Mergers and Acquisitions

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 August 7, 2025, Paramount Global and Skydance Media (“Skydance”) announced the completion of their merger, creating a standalone global media and entertainment company, Paramount, a Skydance Corporation (“Paramount”). Paramount Class B shares will begin trading today on the Nasdaq Stock Market LLC under “PSKY.” Cravath represented the Paramount Special Committee in connection with the transaction.

On August 5, 2025, ESPN, a subsidiary of The Walt Disney Company (“Disney”), and the National Football League (“NFL”) announced a non‑binding agreement under which ESPN will acquire NFL Network and certain other media assets owned and controlled by the NFL, including NFL’s linear RedZone Channel and NFL Fantasy, in exchange for a 10% equity stake in ESPN. The NFL and ESPN are also entering into a second non‑binding agreement, under which the NFL will license to ESPN certain NFL content and other intellectual property to be used by NFL Network and other assets. Cravath is representing Disney and ESPN in connection with the transaction.

On August 12, 2025, Cravath partner Jin‑Kyu Baek was featured in Bloomberg Law’s “They’ve Got Next: 40 Under 40” series, which recognizes young lawyers who are “raising the bar in the legal profession,” based on their work on key client matters, assumption of leadership roles, pro bono commitments and more.

On August 11, 2025, 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:

Cravath partners Ting S. Chen and Aaron M. Gruber were named to Crain’s New York Business’s list of “Notable M&A Dealmakers,” published on August 11, 2025.  The feature recognizes individuals “shaping M&A in New York,” who “exemplify the vision and execution powering today’s dealmaking.” The list was compiled based on a review of nominations for individuals serving in a senior leadership role, demonstrating significant impact in their field, and making community contributions.

On July 24, 2025, the India Business Law Journal named Cravath among the “Significant Players” in its 2025 ranking of the top foreign law firms for India-related work. The publication highlighted the Firm’s representation of HDFC Bank Limited as U.S. counsel in its $40 billion merger with HDFC Limited, as well as the Firm’s representation of HMS Networks AB as special U.S. counsel in its acquisition of Red Lion Controls. The Firm was also praised by an interviewee for its consistent “quality of service.”

On July 23, 2025, Cravath partner Benjamin G. Joseloff and European counsel Roberto Bruno participated in the 2025 GOP International Academy event “From Boardroom to Courtroom: International Trade and Business Law in Current Times,” which was hosted by international law firm Gianni & Origoni from July 21-25 in London. Ben and Roberto led a session entitled “The Committee on Foreign Investment in the United States (CFIUS) and the Regulation of Foreign Direct Investment in the Second Trump Administration,” which reviewed recent developments in U.S. investment security policy. The GOP International Academy, which is supported by the Italian National Bar Council, the Italian Higher School of Advocacy, the Law Society of England and Wales and the Bar Council of England and Wales, provides professional development experiences designed for Italian lawyers, English solicitors, graduate students, trainees and holders of postgraduate diplomas.