Cravath’s London Office Moves to 100 Cheapside
Capital Markets
Cravath has one of the most respected capital markets practices in the world. We hold a distinctive reputation for devising and executing the innovative, sophisticated deal structures underlying landmark financing transactions, including the first simultaneous cross‑border tender offer, direct listings, high‑profile IPOs and acquisition financings for many of the largest U.S. and cross‑border transactions.
Our practice is balanced between representing issuers and underwriters on debt, equity and hybrid offerings, both domestically and internationally. Cravath’s substantial presence in London, where we have one of the largest contingents of U.S. lawyers in the city, enhances our ability to provide seamless, round‑the‑clock coverage.
We execute complex, cross-border deals issued in multiple currencies, as well as IPOs and other high‑profile transactions for companies ranging from emerging startups to leading multinational corporations in the United States and abroad. Our lawyers have led offerings in a broad range of industries and we also regularly advise on SEC‑registered and Rule 144A offerings by sovereign and supranational entities.
Our U.S. and foreign private issuer clients rely on Cravath’s expertise to resolve their most challenging issues before the SEC, including on difficult accounting or other disclosure matters, as well as potential reporting and compliance issues. Cravath lawyers maintain strong relationships with members of the SEC staff and our representation includes alerting our clients to newly enacted U.S. securities laws and SEC and exchange rules and regulations, as well as advising them with respect to compliance with these requirements. We also counsel clients on how U.S. securities laws and regulations interact with evolving areas such as crypto and data privacy.
Our lawyers’ ability to execute all offering types, our client-targeted expertise and our commercial understanding of business situations are highly recommended by clients and peers:
- “Clear leaders in the market, [Cravath] presents the complete package for clients: ‘They know how to move a deal along, and they know the SEC.’” Chambers
- “They are a perennial leader in capital markets transactions in Europe.” Chambers
- “Cravath runs a top-notch U.S. securities practice from its London office and is involved in some of the largest transactions in the U.S. and global equity capital markets.” The Legal 500
- “Cravath has served as one of our primary outside counsels for over 20 years. They’ve helped us in a variety of different matters and transactions including an IPO, secondary equity offerings, and, more recently, a 144A debt offering. I would say that the firm in general, but specifically the capital markets team, provides the highest quality legal services that I think we get from any outside counsel. I’ve found their work to be uniformly excellent. They get some of the brightest people, they have a pretty broad range of expertise, and the quality of the lawyers is uniformly high. They’re very responsive and I think they really meet the client’s needs in pretty much all facets.” IFLR1000
- “They collaborate seamlessly to ensure they deliver their firm’s absolute best on every client matter.” Chambers
- “Absolutely outstanding. Deep technical expertise combined with wide sector knowledge and unbelievable commitment.” IFLR1000
- “Excellent lawyers technically and creative problem-solvers” who are “regularly sought for advice on complex or esoteric capital markets issues.” Chambers
- Cravath is “the best at anticipating and answering our changing legal needs.” Chambers
- “There’s Cravath and then there’s everyone else.” The Legal 500
Our practice is balanced between representing issuers and underwriters on debt, equity and hybrid offerings, both domestically and internationally. Cravath’s substantial presence in London, where we have one of the largest contingents of U.S. lawyers in the city, enhances our ability to provide seamless, round‑the‑clock coverage.
We execute complex, cross-border deals issued in multiple currencies, as well as IPOs and other high‑profile transactions for companies ranging from emerging startups to leading multinational corporations in the United States and abroad. Our lawyers have led offerings in a broad range of industries and we also regularly advise on SEC‑registered and Rule 144A offerings by sovereign and supranational entities.
Our U.S. and foreign private issuer clients rely on Cravath’s expertise to resolve their most challenging issues before the SEC, including on difficult accounting or other disclosure matters, as well as potential reporting and compliance issues. Cravath lawyers maintain strong relationships with members of the SEC staff and our representation includes alerting our clients to newly enacted U.S. securities laws and SEC and exchange rules and regulations, as well as advising them with respect to compliance with these requirements. We also counsel clients on how U.S. securities laws and regulations interact with evolving areas such as crypto and data privacy.
