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Practices

Tax

Tax

People in Tax | “On Tax” Podcast

Cravath’s “market‑leading” Tax Department is known as “one of the best in terms of technical skill, client focus and responsiveness and collaborative approach” (Chambers USA). Our best‑in‑class lawyers bring extensive legal knowledge, sound business judgment and the highest ethical standards to our clients’ most complex tax challenges. We pride ourselves on communicating clearly, tailoring advice appropriately and executing transactions efficiently.

Cravath’s elite Tax Department designs tax‑efficient structures for an array of complex U.S. and non‑U.S. matters involving:

  • Mergers
  • Spin-offs and corporate separations
  • Private equity
  • Investment management and funds
  • Joint ventures
  • Banking and capital markets
  • Fintech and financial services
  • Early-stage companies and venture capital funds

Cravath’s elite Tax Department designs tax‑efficient structures for an array of complex U.S. and non‑U.S. matters involving:

  • Mergers
  • Spin-offs and corporate separations
  • Private equity
  • Investment management and funds
  • Joint ventures
  • Banking and capital markets
  • Fintech and financial services
  • Early-stage companies and venture capital funds
  • Deals & Cases
  • Recent News & Insights

Deals & Cases

June 23, 2025

Illumina’s Acquisition of SomaLogic

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.

Deals & Cases

June 17, 2025

Galaxy Digital Inc.’s First SEC‑Registered Underwritten Offering of Class A Common Stock

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

Deals & Cases

June 13, 2025

Aggreko’s $1.4 Billion and €850 Million High‑Yield Senior Secured Notes Offering and $1.195 Billion Revolving Credit Facility

Cravath represented the initial purchasers in connection with the $1.4 billion and €850 million Rule 144A/Reg. S high yield senior secured notes offering of Albion Financing 1 S.à r.l and Aggreko Holdings Inc., subsidiaries of Albion Holdco Limited (“Aggreko”), for the purpose of repaying all of Aggreko’s outstanding senior secured notes and senior notes, paying a dividend and repaying certain preference shares. The offering closed on May 21, 2025.

Deals & Cases

June 04, 2025

QUALCOMM Incorporated’s $1.5 Billion Registered Notes Offering

Cravath represented QUALCOMM Incorporated in connection with its $1.5 billion registered notes offering. QUALCOMM Incorporated is a global technology leader, helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies. The transaction closed on May 21, 2025.

Deals & Cases

June 04, 2025

Flowserve’s $19 Billion Merger of Equals with Chart

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.

Activities

June 27, 2025

Arvind Ravichandran Joins Slaughter and May’s Podcast to Discuss Tax Impact of Congressional Legislation

Cravath partner Arvind Ravichandran was featured as a guest on the June 27, 2025 episode of Slaughter and May’s podcast, “Tax News.” In the interview, Arvind discussed key tax aspects in the “One Big Beautiful Bill” that is currently working its way through Congress, including expected domestic and international tax changes, potential impacts on markets and key open items as the legislation moves towards passage.

Activities

June 12, 2025

Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys

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.

Podcasts

June 10, 2025

On Tax – Alex Raskolnikov of Columbia Law School

Alex Raskolnikov is a Wilbur H. Friedman Professor of Tax Law and a co‑chair of the Charles Evans Gerber Transactional Studies Center at Columbia Law School. In this episode of On Tax, he and Cravath partner and host Len Teti discuss Alex’s unusual path into the world of tax, from metallurgical engineering in Lansing, Michigan to teaching tax law at Columbia Law. They also talk about the qualities that distinguish students in the tax law classroom and share advice for young professionals facing junctures in their career journeys.

Activities

June 06, 2025

Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas

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.

Activities

June 05, 2025

Andrew Davis Speaks at the 2025 Texas Federal Tax Institute

On June 5, 2025, Cravath partner Andrew T. Davis participated in the 2025 Texas Federal Tax Institute, which was held from June 4‑6 in San Antonio, Texas. The event brought together leading corporate, partnership and real estate tax professionals from across the United States to discuss cutting‑edge issues facing tax practitioners. Andrew spoke on a panel entitled “Buying and Selling S Corps,” which reviewed the tax considerations involved in acquiring and selling S corporations for both buyers and sellers, including assuring a buyer step up, minimizing concerns over a busted S election and maximizing capital gain to the seller.

Deals & Cases

June 23, 2025

Illumina’s Acquisition of SomaLogic

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.

Deals & Cases

June 17, 2025

Galaxy Digital Inc.’s First SEC‑Registered Underwritten Offering of Class A Common Stock

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

Deals & Cases

June 13, 2025

Aggreko’s $1.4 Billion and €850 Million High‑Yield Senior Secured Notes Offering and $1.195 Billion Revolving Credit Facility

Cravath represented the initial purchasers in connection with the $1.4 billion and €850 million Rule 144A/Reg. S high yield senior secured notes offering of Albion Financing 1 S.à r.l and Aggreko Holdings Inc., subsidiaries of Albion Holdco Limited (“Aggreko”), for the purpose of repaying all of Aggreko’s outstanding senior secured notes and senior notes, paying a dividend and repaying certain preference shares. The offering closed on May 21, 2025.

Deals & Cases

June 04, 2025

QUALCOMM Incorporated’s $1.5 Billion Registered Notes Offering

Cravath represented QUALCOMM Incorporated in connection with its $1.5 billion registered notes offering. QUALCOMM Incorporated is a global technology leader, helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies. The transaction closed on May 21, 2025.

Deals & Cases

June 04, 2025

Flowserve’s $19 Billion Merger of Equals with Chart

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.

Activities

June 27, 2025

Arvind Ravichandran Joins Slaughter and May’s Podcast to Discuss Tax Impact of Congressional Legislation

Cravath partner Arvind Ravichandran was featured as a guest on the June 27, 2025 episode of Slaughter and May’s podcast, “Tax News.” In the interview, Arvind discussed key tax aspects in the “One Big Beautiful Bill” that is currently working its way through Congress, including expected domestic and international tax changes, potential impacts on markets and key open items as the legislation moves towards passage.

Activities

June 12, 2025

Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys

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.

Podcasts

June 10, 2025

On Tax – Alex Raskolnikov of Columbia Law School

Alex Raskolnikov is a Wilbur H. Friedman Professor of Tax Law and a co‑chair of the Charles Evans Gerber Transactional Studies Center at Columbia Law School. In this episode of On Tax, he and Cravath partner and host Len Teti discuss Alex’s unusual path into the world of tax, from metallurgical engineering in Lansing, Michigan to teaching tax law at Columbia Law. They also talk about the qualities that distinguish students in the tax law classroom and share advice for young professionals facing junctures in their career journeys.

Activities

June 06, 2025

Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas

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.

Activities

June 05, 2025

Andrew Davis Speaks at the 2025 Texas Federal Tax Institute

On June 5, 2025, Cravath partner Andrew T. Davis participated in the 2025 Texas Federal Tax Institute, which was held from June 4‑6 in San Antonio, Texas. The event brought together leading corporate, partnership and real estate tax professionals from across the United States to discuss cutting‑edge issues facing tax practitioners. Andrew spoke on a panel entitled “Buying and Selling S Corps,” which reviewed the tax considerations involved in acquiring and selling S corporations for both buyers and sellers, including assuring a buyer step up, minimizing concerns over a busted S election and maximizing capital gain to the seller.

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Cravath Bicentennial

Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

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