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United States : Finance
Within Bank lending (including other sources of financing), Cravath, Swaine & Moore LLP is a first tier firm,
Providing ‘consistently high levels of service’, Cravath, Swaine & Moore LLP is ‘always available and always on top of the market’: the ‘premier leveraged finance firm in the business’. It acts for a number of major banks including Citigroup and Morgan Stanley on leveraged and investment grade acquisition lending, asset-based financings and leveraged spin-offs. It is the ‘go-to’ team for a number of private equity clients on the borrower side. Tatiana Lapushchik advised JPMorgan, HSBC and Bank of America on a $15bn credit facility provided to UTC for its acquisition of Goodrich. The ‘incredibly smart and commercial’ Michael Goldman ‘knows how to negotiate, knows what is important, and can cut through the underbrush to the key issues’. He led a team that represented Credit Suisse and HSBC on an innovative deal as agents and arrangers of $5bn of senior secured and unsecured bank and bridge commitments made available to Reynolds Group Holdings to finance its acquisition of Graham Packaging. Goldman also acted for Credit Suisse and Goldman Sachs on a $1.1bn senior secured credit facility for Terex to finance its successful unsolicited tender offer for Demag Cranes. Other recommended attorneys include James Cooper, B Robbins Kiessling and C Allen Parker. Up-and-coming individuals include George Zobitz and Paul Zumbro.
Within Capital markets: debt offerings , Cravath, Swaine & Moore LLP is a first tier firm,
Cravath, Swaine & Moore LLP’s highly-reputed capital markets practice has a depth of expertise across all types of securities transactions. The group has an excellent reputation for providing quality advice to both issuers and managers, and acts for a ‘fine roster’ of US and international clients. Particularly renowned for the strength of its manager advice, the group has extensive experience acting for major international banks, and continues to act as designated underwriter counsel for several clients. Kris Heinzelman represented the underwriters, led by Deutsche Bank Securities, JPMorgan and RBS, in Hewlett-Packard Company’s $5bn registered debt offering, and LizabethAnn Eisen advised BNP Paribas, Deutsche Bank Securities, UBS Investment Bank and Wells Fargo Securities as lead underwriters of a $1.5bn registered debt offering by Dell. Other highlights included Craig Arcella representing the underwriters in Johnson & Johnson’s $4.4bn debt offering, and advising the lead underwriters on a $1.25bn registered debt offering by aluminium producer Alcoa, a transaction handled by Andrew Pitts. The highly recommended William Whelan acts for both manager and issuer clients; he advised Credit Suisse, Citi and RBS as underwriters of Express Scripts’ $1.5bn registered investment grade senior debt offering, and also acted for Arch Chemicals in the issue of a $250m private placement of senior debt. Also on the issuer side, Eric Schiele continues to act for longstanding client Time Warner in debt offerings. William Fogg was appointed to managing partner of the corporate department in January 2012, and continues to count JPMorgan as a key client. John White and William Rogers Jr are also rated for their expertise.
Within Capital markets: equity offerings , Cravath, Swaine & Moore LLP is a first tier firm,
‘Consistently assisting clients on cutting edge transactions’, Cravath, Swaine & Moore LLP’s superb securities practice has a depth of experience in advising clients on a range of offerings. The team is lauded for having ‘the rare combination of subject matter expertise combined with excellent client service’. ‘Second to none’ for providing manager counsel, the firm also advises issuers on the equity markets. A recent highlight includes advising the underwriters, led by Credit Suisse, JPMorgan and UBS, on a $7.5bn registered secondary offering of common stock by The Mosaic Company, a transaction led by the highly recommended William Fogg, who was made up to managing partner of the corporate department in 2012. Fogg also advised the underwriters, led by UBS and Deutsche Bank Securities, on James River Coal Company’s $156m registered offering of common stock. William Whelan, another experienced practitioner, advised the underwriters, led by Jefferies & Company and Citi, on the $150m registered offering of common stock by Sabra Health Care REIT, a subsidiary of Sun Healthcare Group. Andrew Pitts represented a syndicate of underwriters regarding Apollo Global Management’s $565m IPO of Class A common stock. Clients say the team ‘gets to the right answer, and gets there fast’. Acting for the issuer, Craig Arcella represented The Fresh Market in its $582m registered secondary offering of common stock, with shares listed on the NASDAQ Global Select Market. Stephen Burns, William Rogers Jr, Erik Tavzel and Kris Heinzelman are all singled out for their expertise.
