Intellectual Property

On October 3, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda-domiciled financial services holding company, announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to funds advised by CVC Capital Partners (“CVC”) in a transaction that values Bamboo at $1.75 billion. White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840 million. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction. Cravath is representing White Mountains and Bamboo in connection with the transaction.

On October 2, 2025, Occidental, an international energy company, and Berkshire Hathaway announced a definitive agreement for Berkshire Hathaway to acquire Occidental’s chemical business, OxyChem, in an all‑cash transaction for $9.7 billion, subject to customary purchase price adjustments. Cravath is representing Occidental in connection with the transaction.

On September 30, 2025, Future Standard, a global alternative asset manager, announced it has entered into an agreement to acquire the Digital Infrastructure platform of Post Road Group, an alternative investment advisory firm. The platform specializes in credit and structured equity investments across digital infrastructure assets, including data centers, fiber networks and cloud connectivity. Cravath is representing Future Standard in connection with the transaction.

On September 19, 2025, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. (collectively, “SMBC Group”) announced they are significantly expanding their Global Strategic Alliance. This will include a joint venture to combine their Japanese equities and ECM businesses. As part of this expansion, SMBC intends to increase its equity ownership in Jefferies to up to 20% in the open market. Cravath is representing Jefferies in connection with the transactions.

Cravath represented the administrative agent, lead arrangers and bookrunners in connection with $2 billion of credit facilities made available to Verisk Analytics, Inc. (“Verisk”), as part of the financing transactions undertaken in connection with its pending acquisition of Exactlogix, Inc. (“AccuLynx.com”). Verisk is a leading data, analytics and technology provider serving clients in the insurance ecosystem. The credit facilities consisted of a $750 million term loan facility and a $1.25 billion revolving credit facility. The transaction closed on August 15, 2025.

On October 8, 2025, Cravath partner and former Under Secretary of Commerce and Director of the United States Patent and Trademark Office David J. Kappos testified before the United States Senate Judiciary Committee’s Subcommittee on Intellectual Property. The hearing, entitled “The Patent Eligibility Restoration Act – Restoring Clarity, Certainty, and Predictability to the U.S. Patent System,” focused on the Patent Eligibility Restoration Act of 2023 and its implications for the U.S. Patent System.

On October 7, 2025, Cravath partner Sasha Rosenthal-Larrea participated in “Understanding the Intellectual Property License 2025,” a program presented by the Practising Law Institute in New York. Sasha spoke on a panel entitled “Antitrust Issues in Licensing,” which discussed antitrust standards, horizontal and vertical licenses, restrictions in IP licenses and differences between the application of U.S. and EU antitrust law to IP licenses.

On September 25, 2025, Cravath partner David J. Kappos delivered the keynote speech at Via Licensing Alliance’s third annual Bridge Summit. The conference assembled hundreds of senior executives and decision‑makers, from licensees, licensors, academics and other industry leaders participating in several Via LA patent pools, for a balanced and insightful discussion about the most important issues facing the IP community.

On September 18, 2025, Cravath published the fifth edition of its Cravath Data Privacy and Security Review newsletter. The Review provides an overview of recent U.S. state and federal legislative and regulatory developments, alongside U.S. and global enforcement trends and takeaways, in data privacy and cybersecurity for the first six months of 2025. It first presents an update on emerging and existing privacy and security legislation at the federal level, including amendments to the Children’s Online Privacy Protection Rule, then highlights notable legislative developments at the state level across the country. This edition also explores the heightened focus on cybersecurity- and privacy‑related enforcement at federal agencies, including the Federal Trade Commission, Securities and Exchange Commission and Department of Justice, and provides global enforcement updates from the European Union and China.

On September 16, 2025, Cravath partner David J. Kappos delivered the opening remarks at the World Intellectual Property Organization’s (“WIPO”) Inventor Assistance Program (“IAP”) Best Practice Summit 2025 in Geneva, Switzerland. WIPO’s IAP connects individuals and small businesses with professionals who help them navigate the patent system, “empowering underserved inventors” and “serving as a catalyst for global innovation, ensuring inventors worldwide have the chance to make a lasting impact.” The event celebrated the 10th anniversary of the IAP, which Dave founded and for which he serves as the steering committee chair.