Mergers and Acquisitions

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.

On September 22, 2025, Premier, Inc. (“Premier”), a leading technology‑driven health care improvement company, announced that it has entered into a definitive agreement to be acquired by an affiliate of Patient Square Capital (“Patient Square”) in a transaction valued at $2.6 billion. Under the terms of the agreement, which has been unanimously approved by Premier’s Board of Directors, Premier stockholders will receive $28.25 in cash per share. Cravath is representing the Transaction Committee of Premier’s Board of Directors in connection with the transaction.

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 25, 2025, Cravath partner J. Leonard Teti II participated in “Tax’s Role in M&A — From Diligence to Closing,” a virtual event hosted by Tax Executives Institute as part of its 2025 CTO Discussion series. Len spoke about the critical role of tax professionals in M&A transactions, including in coordination with legal teams for seamless issue tracking, risk mitigation through targeted covenants, indemnities and the use of R&W and tax insurance. The discussion also covered strategic valuation and negotiation of basis step‑ups, analysis of structural alternatives to optimize deal value, key moments where tax leads influence deal structure and terms, best practices for collaboration with counsel and strategic post-closing follow‑ups to maximize tax efficiency and ensure compliance.

On September 5, 2025, LMG Life Sciences honored Cravath at the publication’s 2025 Americas Awards, which recognize “top firms, attorneys and in‑house counsel for their work in the life sciences industry over the past year.” The Firm was honored with an Impact Deal of the Year award for its representation of Johnson & Johnson in its $14.6 billion acquisition of Intra Cellular Therapies, Inc.

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.