Within Capital markets: global offerings , Cravath, Swaine & Moore LLP is a second tier firm,
Traditionally known as a more domestic-oriented firm, Cravath, Swaine & Moore LLP’s New York-based securities team has broad global coverage in the debt and equity markets, particularly in Europe, where the group is supported by the firm’s London office. A recent mandate for William Rogers Jr included representing the placement agents, including JPMorgan and LarrainVial, on a CLP$509bn Rule 144A/Reg. S offering of common stock of E-CL, listed on the Santiago Stock Exchange. Elsewhere, Eric Schiele advised the underwriters, led by JPMorgan, on CoStar Group’s $259m registered offering of common stock, listed on the NASDAQ Global Select Market. Kris Heinzelman represented Credit Suisse and HSBC as initial purchasers in a $2.5bn Rule 144A/Reg. S high-yield senior secured and senior unsecured debt offering by Reynolds Group Issuer LLC, Reynolds Group Issuer Inc, and Reynolds Group Issuer (Luxembourg). Also recommended are William Fogg and Craig Arcella.
Within Capital markets: high-yield debt offerings , Cravath, Swaine & Moore LLP is a first tier firm,
Benefiting from a top reputation in the market, Cravath, Swaine & Moore LLP has excellent high-yield debt capabilities and is known for its superb track record acting as manager counsel. Practice leader William Whelan and William Fogg, managing partner of the corporate department, are singled out for their deep experience. Whelan advised UBS, Credit Suisse, Morgan Stanley and Barclays Capital as the initial purchasers on two high-yield debt offerings by TransDigm totaling $1.65bn, and on the issuer side, Fogg represented The Jones Group in a $300m registered high-yield senior debt offering. Andrew Pitts represented Barclays Capital as the initial purchaser regarding Freescale Semiconductor’s $750m Rule 144A/Reg. S high-yield senior debt offering in 2011. Other key individuals include LizabethAnn Eisen, who acted for Goldman Sachs and Citi as initial purchasers in a $1bn Rule 144A /Reg. S high-yield priority guarantee debt offering of Clear Channel Communications, and Stephen Burns, who represented Morgan Stanley and Wells Fargo Securities as underwriters in a $1bn registered high-yield senior debt offering of Chesapeake Energy Corporation. Eisen, together with William Rogers Jr, also represented the initial purchasers, led by Bank of America Merrill Lynch, Goldman Sachs, Citi and Morgan Stanley, in the Chrysler Group’s $3.2bn Rule 144A/Reg. S high-yield secured senior debt offering. Eric Schiele acted for JPMorgan in a $150m Rule 144A/Reg. S high-yield senior notes offering of Bumble Bee Holdco. Leading individual Kris Heinzelman is a ‘fantastic lawyer’.
Within Corporate restructuring, tier 4
New York-based Cravath, Swaine & Moore LLP prides itself on drawing in partners from its commercial banking, securities and M&A practices, as well as its litigation department, to assist with corporate restructurings and distressed debt matters. This approach finds favour with clients who highlight the firm as an ‘excellent all-round restructuring shop’ and point to its experience in representing debtors, creditors and acquirers across a diverse range of industries including automotive, financial, energy, technology, real estate and leisure. Lawyers are ‘very knowledgeable and experienced with excellent contacts in the restructuring community’ and group head Richard Levin is as a ‘good communicator that is tough when necessary’. Levin recently worked alongside litigator Michael Paskin to act for various Goldman Sachs entities on litigation arising out of the Tribune bankruptcy case, involving allegations that the $8.5bn leveraged buyout of Tribune in 2007 constituted a fraudulent transfer and rendered the company insolvent. Commercial banking partner Paul Zumbro is also highly recommended and led the team that represented US book giant Barnes & Noble on the acquisition of all the intellectual property assets, including all trademarks and the database of approximately 48m customers, from the Borders Group bankruptcy estate. On the municipal bankruptcy side, the firm won an instruction from the City Council of Harrisburg, Pennsylvania, to advise it on its financial situation and available options to address it obligations. Other representative clients include Credit Suisse and New York City Off-Track Betting Corporation.
