Technology

On December 21, 2025, Clearwater Analytics (“CWAN”) announced that it has entered into a definitive agreement to be acquired in a transaction valued at approximately $8.4 billion by a Permira and Warburg Pincus‑led Investor Group (the “Investor Group”), with participation from Temasek. The Investor Group has key support from Francisco Partners. The Special Committee of the CWAN Board of Directors unanimously recommended this transaction and the CWAN Board of Directors subsequently approved this transaction. Under the terms of the agreement, CWAN stockholders will receive $24.55 per share in cash upon completion of the proposed transaction. Cravath is representing the Special Committee of the CWAN Board of Directors in connection with the transaction.

On December 11, 2025, the U.S. Court of Appeals for the Ninth Circuit unanimously affirmed the U.S. District Court for the Northern District of California’s finding that Apple Inc. (“Apple”) committed civil contempt based on Apple’s willful violations of a permanent injunction that Cravath client Epic Games, Inc. (“Epic”) previously secured against Apple. The Court of Appeals affirmed several contempt sanctions imposed by the District Court against Apple, while modifying or reversing in part certain other sanctions and remanding to the District Court for further proceedings. The Court also unanimously affirmed the denial of Apple’s request to vacate or modify the permanent injunction based on recent California state court decisions and denied Apple’s request to reassign the case to a different district judge on remand.

On November 25, 2025, Robinhood Markets, Inc. (“Robinhood”) announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group (“Susquehanna”) to operate a CFTC-licensed exchange and clearinghouse. Robinhood will serve as the controlling partner. The independent joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets. The venture will accelerate delivery of its services by acquiring MIAXdx, a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility, and wholly-owned subsidiary of Miami International Holdings, Inc. (“MIAX”). MIAX will remain invested through a strategic 10% equity stake in the exchange. Cravath is representing Robinhood in connection with the transaction.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $2 billion revolving credit facility made available to Thomson Reuters Corporation, a leading AI and technology company empowering professionals with trusted content and workflow automation. The transaction closed on November 10, 2025.

Cravath represented funds managed by affiliates of Brevan Howard in connection with an investment in Ripple Labs, Inc., consisting of a private placement of Class A Common Stock, as part of Ripple’s $500 million strategic investment at a $40 billion valuation, led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace. The transaction closed on November 4, 2025.

On December 9, 2025, Cravath partner Gary A. Bornstein was featured as a 2025 Competition MVP by Law360, which highlighted his representation of Epic Games in separate antitrust lawsuits against Apple and Google, including securing a District Court decision that Apple violated an anti‑steering injunction, and a victory at the Ninth Circuit affirming Epic Games’ antitrust trial victory and permanent injunction against Google. In the profile, Gary discussed the satisfaction of winning difficult cases, explaining it’s “always a more gratifying victory when the outcome is not assured.” Gary also addressed the challenges of antitrust work, noting that antitrust issues are “company‑defining” and that “working as outside counsel on those cases is really counseling the senior people at the company on issues that go to the heart of their business. It requires you to have a commercial perspective on what's going on.” 

On December 8, 2025, Cravath partner Daniel J. Cerqueira was featured as a 2025 M&A MVP by Law360, which highlighted his role representing clients on numerous high-profile deals including Wiz in its $32 billion acquisition by Google and the Paramount Special Committee in Paramount’s $28 billion merger with Skydance. In the profile, Dan discussed helping clients navigate complex transactions in an unpredictable year for dealmaking and the “mix of contractual negotiation and technical skills, as well as a lot of strategic and tactical advice” that drew him to M&A early in his career. Dan also shared his advice for junior associates, noting “the importance of attention to detail, and making sure that you are confident in your work,” and encouraging them to “see the big picture, ask questions and really pay attention to the other parts of the deal,” as “the more curious and engaged you are, the quicker you'll advance.”

On November 28, 2025, Cravath’s antitrust practice was ranked among the “Elite” in Global Competition Review’s 2026 edition of GCR 100, a guide to the world’s best competition practices. This is the fourteenth consecutive year the Firm has been ranked in the highest tier among New York Firms by GCR. The publication highlighted Cravath as a “premier choice for major antitrust litigation, enforcement actions and high‑profile transactional matters,” noting its representations of clients including Corteva in antitrust litigation brought by the FTC and related putative class actions; Elsevier in putative class action antitrust litigation; Epic Systems in an action filed by Particle Health; and Wiz on antitrust matters in connection with its $32 billion acquisition by Google.

Cravath partner Margaret T. Segall and of counsel Nicole M. Peles authored a chapter entitled “Navigating the Complex Landscape of Merger Remedies in Dynamic Industries: Insights from Antitrust Authorities” for Global Competition Review’s “Merger Remedies Guide – Sixth Edition,” published on October 31, 2025. The chapter discusses common types of merger remedies, the challenges they face in dynamic industries including the pharmaceutical/biotechnology and technology sectors and the different approaches antitrust authorities use to address them.  

On November 7, 2025, Cravath partner Elad Roisman participated in the fourth annual BCVC Founder Summit, which was hosted by Bloccelerate VC in New York. The event convened founders, CEOs, policymakers and industry leaders in digital asset, AI and other domains to discuss the most challenging problems in the space. Elad moderated a roundtable discussion with SEC Chair Paul Atkins.