Cravath Publishes Summer 2026 Issue of Alumni Journal
Antitrust
Cravath’s highly regarded antitrust practice is led by a former Commissioner of the Federal Trade Commission (FTC) and a former Principal Deputy Assistant Attorney General of the Department of Justice’s (DOJ) Antitrust Division, who are joined by a team of the country’s top antitrust practitioners. We leverage this deep experience and insight in formulating global antitrust strategy, securing regulatory clearance for mergers and acquisitions, and bringing or defending against charges of anticompetitive behavior. Clients turn to Cravath for their most significant—and often unprecedented—antitrust concerns, and we have played a central role in industry- and law‑shaping competition matters for decades.
Merger Clearance
Our interdisciplinary antitrust team handles regulatory clearance for some of the world’s largest transactions, including advising on Anheuser‑Busch InBev’s $123 billion acquisition of SABMiller; Mylan’s $50 billion combination with Upjohn to form Viatris; Wiz’s $32 billion acquisition by Google; and Cisco’s $28 billion acquisition of Splunk. We regularly interface with competition agencies in the United States and internationally, and we work closely with our clients to develop a deep understanding of their business. Our integrated approach positions us not only to provide the “answer,” but also to partner with each client to identify and implement the right, workable business solution.
Litigation
Complex antitrust litigation is a hallmark of Cravath’s practice, and we bring to bear courtroom excellence and government experience to deliver the most comprehensive, innovative and tactical antitrust advice to our clients around the world. We handle private antitrust litigation covering the entire spectrum, including managing class actions spread across the country to litigating individual actions in a single jurisdiction. Trained as generalists, our litigators see the broader picture and navigate the intersection of antitrust law with areas such as securities and intellectual property to devise creative, holistic solutions.
Bringing “extraordinary expertise and understanding of antitrust law and guidance, and . . . a good sense of political currents impacting policymaking and the regulatory landscape,” we are equally adept at handling critical enforcement actions. (Chambers USA) Our team has an exceptional track record trying and winning cases against the government, including securing major victories for our clients in closely watched actions against both the FTC and DOJ.
Investigations
We handle a variety of public and non-public antitrust‑related governmental investigations domestically and around the world, including investigations related to transactions and allegations of price fixing, coordination in output, monopolization and industry‑wide conspiracy.
Recognition
Year after year, Cravath’s team is recognized at the top of the nation’s most highly regarded antitrust practices. Chambers USA distinguishes our attorneys for handling “cutting‑edge matters at the forefront of antitrust,” and has repeatedly named Cravath its “Antitrust Law Firm of the Year.” We also have been honored numerous times as “Antitrust Firm of the Year” by Benchmark Litigation, “Regional Firm of the Year – Americas” by Global Competition Review (“GCR”) and “Competition Practice Group of the Year” by Law360. The Firm’s transactional and litigation matters are frequently recognized for their innovation and impact by Benchmark Litigation, GCR and the Financial Times. In addition, we are consistently ranked as a top‑tier firm by leading industry publications including Benchmark Litigation, Chambers USA, GCR and The Legal 500 US.
Our team has earned repeated praise from clients, the market and the press, including:
- “[T]he cream of the crop. This is the firm to use if you are faced with high‑stakes antitrust litigation.” Client, Best Lawyers Best Law Firms
- “Among the very best at steering a merger through the review process. They are sophisticated and keen advocates. And have a highly diverse team.” Testimonial, The Legal 500 US
- The Firm “has kept hundreds of billions in deals going through the antitrust agencies while also maintaining plenty of significant litigation.” GCR 100
- “Antitrust is an area where many claim to have expertise but only a few firms really shine. Cravath is one of those few.” Testimonial, The Legal 500 US
- An “impressive and varied group that advises and litigates on antitrust matters, often with an international flavor,” whose “practitioners are well versed in the overlap between antitrust and other areas, such as securities and IP law.” Chambers USA
- “Cravath, Swaine & Moore is one of the best antitrust firms in the US, with outstanding understanding of the relationship between IP and antitrust.” Qualcomm Head of Global Antitrust, Best Lawyers Best Law Firms
- “The U.S. Supreme Court decision in Ohio v. American Express offered more than redemption to one of America’s iconic companies, as well as to the team of trial lawyers from Cravath who took a 10‑year journey with their client to taste sweet victory. For Amex, the case was a gutsy validation of its business model and of CEO Kenneth Chenault’s belief – not only in its exclusive card – but also in his Cravath team.” Lawdragon
Merger Clearance
Our interdisciplinary antitrust team handles regulatory clearance for some of the world’s largest transactions, including advising on Anheuser‑Busch InBev’s $123 billion acquisition of SABMiller; Mylan’s $50 billion combination with Upjohn to form Viatris; Wiz’s $32 billion acquisition by Google; and Cisco’s $28 billion acquisition of Splunk. We regularly interface with competition agencies in the United States and internationally, and we work closely with our clients to develop a deep understanding of their business. Our integrated approach positions us not only to provide the “answer,” but also to partner with each client to identify and implement the right, workable business solution.