Within Financial services: litigation, Cravath, Swaine & Moore LLP is a first tier firm,
Standing at the forefront of the financial services market, Cravath, Swaine & Moore LLP has sustained its relationships with major financial institutions by virtue of its longstanding expertise in the securities space. Richard Clary stepped down as head of litigation in 2010, but continues to defend Credit Suisse with Michael Reynolds in litigation concerning the purchase and sale of residential mortgage backed securities (RMBS). This role has seen the team defend its client in numerous nationwide claims brought by insurance companies and government-sponsored banks. Additionally, the team represents Credit Suisse AG as a creditor in the Chapter 11 bankruptcy filing of Lehman Brothers. The practice exhibits ‘significant depth’ of personnel, not least in Michael Paskin and Robert Baron, both of whom continue to represent JPMorgan Chase as co-national co-ordinating counsel alongside Sullivan & Cromwell LLP. Reynolds successfully defended JPMorgan Chase Commercial Mortgage Securities group in New York state court litigation brought against Bear Stearns, concerning a MBS transaction. Baron represented JPMorgan Securities in alleged fraud and misrepresentation claims brought by Riverside National Bank of Florida, concerning the purchase of $221m of collateralized debt obligations (CDOs). In the antitrust space, the team made vital representations for American Express in multi-district litigation (MDL) concerning currency conversion fees and consumer agreements tied to its card products. Banco Santander and Goldman Sachs are also clients.
Within Municipal bankruptcy, Cravath, Swaine & Moore LLP is a third tier firm,
‘Highly experienced’ bankruptcy lawyer Richard Levin chairs Cravath, Swaine & Moore LLP’s restructuring practice. As one of the principal drafters of the 1978 Bankruptcy Code, he regularly speaks on Chapter 9 issues, and has extensive experience in the area of municipal bankruptcy. The practice has experienced an increase in debtor work from municipal clients. It also acted for the New York City Off-Track Betting Corporation, which was the first Chapter 9 case filed in New York state. Other notable work included pro bono advice to the City of Harrisburg regarding its options to deal with $400m in obligations from defaulted revenue bonds and the advisability of filling a Chapter 9 petition.
Within Structured finance , Cravath, Swaine & Moore LLP is a third tier firm,
Cravath, Swaine & Moore LLP’s has a smaller team than some of its competitors, but the firm’s history in the structured finance field has involved some pioneering transactions, such as the first structure for securitization of revolving credit assets, and the first conduit program for credit cards. While the firm is very strong in securitization, it also acts for corporate issuers and investment funds on a variety of structured products transactions, including CLOs and CDOs. Joel Herold is at the helm of the practice and has acted for Morgan Stanley, Credit Suisse and GSO Capital Partners. Michael Schler, a member of the firm’s tax department, also comes recommended for his expertise in structured finance and securitization. Niche areas of focus for the firm include wireless communication and pharmaceutical royalty securitization and railway sector and intellectual property securitized financing.
United States : Industry focus
Within Environment: transaction and regulatory, Cravath, Swaine & Moore LLP is a third tier firm,
The small team at Cravath, Swaine & Moore LLP is on the ‘cutting edge’ of environmental transaction work, covering the full range of services across debt and equity offerings, lending and acquisition financing, SEC disclosure requirements, remediation projects, insurance coverage, real estate and contract disputes. Its industry experience extends across the petroleum, manufacturing, pharmaceuticals, paper, transport, real estate, telecommunications, forestry, and alternative energy sectors. Recent work highlights include representing Ashland in connection with the $979m sale of its global distribution business to Nexeo Solutions LLC; Arch Chemicals in a merger with Lonza Group, which is worth $1.4bn; and advising Polymer Group, a producer on nonwovens, in connection with its sale to Blackstone Capital Partners. It also advised Nalco Holding Company on a merger agreement with Ecolab, with a total transactional value (including debt) of $8.1bn. Matthew Morreale now heads the New York group, following the recent departure of Jeffrey Smith to Crowell & Moring LLP.
