Telecommunications

On January 5, 2026, Cable One, Inc. (“Cable One”) announced it has entered into a definitive agreement to acquire all of the equity interests in Mega Broadband Investments Holdings LLC (“MBI”) that it does not already own in a transaction valued at approximately $1.3 billion. Cable One currently owns a 45% stake in MBI, and certain affiliates of GTCR LLC and MBI management own the balance of MBI. MBI is a leading provider of broadband services across the Southeast, Northwest and Mid‑South United States and offers an extensive range of broadband, fiber connectivity, video and voice services for approximately 210,000 residential and business data customers. Based on currently available information, (i) the purchase price payable by Cable One for the 55% of MBI that it does not already own is expected to range between approximately $475 million and $495 million and (ii) MBI’s total net debt at the time it becomes wholly owned by Cable One is expected to be approximately $845 million to $895 million. Cravath is representing Cable One in connection with the transaction.

On January 5, 2026, Point Broadband, a provider of high‑speed fiber‑to‑the‑premise internet in small‑town and underserved markets across the United States, announced it has signed a definitive agreement to combine with Clearwave Fiber, a provider of broadband and fiber‑based services to residential and commercial customers which was formed in 2022 through a joint venture among Cable One, GTCR, The Pritzker Organization and Stephens Capital Partners. The combined company will be jointly controlled by GTCR and Berkshire Partners. Cable One, a current investor in both Point Broadband and Clearwave Fiber, will contribute its equity investment in Clearwave Fiber into the go‑forward company and remain a significant shareholder. Cravath is representing Cable One in connection with the transaction.

Cravath represented the initial purchasers in connection with the $1.4 billion high-yield senior secured notes offering of Windstream Services, LLC, an indirect wholly owned subsidiary of Uniti Group Inc., a premier insurgent fiber provider dedicated to enabling mission-critical connectivity across the United States. The transaction closed on October 6, 2025.

Cravath represented the initial purchasers in connection with the $425 million 144A/Reg. S high‑yield first lien notes tack‑on offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities‑based technology and communications company that provides a broad array of integrated products and services. The transaction closed on September 8, 2025.

Cravath represented the initial purchasers in connection with the $2 billion 144A/Reg. S high-yield first lien notes offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities‑based technology and communications company that provides a broad array of integrated products and services. The transaction closed on August 18, 2025.

On July 24, 2025, the India Business Law Journal named Cravath among the “Significant Players” in its 2025 ranking of the top foreign law firms for India-related work. The publication highlighted the Firm’s representation of HDFC Bank Limited as U.S. counsel in its $40 billion merger with HDFC Limited, as well as the Firm’s representation of HMS Networks AB as special U.S. counsel in its acquisition of Red Lion Controls. The Firm was also praised by an interviewee for its consistent “quality of service.”

On June 30, 2025, Cravath partner Korey Fevzi was named to Financial News’ “Fifty Most Influential Lawyers” list for 2025, which recognizes “senior lawyers in private practice in M&A, capital markets, financial regulation, and private markets across Europe, including the UK.” Honorees were selected through “extensive research,” considering candidates’ “influence in their respective fields, leadership within the sector, performance over the past year, and their potential to shape their businesses and/or the industry in the years ahead.”

Cravath partners C. Daniel Haaren, Bethany A. Pfalzgraf and Noah Joshua Phillips were featured in the 2025 edition of “Practice Perspectives: Vault’s Guide to Legal Practice Areas,” which highlights the experiences of practicing lawyers in more than 20 different areas of the law and is published annually.

Cravath partners Gary A. Bornstein and Kevin J. Orsini were named to Crain’s New York Business’s list of “Notable Litigators and Trial Attorneys,” published on March 24, 2025. The list honors “a talented cohort” of litigators and trial attorneys who are “shaping precedent and advocating for their clients across industries and issues.”

On January 28, 2025, Cravath was featured by Law360 as a “Tax Practice Group of the Year.” The article highlights the Tax Department’s work on a variety of complex transactions, including its role representing clients Amentum in its merger with Jacobs’s Critical Mission Solutions and Cyber and Intelligence businesses; Endeavor in its $25 billion take‑private acquisition by Silver Lake; Frontier in its $20 billion acquisition by Verizon; the Paramount Special Committee in its $28 billion merger agreement with Skydance; and Vista Outdoor in its $1.125 billion sale of Revelyst to SVP and $1.91 billion sale of its Sporting Products business to CSG.