Litigation
Complex antitrust litigation is a hallmark of Cravath’s practice, and we bring to bear courtroom excellence and government experience to deliver the most comprehensive, innovative and tactical antitrust advice to our clients around the world. We handle private antitrust litigation covering the entire spectrum, including managing class actions spread across the country to litigating individual actions in a single jurisdiction. Trained as generalists, our litigators see the broader picture and navigate the intersection of antitrust law with areas such as securities and intellectual property to devise creative, holistic solutions.
Bringing “extraordinary expertise and understanding of antitrust law and guidance, and . . . a good sense of political currents impacting policymaking and the regulatory landscape,” we are equally adept at handling critical enforcement actions. (Chambers USA) Our team has an exceptional track record trying and winning cases against the government, including securing major victories for our clients in closely watched actions against both the FTC and DOJ.
Investigations
We handle a variety of public and non-public antitrust‑related governmental investigations domestically and around the world, including investigations related to transactions and allegations of price fixing, coordination in output, monopolization and industry‑wide conspiracy.
Recognition
Year after year, Cravath’s team is recognized at the top of the nation’s most highly regarded antitrust practices. Chambers USA distinguishes our attorneys for handling “cutting‑edge matters at the forefront of antitrust,” and has repeatedly named Cravath its “Antitrust Law Firm of the Year.” We also have been honored numerous times as “Antitrust Firm of the Year” by Benchmark Litigation, “Regional Firm of the Year – Americas” by Global Competition Review (“GCR”) and “Competition Practice Group of the Year” by Law360. The Firm’s transactional and litigation matters are frequently recognized for their innovation and impact by Benchmark Litigation, GCR and the Financial Times. In addition, we are consistently ranked as a top‑tier firm by leading industry publications including Benchmark Litigation, Chambers USA, GCR and The Legal 500 US.
Our team has earned repeated praise from clients, the market and the press, including:
- “[T]he cream of the crop. This is the firm to use if you are faced with high‑stakes antitrust litigation.” Client, Best Lawyers Best Law Firms
- “Among the very best at steering a merger through the review process. They are sophisticated and keen advocates. And have a highly diverse team.” Testimonial, The Legal 500 US
- The Firm “has kept hundreds of billions in deals going through the antitrust agencies while also maintaining plenty of significant litigation.” GCR 100
- “Antitrust is an area where many claim to have expertise but only a few firms really shine. Cravath is one of those few.” Testimonial, The Legal 500 US
- An “impressive and varied group that advises and litigates on antitrust matters, often with an international flavor,” whose “practitioners are well versed in the overlap between antitrust and other areas, such as securities and IP law.” Chambers USA
- “Cravath, Swaine & Moore is one of the best antitrust firms in the US, with outstanding understanding of the relationship between IP and antitrust.” Qualcomm Head of Global Antitrust, Best Lawyers Best Law Firms
- “The U.S. Supreme Court decision in Ohio v. American Express offered more than redemption to one of America’s iconic companies, as well as to the team of trial lawyers from Cravath who took a 10‑year journey with their client to taste sweet victory. For Amex, the case was a gutsy validation of its business model and of CEO Kenneth Chenault’s belief – not only in its exclusive card – but also in his Cravath team.” Lawdragon
Deals & Cases
September 04, 2026
Stanley Black & Decker’s Sale of Excel Industries to Bad Boy Mowers
On September 4, 2026, Stanley Black & Decker, a worldwide leader in Tools and Outdoor, announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel is a leading designer and manufacturer of premium commercial and residential turf‑care equipment under the distinct brand of Hustler Turf Equipment (“Hustler”). Cravath is representing Stanley Black & Decker in connection with the transaction.
Deals & Cases
August 31, 2026
Aon’s $17 Billion Acquisition of USI
On August 31, 2026, Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Cravath is representing Aon in connection with the transaction.
Deals & Cases
March 31, 2026
Biogen’s $5.6 Billion Acquisition of Apellis
On March 31, 2026, Biogen Inc. and Apellis Pharmaceuticals, Inc. announced that the companies have entered into a definitive agreement under which Biogen has agreed to acquire all outstanding shares of Apellis for $41.00 per share in cash at closing, or approximately $5.6 billion. Apellis stockholders will also receive a nontransferable CVR for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain annual global net sales thresholds being met for SYFOVRE®. Cravath is representing Biogen in connection with the transaction.
Deals & Cases
March 11, 2026
Elsevier’s Acquisition of Mytonomy
On March 10, 2026, Elsevier, a global leader in advanced information and decision support and part of RELX, announced it has entered into a definitive agreement to acquire Mytonomy, a leader in video-based patient engagement solutions that will complement Elsevier’s Clinical Solutions portfolio. Cravath is representing RELX in connection with the transaction.
