Mergers and Acquisitions

On July 21, 2025, ZimVie Inc. (“ZimVie”), a global life sciences leader in the dental implant market, announced their entry into a definitive agreement pursuant to which ZimVie will be acquired by an affiliate of ARCHIMED (“ARCHIMED”), an investment firm focused exclusively on healthcare industries. Under the terms of the merger agreement, ZimVie stockholders will receive $19.00 in cash for each share of ZimVie common stock outstanding at the closing of the transaction, corresponding to an enterprise value of approximately $730 million. Cravath is representing ZimVie in connection with the transaction.

On July 16, 2025, AngloGold Ashanti plc (“AngloGold Ashanti”), an independent, global gold mining company, announced that certain of its subsidiaries have entered into a definitive agreement with Augusta Gold Corp. (“Augusta Gold”) to acquire all issued and outstanding shares of common stock of Augusta Gold at a price of C$1.70 per share of common stock in cash. The price implies an enterprise value for Augusta Gold of approximately C$197 million (approximately $143 million). Cravath is representing AngloGold Ashanti as U.S. counsel in connection with the transaction.

On July 7, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced it has entered into an agreement to acquire a majority stake in Distinguished Programs (“Distinguished”), an MGA and program administrator for special property & casualty insurance. White Mountains will acquire approximately 50% of Distinguished’s outstanding equity interests for $230 million, which will result in White Mountains holding a 51% controlling interest in Distinguished following the closing of the transaction. Cravath is representing White Mountains in connection with the transaction.

On June 23, 2025, Illumina, Inc. (“Illumina”) announced it has entered into a definitive agreement with Standard BioTools under which Illumina will acquire SomaLogic, a leader in data‑driven proteomics technology, and other specified assets for $350 million in cash payable at closing, subject to customary adjustments, plus up to $75 million in near-term performance‑based milestones and performance‑based royalties. Cravath is representing Illumina in connection with the transaction.

On June 4, 2025, Flowserve Corporation (“Flowserve”) and Chart Industries, Inc. (“Chart”) announced that they have entered into a definitive agreement to combine in an all-stock merger of equals, creating a differentiated leader in industrial process technologies. The combined company is expected to have an enterprise value of approximately $19 billion based on the exchange ratio and the closing share prices for Flowserve and Chart as of June 3, 2025. Under the agreement, which has been unanimously approved by the board of directors of each company, at the closing of the transaction Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. Following the close of the transaction, Flowserve shareholders will own approximately 46.5% and Chart shareholders will own approximately 53.5% of the combined company, on a fully diluted basis. Cravath is representing Flowserve in connection with the transaction.

On July 8, 2025, Thomson Reuters Westlaw published an article written by Cravath partner Benjamin G. Joseloff entitled “Following De Novo CFIUS review, U.S. Government Approves Nippon Steel’s Proposed Acquisition of U.S. Steel with Potentially Groundbreaking Conditions.” The article examines a recently issued order approving the proposed acquisition of U.S. Steel Corporation, the third‑largest domestic steel producer, by Nippon Steel Corporation, a global steelmaker headquartered in Japan.

On June 26, 2025, the Foreign Policy Association (“FPA”) presented Cravath Presiding Partner Faiza J. Saeed with the organization’s highest honor, the Foreign Policy Association Medal, at its annual Corporate Dinner held in New York, alongside Carlos Cuerpo, Spain’s Minister of Economy, Trade and Business, and Peter Young, CEO and President of Young and Partners.

On June 17, 2025, Cravath prepared a memo for its clients entitled “Following De Novo CFIUS Review, U.S. Government Approves Nippon Steel’s Proposed Acquisition of U.S. Steel with Potentially Groundbreaking Conditions.” The memo examines a recently issued order approving the proposed acquisition of U.S. Steel Corporation, the third‑largest domestic steel producer, by Nippon Steel Corporation, a global steelmaker headquartered in Japan.

The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.

The 2025 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eight areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Fifty‑four Cravath lawyers were ranked across 23 practice categories.