inc. in accordance with the terms of such agreement. Pursuant to the agreement MITT will acquire WMC in a fixed exchange ratio stock/cash transaction. Cravath is representing MITT in connection with matters related to the merger.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner, in connection with a $500 million revolving credit facility made available to TripAdvisor, Inc., TripAdvisor Holdings, LLC and TripAdvisor LLC. TripAdvisor, Inc. operates as an online travel company and primarily engages in the provision of travel guidance products and services worldwide. The transaction closed on June 29, 2023.

Cravath represented the underwriters in connection with the $1 billion registered senior notes offering of CBRE Services, Inc., a direct wholly owned subsidiary of CBRE Group, Inc. CBRE Group, Inc. is a commercial real estate services and investment firm. The transaction closed on June 23, 2023.

On March 1, 2023, Radius Global Infrastructure, Inc. (“Radius”), a leading global aggregator of real property interests underlying wireless telecommunications cell sites and other digital infrastructure assets, announced it has entered into a definitive agreement under which EQT Active Core Infrastructure and Public Sector Pension Investment Board (“PSP Investments”) will indirectly acquire Radius for $15.00 per share in cash, representing a total enterprise value of approximately $3 billion. Upon completion of the transaction, Radius will be a privately held company indirectly wholly owned by EQT Active Core Infrastructure and PSP Investments, as well as Radius management. Radius shares will no longer be listed on any public securities exchange. Cravath is representing Radius in connection with the transaction.

Cravath represented the underwriters in connection with the $750 million primary common stock offering of CoStar Group, Inc., a leading provider of online real estate marketplaces, information, and analytics in the United States and the United Kingdom. The shares were listed on the Nasdaq Global Select Market. The transaction closed on September 20, 2022.

Between July 28 and August 11, 2023, Cravath advised on nine announced deals, including seven deals in a span of three business days. Cravath is representing:

On May 21, 2023, Cravath partner Philip J. Boeckman was named to Financial News’ third annual “Fifty Most Influential Lawyers” list, which recognizes “the leading legal minds working in Europe on corporate deals.” The feature described Philip as having “a long and successful track record advising clients on initial public offerings, leveraged financings and other equity offerings.” The publication also highlighted his representation of HDFC Bank as U.S. counsel in its $40 billion merger with HDFC Limited, India’s largest‑ever M&A deal at the time of announcement, and of the European Investment Bank in its $4 billion registered notes offering of a Sustainability Awareness Bond.

On March 16, 2023, Cravath was recognized by the India Business Law Journal in its “Deals of the Year 2022” feature, which highlighted “the standout deals and disputes of 2022 and the law firms that showed their worth in successfully concluding them.”

On January 18, 2023, Cravath was featured by Law360 as an “M&A Practice Group of the Year,” receiving the distinction for the tenth time in twelve years. The profile highlighted the Firm’s role representing CyrusOne in its $15 billion acquisition by KKR and Global Infrastructure Partners, SMBC Aviation Capital in its $6.7 billion acquisition of Goshawk Aviation, and Johnson & Johnson in the planned separation of its Consumer Health Business.

On August 5, 2022, the India Business Law Journal named Cravath among the “Significant Players” in its 2022 ranking of the top international law firms for India‑related work. The publication noted that the Firm is “consistently at the forefront of prestigious and landmark deals,” and highlighted its representation of HDFC Bank Limited in its $40 billion merger with HDFC Limited, India’s largest‑ever M&A deal at the time of announcement. The Firm was also recognized for its representation of Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics. An interviewee noted the Firm’s teams are “approachable” and “give well‑articulated, clear and easy to understand legal opinions.”