Deals & Cases
March 09, 2026
Talkspace’s Acquisition by UHS
On March 9, 2026, Universal Health Services, Inc. (“UHS”) announced that it has entered into a definitive agreement to acquire Talkspace, Inc. (“Talkspace”) for $5.25 per share. The enterprise value for the transaction is approximately $835 million. Cravath is representing Talkspace in connection with the transaction.
Publications
September 10, 2026
Cravath Publishes Quarterly Review on Q2 2026 Trends in M&A, Activism and Corporate Governance
On September 9, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:
Activities
June 25, 2026
Mark Greene and Noah Phillips Speak at the 31st Annual Stanford Directors’ College
Cravath partners Mark I. Greene and Noah Phillips participated in the 31st Annual Stanford Directors’ College, which was held from June 22-24, 2026, at Stanford Law School. The program addressed a broad range of problems that confront modern boards, including the board’s role in setting business strategy, CEO and board succession, crisis management, techniques for controlling legal liability, challenges posed by activist investors, boardroom dynamics, international trade issues, the global economy and cybersecurity threats.
Activities
June 11, 2026
Legal 500 United States Ranks Cravath in Top Tier Across 14 Practice Areas and Recognizes 71 Cravath Attorneys
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.
Activities
June 04, 2026
Chambers USA Ranks Cravath in Top Tier for 2026 Across Corporate, Litigation and Tax Practice Areas
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.
Publications
May 22, 2026
Cravath Publishes Quarterly Review on Q1 2026 Trends in M&A, Activism and Corporate Governance
On May 22, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape. This edition covers:
Deals & Cases
September 04, 2026
Stanley Black & Decker’s Sale of Excel Industries to Bad Boy Mowers
On September 4, 2026, Stanley Black & Decker, a worldwide leader in Tools and Outdoor, announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel is a leading designer and manufacturer of premium commercial and residential turf‑care equipment under the distinct brand of Hustler Turf Equipment (“Hustler”). Cravath is representing Stanley Black & Decker in connection with the transaction.
Deals & Cases
August 31, 2026
Aon’s $17 Billion Acquisition of USI
On August 31, 2026, Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Cravath is representing Aon in connection with the transaction.
Deals & Cases
March 31, 2026
Biogen’s $5.6 Billion Acquisition of Apellis
On March 31, 2026, Biogen Inc. and Apellis Pharmaceuticals, Inc. announced that the companies have entered into a definitive agreement under which Biogen has agreed to acquire all outstanding shares of Apellis for $41.00 per share in cash at closing, or approximately $5.6 billion. Apellis stockholders will also receive a nontransferable CVR for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain annual global net sales thresholds being met for SYFOVRE®. Cravath is representing Biogen in connection with the transaction.
Deals & Cases
March 11, 2026
Elsevier’s Acquisition of Mytonomy
On March 10, 2026, Elsevier, a global leader in advanced information and decision support and part of RELX, announced it has entered into a definitive agreement to acquire Mytonomy, a leader in video-based patient engagement solutions that will complement Elsevier’s Clinical Solutions portfolio. Cravath is representing RELX in connection with the transaction.
Deals & Cases
March 09, 2026
Talkspace’s Acquisition by UHS
On March 9, 2026, Universal Health Services, Inc. (“UHS”) announced that it has entered into a definitive agreement to acquire Talkspace, Inc. (“Talkspace”) for $5.25 per share. The enterprise value for the transaction is approximately $835 million. Cravath is representing Talkspace in connection with the transaction.
Publications
September 10, 2026
Cravath Publishes Quarterly Review on Q2 2026 Trends in M&A, Activism and Corporate Governance
On September 9, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:
Activities
June 25, 2026
Mark Greene and Noah Phillips Speak at the 31st Annual Stanford Directors’ College
Cravath partners Mark I. Greene and Noah Phillips participated in the 31st Annual Stanford Directors’ College, which was held from June 22-24, 2026, at Stanford Law School. The program addressed a broad range of problems that confront modern boards, including the board’s role in setting business strategy, CEO and board succession, crisis management, techniques for controlling legal liability, challenges posed by activist investors, boardroom dynamics, international trade issues, the global economy and cybersecurity threats.
Activities
June 11, 2026
Legal 500 United States Ranks Cravath in Top Tier Across 14 Practice Areas and Recognizes 71 Cravath Attorneys
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.
Activities
June 04, 2026
Chambers USA Ranks Cravath in Top Tier for 2026 Across Corporate, Litigation and Tax Practice Areas
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.
Publications
May 22, 2026
Cravath Publishes Quarterly Review on Q1 2026 Trends in M&A, Activism and Corporate Governance
On May 22, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape. This edition covers:
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