Our lawyers’ ability to execute all offering types, our client-targeted expertise and our commercial understanding of business situations are highly recommended by clients and peers:
- “Clear leaders in the market, [Cravath] presents the complete package for clients: ‘They know how to move a deal along, and they know the SEC.’” Chambers
- “They are a perennial leader in capital markets transactions in Europe.” Chambers
- “Cravath runs a top-notch U.S. securities practice from its London office and is involved in some of the largest transactions in the U.S. and global equity capital markets.” The Legal 500
- “Cravath has served as one of our primary outside counsels for over 20 years. They’ve helped us in a variety of different matters and transactions including an IPO, secondary equity offerings, and, more recently, a 144A debt offering. I would say that the firm in general, but specifically the capital markets team, provides the highest quality legal services that I think we get from any outside counsel. I’ve found their work to be uniformly excellent. They get some of the brightest people, they have a pretty broad range of expertise, and the quality of the lawyers is uniformly high. They’re very responsive and I think they really meet the client’s needs in pretty much all facets.” IFLR1000
- “They collaborate seamlessly to ensure they deliver their firm’s absolute best on every client matter.” Chambers
- “Absolutely outstanding. Deep technical expertise combined with wide sector knowledge and unbelievable commitment.” IFLR1000
- “Excellent lawyers technically and creative problem-solvers” who are “regularly sought for advice on complex or esoteric capital markets issues.” Chambers
- Cravath is “the best at anticipating and answering our changing legal needs.” Chambers
- “There’s Cravath and then there’s everyone else.” The Legal 500
Deals & Cases
December 22, 2025
Juventus Football Club S.p.A.’s Capital Increase
Cravath represented Juventus Football Club S.p.A., as U.S. counsel, in connection with its approximately €100 million capital increase by way of an accelerated bookbuild offering of ordinary shares. Juventus Football Club S.p.A. operates as a leading professional football club in Italy. Its core business centers around the football club’s participation in national and international football competitions. The shares were listed on Euronext Milan. The transaction closed on November 25, 2025.
Deals & Cases
December 17, 2025
Smurfit Westrock’s Registered Senior Notes Offerings
Cravath represented the underwriters in connection with the $800 million registered senior notes offering of Smurfit Westrock Financing DAC and the €500 million registered senior notes offering of Smurfit Kappa Treasury Unlimited Company, each a wholly owned subsidiary of Smurfit Westrock plc, one of the world's largest integrated manufacturers of paper‑based packaging products. The notes are expected to be listed on Euronext Dublin. The transactions closed on November 21, 2025, and November 24, 2025, respectively.
Deals & Cases
December 16, 2025
Element Fleet Management Corp.’s Senior Notes Offering
Cravath represented Element Fleet Management Corp. in connection with its $500 million 144A/Reg. S senior notes offering. Element Fleet Management Corp. is the largest publicly traded pure‑play automotive fleet manager in the world. The transaction closed on November 24, 2025.
Deals & Cases
December 16, 2025
Graham Holdings Company’s Senior Notes Offering
Cravath represented Graham Holdings Company in connection with its $500 million 144A/Reg. S senior notes offering. Graham Holdings Company is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses. The transaction closed on November 24, 2025.
Deals & Cases
December 16, 2025
United Rentals (North America), Inc.’s $1.5 Billion High‑Yield Senior Notes Offering
Cravath represented the initial purchasers in connection with the $1.5 billion high-yield senior notes offering of United Rentals (North America), Inc., a subsidiary of United Rentals, Inc., the largest equipment rental company in the world at the time of the offering. The transaction closed on December 1, 2025.
Activities
December 01, 2025
Cravath Shortlisted for Law.com International’s 2025 Banking and Finance Team of the Year Award
In November 2025, Cravath was shortlisted for Law.com International’s 2025 Banking and Finance Team of the Year award as part of Law.com International’s annual British Legal Awards. The awards honor the “standout achievements of law firms, in‑house teams, chambers, and individuals who are driving the legal profession forward,” recognizing landmark deals, innovative strategies, impactful advocacy and client service shaping the future of the UK legal landscape.
Activities
November 12, 2025
Dan Haaren Chairs and Scott Bennett and Lisa Kohl Speak at PLI’s Securities Offerings 2025: A Public Offering From Start to Finish
On November 10, 2025, Cravath partners D. Scott Bennett and C. Daniel Haaren and of counsel Lisa M. Kohl participated in “Securities Offerings 2025: A Public Offering From Start to Finish,” a program presented by the Practising Law Institute in New York. The program simulated a public offering from start to finish. Dan chaired the program, delivered opening remarks and appeared on panels entitled “Underwriting Arrangements, Listing Process and FINRA Review,” which reviewed the underwriting and stock exchange listing processes and “Ethics, Due Diligence and the Offering Process,” which surveyed ethical issues that arise in the due diligence and offering processes and how to avoid them. Scott and Dan spoke together on a panel entitled “Introduction to the Law of Securities Offerings,” which reviewed the basic legal framework for registered public securities offerings. Together, Dan and Lisa appeared on panels entitled “Working Effectively with the SEC: Preparing Your Registration Statement,” which covered registration statement preparation and SEC review processes and “Financial and Accounting Disclosures in Offering Documents and Related Considerations,” in which panelists discussed financial disclosure and other offering documentation processes.
Activities
November 10, 2025
Alyssa Caples, Nick Dorsey and Dan Cerqueira Speak at IBA’s 2025 Annual Conference
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.
Publications
November 10, 2025
Cravath Publishes Finance & Capital Markets Quarterly Review for Q3 2025
On November 10, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the third quarter of 2025. Highlights from this edition include:
Publications
October 28, 2025
Back to the Future: IRS and Treasury Reinstate Pre‑2024 Guidelines for Spin‑Off Private Letter Rulings
On October 28, 2025, Cravath prepared a memo for its clients entitled “Back to the Future: IRS and Treasury Reinstate pre‑2024 Guidelines for Spin‑Off Private Letter Rulings.” The memo examines the Internal Revenue Service’s recently released Rev. Proc. 2025‑30, which provides updated guidelines for taxpayers requesting private letter rulings from the IRS for tax‑free spin‑off and split‑off transactions under Section 355. Rev. Proc. 2025‑30 supersedes Rev. Proc. 2024‑24 and withdraws Notice 2024‑38 (together the “2024 Guidance”).
