Intellectual Property

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 August 29, 2025, PepsiCo, Inc. (“PepsiCo”) and Celsius Holdings, Inc. (“Celsius Holdings”) announced an agreement to strengthen their long-term strategic partnership. As part of the agreement, (i) Celsius Holdings’ Alani Nu brand will move to the PepsiCo distribution system in the U.S. and Canada, (ii) PepsiCo has acquired $585 million in newly issued convertible 5% preferred stock while extending its existing preferred stock to the same conversion period and (iii) Celsius Holdings has acquired the Rockstar Energy brand in the U.S. and Canada from PepsiCo. PepsiCo will continue to own the Rockstar brand internationally. Celsius Holdings will become the strategic energy lead in the U.S., managing the Celsius, Alani Nu and Rockstar Energy brands, while PepsiCo will lead distribution for the Celsius Holdings portfolio in the U.S. and Canada. Cravath is representing PepsiCo in connection with the transaction.

On August 14, 2025, Fitch Learning, a global leader in financial learning and professional certifications, announced it signed an agreement with Moody’s to acquire two of their businesses, Moody’s Analytics Learning Solutions, a global provider of credit training, and the Canadian Securities Institute, a leading provider of professional certifications for the Canadian financial services industry. Cravath is representing Fitch Learning in connection with the transaction.

On August 10, 2025, International Money Express, Inc. (“Intermex”) and The Western Union Company (“Western Union”) announced they have entered into a definitive agreement under which Western Union will acquire Intermex in an all‑cash transaction at $16.00 per share, representing a total equity and enterprise value of approximately $500 million. Cravath is representing Intermex’s Strategic Alternatives Committee in connection with the transaction.

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.

On September 10, 2025, Intellectual Asset Management published an article by Cravath partner David J. Kappos and associate Leslie Liu entitled “Comparable Licences in FRAND Negotiations: A Principled Starting Point for Valuation.” The article examines the UK Court of Appeal’s decision in Optis v Apple, emphasizing the use of comparable licences as the primary reference point for determining FRAND rates. The article argues that anchoring FRAND determinations in real‑world licensing practices ensures both fairness and predictability, while preserving the integrity of the negotiation process and the value of innovations.

Cravath partner David J. Kappos participated in the 2025 Global Forum on Intellectual Property, IP Week @ SG 2025, which was hosted by the Intellectual Property Office of Singapore from August 26–27, 2025 in Singapore. Dave spoke on two panels during the forum. The first, entitled “Greening with IP: From Trade Marks to Brands,” explored how trademarks and branding can support sustainability outcomes and addressed legal intricacies related to “going green,” including the risks of greenwashing, building responsible brands and navigating the associated legal landscape. The second panel, entitled “Beyond Battlegrounds: From Territorial Considerations to Strategic Forum Selection,” examined the strategic factors that influence forum selection in IP disputes and provided insights into the comparative advantages of mediation, arbitration and litigation, as well as the use of litigation insurance and third-party funding as tools for financial and risk management.

On July 31, 2025, Intellectual Asset Management (IAM) and World Trademark Review (WTR) published an article authored by Cravath partner David J. Kappos and associate Callum A.F. Sproule. The article, entitled “Navigating IP Landmines in the Age of AI: What Companies Need to Know” in IAM and “AI and IP: What Companies Need to Know to Avoid Legal Landmines” in WTR, discusses the growing uncertainty surrounding the protectability of AI‑generated content under existing copyright, patent, trademark and trade secret frameworks. It outlines the key legal risks businesses face when using generative AI, including questions of human authorship, enforceability, infringement and data security and offers guidance on how companies can adapt their IP strategies to mitigate exposure.