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
October 20, 2026
Neurotech’s Acquisition by Alcon
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.
Deals & Cases
October 08, 2026
Viatris’s $1.65 Billion Acquisition of Pacira
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.
Deals & Cases
October 01, 2026
Corteva’s Spin‑Off of Seed and Genetics Business
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.
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.
Activities
October 21, 2026
Cravath and AFI Host “Agentic AI and the FTC: Competition, Consumer Protection & What’s Next” Discussion
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.
Activities
October 19, 2026
Lawdragon Names 50 Cravath Partners to its 2027 List of “500 Leading Dealmakers in America”
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.”
Activities
October 16, 2026
Lauren Rackow Speaks at NYSBA’s “Why Antitrust in Paris” Program
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.
Publications
October 01, 2026
HLS Forum on Corporate Governance Publishes Cravath’s Q2 2026 Newsletter on M&A, Activism and Corporate Governance
On September 29, 2026, the Harvard Law School Forum on Corporate Governance published Cravath’s latest quarterly newsletter on M&A, activism and corporate governance. The newsletter provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape during the second quarter of 2026. Contributors to this edition include partners Margaret T. Segall, Evan A. Hill, Matthew L. Ploszek, Kimberley S. Drexler and Adam M. Sanchez.
Activities
September 24, 2026
Noah Phillips Speaks at the Fordham Competition Law Institute’s 53rd Annual Conference on International Antitrust Law and Policy
On September 17, 2026, Cravath partner Noah Phillips participated in Fordham Competition Law Institute’s 53rd Annual Conference on International Antitrust Law and Policy, held in New York. The conference brought together leading enforcers, academics, economists, consultants, in‑house counsel and practitioners from around the world to discuss the most pressing issues in global competition law. Noah spoke on a panel entitled “The Past, Present and Future of U.S. Antitrust.”
Deals & Cases
October 20, 2026
Neurotech’s Acquisition by Alcon
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.
Deals & Cases
October 08, 2026
Viatris’s $1.65 Billion Acquisition of Pacira
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.
Deals & Cases
October 01, 2026
Corteva’s Spin‑Off of Seed and Genetics Business
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.
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.
Activities
October 21, 2026
Cravath and AFI Host “Agentic AI and the FTC: Competition, Consumer Protection & What’s Next” Discussion
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.
Activities
October 19, 2026
Lawdragon Names 50 Cravath Partners to its 2027 List of “500 Leading Dealmakers in America”
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.”
Activities
October 16, 2026
Lauren Rackow Speaks at NYSBA’s “Why Antitrust in Paris” Program
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.
Publications
October 01, 2026
HLS Forum on Corporate Governance Publishes Cravath’s Q2 2026 Newsletter on M&A, Activism and Corporate Governance
On September 29, 2026, the Harvard Law School Forum on Corporate Governance published Cravath’s latest quarterly newsletter on M&A, activism and corporate governance. The newsletter provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape during the second quarter of 2026. Contributors to this edition include partners Margaret T. Segall, Evan A. Hill, Matthew L. Ploszek, Kimberley S. Drexler and Adam M. Sanchez.
Activities
September 24, 2026
Noah Phillips Speaks at the Fordham Competition Law Institute’s 53rd Annual Conference on International Antitrust Law and Policy
On September 17, 2026, Cravath partner Noah Phillips participated in Fordham Competition Law Institute’s 53rd Annual Conference on International Antitrust Law and Policy, held in New York. The conference brought together leading enforcers, academics, economists, consultants, in‑house counsel and practitioners from around the world to discuss the most pressing issues in global competition law. Noah spoke on a panel entitled “The Past, Present and Future of U.S. Antitrust.”
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