Deals & Cases
December 22, 2025
Juventus Football Club S.p.A.’s Capital Increase
Cravath represented Juventus Football Club S.p.A., as U.S. counsel, in connection with its approximately €100 million capital increase by way of an accelerated bookbuild offering of ordinary shares. Juventus Football Club S.p.A. operates as a leading professional football club in Italy. Its core business centers around the football club’s participation in national and international football competitions. The shares were listed on Euronext Milan. The transaction closed on November 25, 2025.
Deals & Cases
December 17, 2025
Smurfit Westrock’s Registered Senior Notes Offerings
Cravath represented the underwriters in connection with the $800 million registered senior notes offering of Smurfit Westrock Financing DAC and the €500 million registered senior notes offering of Smurfit Kappa Treasury Unlimited Company, each a wholly owned subsidiary of Smurfit Westrock plc, one of the world's largest integrated manufacturers of paper‑based packaging products. The notes are expected to be listed on Euronext Dublin. The transactions closed on November 21, 2025, and November 24, 2025, respectively.
Deals & Cases
December 16, 2025
Element Fleet Management Corp.’s Senior Notes Offering
Cravath represented Element Fleet Management Corp. in connection with its $500 million 144A/Reg. S senior notes offering. Element Fleet Management Corp. is the largest publicly traded pure‑play automotive fleet manager in the world. The transaction closed on November 24, 2025.
Deals & Cases
December 16, 2025
Graham Holdings Company’s Senior Notes Offering
Cravath represented Graham Holdings Company in connection with its $500 million 144A/Reg. S senior notes offering. Graham Holdings Company is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses. The transaction closed on November 24, 2025.
Deals & Cases
December 16, 2025
United Rentals (North America), Inc.’s $1.5 Billion High‑Yield Senior Notes Offering
Cravath represented the initial purchasers in connection with the $1.5 billion high-yield senior notes offering of United Rentals (North America), Inc., a subsidiary of United Rentals, Inc., the largest equipment rental company in the world at the time of the offering. The transaction closed on December 1, 2025.
Activities
December 01, 2025
Cravath Shortlisted for Law.com International’s 2025 Banking and Finance Team of the Year Award
In November 2025, Cravath was shortlisted for Law.com International’s 2025 Banking and Finance Team of the Year award as part of Law.com International’s annual British Legal Awards. The awards honor the “standout achievements of law firms, in‑house teams, chambers, and individuals who are driving the legal profession forward,” recognizing landmark deals, innovative strategies, impactful advocacy and client service shaping the future of the UK legal landscape.
Activities
November 12, 2025
Dan Haaren Chairs and Scott Bennett and Lisa Kohl Speak at PLI’s Securities Offerings 2025: A Public Offering From Start to Finish
On November 10, 2025, Cravath partners D. Scott Bennett and C. Daniel Haaren and of counsel Lisa M. Kohl participated in “Securities Offerings 2025: A Public Offering From Start to Finish,” a program presented by the Practising Law Institute in New York. The program simulated a public offering from start to finish. Dan chaired the program, delivered opening remarks and appeared on panels entitled “Underwriting Arrangements, Listing Process and FINRA Review,” which reviewed the underwriting and stock exchange listing processes and “Ethics, Due Diligence and the Offering Process,” which surveyed ethical issues that arise in the due diligence and offering processes and how to avoid them. Scott and Dan spoke together on a panel entitled “Introduction to the Law of Securities Offerings,” which reviewed the basic legal framework for registered public securities offerings. Together, Dan and Lisa appeared on panels entitled “Working Effectively with the SEC: Preparing Your Registration Statement,” which covered registration statement preparation and SEC review processes and “Financial and Accounting Disclosures in Offering Documents and Related Considerations,” in which panelists discussed financial disclosure and other offering documentation processes.
Activities
November 10, 2025
Alyssa Caples, Nick Dorsey and Dan Cerqueira Speak at IBA’s 2025 Annual Conference
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.
Publications
November 10, 2025
Cravath Publishes Finance & Capital Markets Quarterly Review for Q3 2025
On November 10, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the third quarter of 2025. Highlights from this edition include:
Publications
October 28, 2025
Back to the Future: IRS and Treasury Reinstate Pre‑2024 Guidelines for Spin‑Off Private Letter Rulings
On October 28, 2025, Cravath prepared a memo for its clients entitled “Back to the Future: IRS and Treasury Reinstate pre‑2024 Guidelines for Spin‑Off Private Letter Rulings.” The memo examines the Internal Revenue Service’s recently released Rev. Proc. 2025‑30, which provides updated guidelines for taxpayers requesting private letter rulings from the IRS for tax‑free spin‑off and split‑off transactions under Section 355. Rev. Proc. 2025‑30 supersedes Rev. Proc. 2024‑24 and withdraws Notice 2024‑38 (together the “2024 Guidance”).
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