Within Healthcare: life sciences, Cravath, Swaine & Moore LLP is a third tier firm,
Corporate giant Cravath, Swaine & Moore LLP focuses on high-profile M&A, capital markets and financing work. The firm is representing longstanding client Johnson & Johnson on the largest transaction in the company’s history – the $21.3bn acquisition of orthopaedic device manufacturer Synthes. It also represented Novartis, another long-time client, in its $470m acquisition of Genoptix. In capital markets, the group regularly acts for the underwriters in senior debt offerings by major pharmaceuticals companies. It recently represented Merrill Lynch, Wells Fargo and JPMorgan in an offering by service company AmerisourceBergen.
United States : Intellectual property
Within Patent litigation: full coverage, tier 4
Cravath, Swaine & Moore LLP's excellent generalist trial lawyers handle high-stakes patent litigation as part of their brief, with key clients including Novartis, Medinol, Time Warner, Xerox, and EI du Pont de Nemours & Co. Richard Stark is ‘a very good general patent litigator. He has an easy courtroom demeanor, which plays favorably to judges'. He co-led with the experienced Evan Chesler and David Greenwald in representing plaintiffs Bristol-Myers Squibb and sanofi-aventis before a Federal Circuit hearing, which affirmed a lower court's $442m damages award against Apotex for patent infringement. Although Greenwald mainly focuses on pharmaceuticals and biotechnology, he is also working with Keith Hummel to defend Qualcomm against patent infringement allegations brought by Parkervision regarding patents for radio frequency technology.
United States : Labor and employment
Within Employee benefits and executive compensation, Cravath, Swaine & Moore LLP is a second tier firm,
The primary focus of the practice at Cravath, Swaine & Moore LLP is compensation and benefits matters arising in M&A transactions. Eric Hilfers is head of the executive compensation and benefits department, and advises the independent directors, including compensation committees, of public companies such as Citigroup, General Motors and The Bank of New York. Hilfers is highly regarded in the industry, and is a co-chair of the Employee Benefits Committee of the New York State Bar Association. Jennifer Conway is ‘able to break down complex issues into manageable pieces’, and regularly assists IBM on M&A matters, including the sale of its personal computing business to Lenovo and its acquisition of Bank of America’s mortgaging service. The practice works closely with other departments within the firm and attorneys often work across multiple practice areas. Other practice clients include Kraft Foods, Time Warner and United Airlines.
United States : Litigation
Within Leading trial lawyers,
Evan Chesler, Cravath, Swaine & Moore LLP: ‘Superb, meticulous, and immensely qualified’, Evan Chesler maintains his reputation as one of the country’s leading trial lawyers, and is the firm’s presiding partner. He is a key figure in a team that one client calls ‘simply one of the best I have seen in addressing the client’s needs in high-stakes and complex matters’. In 2011, Chesler oversaw ESPN’s entry into an agreement to settle with Conference USA in a dispute over sporting events, and was also instrumental in an agreement between IBM and Neon Enterprise Software. The variety of Chesler’s cases is noteworthy. For instance, in People v Bellamy, Chesler and colleague Stuart Gold carried out a successful pro bono representation of a defendant wrongly accused of murder. In that instance, the New York Supreme Court vacated the client’s conviction for second degree murder after lengthy argument before the appellate division of the New York Supreme Court.
Within Securities: shareholder litigation, Cravath, Swaine & Moore LLP is a first tier firm,
Known for its ‘unrivalled experience and historical excellence in complex bet-the-company matters’, Cravath, Swaine & Moore LLP is ‘best in class for regulatory work’ and attracts praise for its ‘seamless international capability’. From New York, the team provides access to ‘an outstanding collection of sharp, responsive, collegial and technical lawyers’, including the firm’s presiding partner Evan Chesler – considered ‘one of the highest profile specialists in the market and an influential figure in securities law’. Other leading names include ‘sensible and savvy litigator’ Richard Clary, the ‘outstanding’ Sandra Goldstein and Robert Baron. The firm’s longstanding focus in representing defendants – individual officers and directors as well as companies – in class actions and prominent individual actions has seen it build up a sterling record in advising on some of the area’s most landmark cases. Most notably, its recent representation of Vivendi gave rise to one of the longest-running securities class actions to go to trial – significantly it was the first and only so-called “foreign-cubed” case to go to trial – and set precedent on several issues including class certification. The firm has also secured a growing stream of instructions in transactional-related securities litigation and successfully acted for Barnes & Noble in a “poison pill” trial against an activist shareholder – it is continuing to act for the bookseller in litigation arising from its acquisition of Barnes & Noble College Booksellers. Other specialist areas include defending financial institutions in subprime litigation and the setting of executive compensation.
