Antitrust

On October 29, 2026, ADT Inc. (“ADT”), a leading provider of security, interactive and smart home solutions serving residential and small business customers in the U.S., and Thrive Holdings, a permanent capital holding company focused on investing in established businesses and advancing their capabilities through technology, announced a definitive agreement under which Thrive Holdings will acquire ADT in an all‑cash transaction. The agreement values ADT at approximately $7.6 billion in equity value and $15.3 billion in enterprise value. Under the terms of the agreement, which ADT’s Board of Directors unanimously approved, ADT stockholders will receive $10.00 per share in cash upon completion. Following completion, ADT will become privately held and its common stock will cease trading on the New York Stock Exchange. Cravath is representing ADT in connection with the transaction.

On October 29, 2026, DoorDash, Inc. (“DoorDash”) and Maplebear Inc. (d.b.a. Instacart) (“Instacart”) announced a definitive agreement under which DoorDash will acquire Instacart for a total value of $65.00 for each Instacart share, or an equity value of approximately $17 billion. The aggregate transaction consideration will be at least 75% cash, with Instacart stockholders able to elect cash, DoorDash stock, or a combination of both, subject to proration so that DoorDash stock does not exceed 25% of the aggregate consideration. Instacart's board of directors has unanimously approved the agreement. Cravath is representing Instacart in connection with the transaction.

On October 20, 2026, Alcon, a global leader in eye care, announced it has acquired Neurotech Pharmaceuticals, Inc. (“Neurotech”), a company focused on developing innovative cell therapies for chronic and neurodegenerative eye diseases, for $550 million. Alcon may be required to make additional contingent payments, including upon the achievement of commercial milestones. This acquisition expands Alcon's retina portfolio with ENCELTO™, the first and only U.S. FDA-approved treatment for adults with idiopathic Macular Telangiectasia Type 2 (“MacTel”), a rare, progressive retinal disease that leads to irreversible central vision loss that has historically had no approved treatment options. Cravath represented Neurotech in connection with the transaction.

On October 8, 2026, Viatris Inc. (“Viatris”), a global healthcare company, and Pacira BioSciences, Inc. (“Pacira”), a leader in innovative non‑opioid pain therapies, announced that they have entered into a definitive agreement under which Viatris has agreed to acquire all of the outstanding shares of common stock of Pacira for $36.50 per share in cash, representing an aggregate equity value of $1.65 billion. Cravath is representing Viatris in connection with the transaction.

On October 1, 2026, Corteva, Inc. (“Corteva”) announced it has successfully spun off its advanced seed and genetics business as a new public company, Vylor, Inc., and will move forward as a leading, pure‑play global crop protection company. Cravath is representing Corteva in connection with the transaction.

On October 22, 2026, Cravath partner Andrew C. Finch participated in the Global Competition Review Live: Global Merger Control 2026 conference, which was held from October 22‑23 in Brussels, Belgium. The conference brought together practitioners from across Europe and further afield, including private practice lawyers, government representatives and in‑house counsel, to debate and analyze the latest major developments in merger control. Andrew conducted a fireside chat with Federal Trade Commission Chairman Andrew Ferguson.

On October 20, 2026, Cravath and the Agentic Futures Initiative (“AFI”) hosted a discussion in Cravath’s New York office entitled “Agentic AI and the FTC: Competition, Consumer Protection & What’s Next,” which featured David Shaw, Principal Deputy Director of the FTC's Bureau of Competition and Levi Swank, Deputy Director for Litigation in the FTC's Bureau of Consumer Protection. Cravath partner and former FTC Commissioner Noah Joshua Phillips and AFI Executive Director Ryan Dattilo co‑moderated the discussion, which explored how agentic AI is reshaping markets, business practices and regulatory priorities at the FTC, as well as what companies should be considering as autonomous systems become more capable and widespread.

On October 16, 2026, Lawdragon announced the inclusion of 50 Cravath partners in its annual list of the “500 Leading Dealmakers in America.” The list, assembled based on research and vetting by peers, recognizes the lawyers in the areas of M&A, private equity, capital markets, finance, corporate governance, shareholder activism, tax, antitrust, regulatory, restructuring and energy who “close the transactions that remake industries, redraw markets and move trillions of dollars of value.”

On October 13, 2026, Cravath of counsel Lauren M. Rackow participated in the New York State Bar Association’s “Why Antitrust in Paris” program in Paris, France. The program provided advice and guidance to midlevel attorneys and law students on having a career in antitrust law. Lauren moderated a panel which discussed careers in antitrust law and cross-border collaboration and opportunities between New York and Paris.