Within Supreme Court and appellate, Cravath, Swaine & Moore LLP is a third tier firm,
Cravath, Swaine & Moore LLP is known for its ‘incredible strategic and creative thinking, unparalleled responsiveness, and on-the-mark advice’. Evan Chesler, Richard Clary, Robert Baron, and Sandra Goldstein all have superb reputations. Anthony Ryan, who has ‘very good technical strengths in the areas of accounting and auditing standards’, represented PwC in a slew of courts in Teachers’ Retirement System of Louisiana, et al v PricewaterhouseCoopers LLP, et al. This included a derivative action brought by AIG shareholders against PwC, and an action filed under California’s Unfair Competition Law. In each of these aspects, the firm was successful. Another important client is Barnes & Noble, which Goldstein’s team successfully defended in a challenge to a ‘poison pill’ rights plan designed to protect shareholders from billionaire investor Ron Burkle’s rapid accumulation of the company.
Within Trade secrets, Cravath, Swaine & Moore LLP is a third tier firm,
Cravath, Swaine & Moore LLP has a strong specialization in bringing complex, high-value trade secret disputes to trial on behalf of plaintiffs in the insurance, finance and technology sectors, and also defending them against claims. The New York-based team has recently taken instructions from the green energy sector; and witnessed an increase in trade secret loss-prevention counseling in place of team and executive moves. Stuart Gold settled a matter brought by client Big Lots relating to violation of Florida trade secrets legislation by Retail Intelligence Group in 2011. Keith Hummel and Roger Brooks advise Qualcomm on protection of its trade secrets by misappropriation by competitors and employees. Hummel also partnered Richard Clary – valued by clients for his ‘succinct advice’ – in the case brought by ethanol-producer INEOS Bio against Coskata and Rahul Basu for misappropriation of trade secrets. The ‘strong team’ gives ‘clear business advice’.
United States : Media, technology and telecoms
Within Technology: transactions, Cravath, Swaine & Moore LLP is a third tier firm,
Supported by strong corporate, tax, finance, labor and litigation practices, Cravath, Swaine & Moore LLP’s 18-partner technology group, led by Scott Barshay, George Zobitz and George Schoen, assisted IBM with numerous acquisitions, notably the $380m acquisition of risk analytics business Algorithmics, and the acquisitions of security intelligence software provider Q1 Labs and intelligence analytics business i2. An impressive client list includes Gerber Scientific, Freescale Semiconductor, Qualcomm and Hewlett-Packard.
Within Telecoms and broadcast: transactional, Cravath, Swaine & Moore LLP is a third tier firm,
Cravath, Swaine & Moore LLP’s integrated telecoms transactional team is recognized for its M&A and capital markets work, representing telecoms providers and the banks financing the deals. The group handles high-profile, big-ticket work with M&A practice head Richard Hall acting as US counsel to British Sky Broadcasting Group in News Corporation’s $11.5bn aborted bid to acquire the remaining shares of BSkyB. George Schoen represented JPMorgan, as financial advisor to the Special Committee of XO Holdings, in connection with the sale of XO holdings to ACF Industries Holding Corp. Damien Zoubek and Scott Barshay represented Qualcomm in its $3.1bn acquisition of Atheros Communications. International capital markets work included representing Time Warner Inc. in its $1bn registered debt offering, and representing the underwriters (led by Deutsche Bank and Morgan Stanley) in the €759m 144A/Reg. S initial public offering of Kabel Deutschland Holding, Germany’s largest cable television operator. Craig Arcella represented the initial purchasers (Credit Suisse, Barclays Capital and Goldman, Sachs.) in connection with the $475m 144A/Reg. S high-yield senior debt offering of Buccaneer Merger Sub, which subsequently merged with Syniverse Holdings.
United States : Mergers, acquisitions and buyouts
Within Antitrust, Cravath, Swaine & Moore LLP is a third tier firm,
The ‘truly excellent’ antitrust group at Cravath, Swaine & Moore LLP ‘compares well with its competitors’ and deals with both M&A-related issues and antitrust litigation. The firm dealt with the departure of Katherine Forrest, by recruiting Christine Varney from the DOJ in September 2011. Varney is widely recognized in the market, and is the only person in the US to have served as both assistant attorney general for antitrust at the DOJ and as a commissioner of the FTC. Varney and Rowan Wilson are both adept in handling M&A clearances as well as antitrust litigation. The New York-based team is representing American Express in several ongoing antitrust litigations in the US, and is also acting for Barnes & Noble in patent infringement suits filed by Microsoft, relating to the bookseller’s use of the open source Android Operating System in its e-reader tablets. On the M&A side, the firm secured antitrust clearance from the FTC for Universal Health Services in connection with the client’s acquisition of Psychiatric Solutions, and represented Massey Energy Company on its $8.1bn combination with Alpha Natural Resources, creating a global leader in metallurgical coal supply. Peter Barbur is a highly regarded figure in the group, who maintains a strong relationship with Time Warner; he and Rachel Skaistis recently represented the client in a multi-district litigation brought by digital music purchasers alleging that defendants fixed prices and restrained the availability of internet music.
Within M&A: litigation, Cravath, Swaine & Moore LLP is a first tier firm,
Cravath, Swaine & Moore LLP is recommended for high-profile litigation involving complex, bet-the-company matters. The practice frequently advises companies and boards of directors in individual, class action and derivative litigation that arises from contemplated or hostile transactions. Its litigators work closely with their corporate colleagues, and are often involved, providing strategic advice and counseling, from the early stages of a transaction. Clients praise the practice’s ‘incredible strategic and creative thinking. Its responsiveness is unparalleled, and the advice is right on the mark. I really feel that they are part of my team. During my 30-year career with significant litigation management work, it is rare that I do not have to make changes to the written work of outside counsel; with this firm, I typically never have any changes’. Robert Baron, Sandra Goldstein, Gary Bornstein and Kevin Orsini spend a significant amount of their time working on M&A litigation. Goldstein’s experience includes representing high-profile clients on complex matters, including: Barnes & Noble in a landmark poison pill trial and appeal; the Special Committee of the Board of Directors of J Crew Group in connection with its $3bn sale to TPG Capital and Leonard Green & Partners; and Nalco Holding Company in its proposed $8bn sale to Ecolab. Her other representations include: Gerber Scientific in connection with shareholder litigation that challenged its proposed acquisition by Vector Capital; Noven Pharmaceuticals and its board of directors in several purported class actions related to Noven’s acquisition by Hisamitsu Pharmaceutical; and HCA and its outside directors in shareholder class actions challenging HCA’s 2006 $33bn leveraged buyout by a consortium of private equity firms. The practice also successfully represented United Airlines in stockholder litigation filed in Texas – which was settled – as well as in a lawsuit on antitrust grounds in a federal court in California in relation to its $7bn merger with Continental Airlines, in which the plaintiffs, who were 49 alleged air travelers, sought a preliminary injunction to block the merger, claiming that it would substantially lessen airline industry competition and create a monopoly in violation of Section 7 of the Clayton Act. In addition, the team represented Universal Health Services (UHS) in litigation brought by Psychiatric Solutions’ shareholders, who challenged the company’s sale to UHS, further to which the plaintiffs agreed to settle without any payment to the class.
Within M&A: mega-deals ($5bn+), Cravath, Swaine & Moore LLP is a first tier firm,
Cravath, Swaine & Moore LLP is ‘absolutely excellent, by any measurement applied’. The practice is a leader in M&A, divestitures, spin-offs, proxy contests and joint ventures, advising on a full range of public and private M&A transactions in both friendly and hostile matters in a wide variety of industries that frequently involve an international component. Highlights included representing Johnson & Johnson in connection with its pending $21.3bn acquisition of Synthes, a global manufacturer of orthopedic devices, marking the largest acquisition in Johnson & Johnson’s 125-year history, and advising Kraft Foods in connection with the creation of a high-growth global snacks business with estimated revenue of approximately $32bn, through a tax-free spin-off of the North American grocery business to Kraft Foods shareholders. The practice additionally acted for Deutsche Börse in connection with its $9.53bn merger of equals with NYSE Euronext and in connection with the competing unsolicited proposal by Nasdaq OMX and Intercontinental Exchange, the merger due to create the world’s largest owner of equities and derivatives markets. It also acted for Nalco Holding Company, a global provider of essential expertise for water, energy and air, in connection with a definitive $5.4bn merger agreement with Ecolab, a global provider of cleaning, sanitizing, food safety and infection prevention products and services. Other recent representations included acting for IBM in several matters including its $380m acquisition of Algorithmics, a risk analytics firm with operations in Toronto, and advising global biocides company Arch Chemicals in connection with its $1.4bn sale to Lonza Group, a global supplier to the pharmaceutical, healthcare and life science industries, the acquisition creating the world’s leading microbial control business. The M&A team leader is Richard Hall, with Faiza Saeed, Robert Townsend III, Philip Gelston, Mark Greene and George Schoen all recommended. Scott Barshay was named head of the corporate department, and is a ‘top-notch practitioner’. Allen Finkelson retired from the corporate department in December 2011.
United States : Tax
Within Domestic tax: East Coast, Cravath, Swaine & Moore LLP is a first tier firm,
The ‘interests of the client are at the forefront’ at Cravath, Swaine & Moore LLP’s New York office, headed up by Stephen Gordon. The firm handles the full range of corporate tax work, with a focus on M&A, capital markets financing and bank financings, as well as some restructuring and controversy work. The heavily transactional practice is comprised of six fee-earners, supported by 22 associates. The firm also advises issuers and underwriters on the tax aspects of all types of securities offerings, including IPOs by foreign and domestic issuers, and SEC registered offerings. It acts for clients across a range of industry sectors including finance, healthcare, insurance, media, manufacturing, service, shipping, telecommunications and logistics. Andrew Needham recently represented IBM in numerous matters including its proposed acquisition of Q1 Labs, $387m acquisition of Algorithmics from Fimalac, and acquisition of i2 from Silver Lake Partners. Stephen Gordon led the firm’s representation on tax aspects of White Mountains Insurance Group’s $1bn sale of its Esurance and Answer Financial businesses to the Allstate Corporation. Michael Schler is ‘technically highly proficient, practical, responsive and retains historical knowledge of client interactions’.
Within International tax, Cravath, Swaine & Moore LLP is a second tier firm,
Cravath, Swaine & Moore LLP’s four tax partners in New York, led by Stephen Gordon, frequently have central roles in large international corporate transactions involving cross-border M&A, and the team has developed innovative financing structures both in US and international markets. Michael Schler led the firm’s advice to BAE Systems on the tax aspects of its Luxembourg Stock Exchanged-listed $1.25bn debt offering, and represented the initial purchasers (Goldman Sachs International, Deutsche Bank, ING and Morgan Stanley) in connection with the €500m high-yield senior secured debt offering of Kabel Deutschland. Practice clients include Time Warner, Shell and Sovereign Bankcorp.
Further information on Cravath, Swaine & Moore LLP
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Latin America: International firms
Offices in London
Offices in New York
- Finance : Bank lending (including other sources of financing)
- Finance : Capital markets: debt offerings
- Finance : Capital markets: equity offerings
- Finance : Capital markets: global offerings
- Finance : Capital markets: high-yield debt offerings
- Finance : Corporate restructuring
- Finance : Financial services: litigation
- Finance : Municipal bankruptcy
- Finance : Structured finance
- Industry focus : Environment: transaction and regulatory
- Industry focus : Healthcare: life sciences
- Intellectual property : Patent litigation: full coverage
- Labor and employment : Employee benefits and executive compensation
- Litigation : Leading trial lawyers
- Litigation : Securities: shareholder litigation
- Litigation : Supreme Court and appellate
- Litigation : Trade secrets
- Media, technology and telecoms : Technology: transactions
- Media, technology and telecoms : Telecoms and broadcast: transactional
- Mergers, acquisitions and buyouts : Antitrust
- Mergers, acquisitions and buyouts : M&A: litigation
- Mergers, acquisitions and buyouts : M&A: mega-deals ($5bn+)
- Tax : Domestic tax: East Coast
- Tax : International tax