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Cravath, Swaine & Moore LLP

WORLDWIDE PLAZA, 825 EIGHTH AVENUE, NEW YORK, NY 10019-7475, USA
Tel:
Work +1 212 474 1000
Fax:
Fax +1 212 474 3700
Email:
Web:
www.cravath.com
London, New York

United States: Antitrust

Civil litigation/class actions
Civil litigation/class actions - ranked: tier 2

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLPcombines a quick and thorough grasp of clients’ issues with the ability to communicate simply, clearly and completely’. The team is particularly active in financial services litigation and American Express is a key client in this regard. Evan Chesler, Peter Barbur and Kevin Orsini advised the credit card company in a number of disputes, including its appeal of a district court judgment in a case brought by the DOJ and 17 state attorneys general alleging that the merchant acceptance rules imposed by American Express violated the Sherman Act. The pharmaceutical sector is another regular source of work, and Chesler, Rowan Wilson* and David Marriott represented Mylan in its long-running set of lawsuits alleging pay-for-delay agreements with Cephalon relating to the Provigil drug. Qualcomm and Thai Airways are also recent clients. All the lawyers named above are based in the firm’s New York office. *Since publication, Rowan Wilson has been confirmed as an Associate Judge of the New York State Court of Appeals.

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Merger control
Merger control - ranked: tier 2

Cravath, Swaine & Moore LLP

The level of service at New York firm Cravath, Swaine & Moore LLP is ‘fantastic’, according to clients. The antitrust group handles contentious work and cartel-related matters but is mostly known for its involvement in merger clearance cases. Practice head Christine Varney, a former US assistant attorney general for antitrust and a former commissioner of the FTC, ‘gives clear, concise answers’. Active clients include Delhaize Group, Unilever and British American Tobacco. In a particularly complex and challenging matter, the group acted for Mylan in antitrust issues regarding its $5.6bn acquisition of Abbott Laboratories’ non-US developed markets specialty and branded generics business. The firm also assisted Anheuser-Busch InBev with antitrust issues regarding its $107.7bn acquisition of SABMiller. Julie North is now focusing on antitrust regulatory clearance after spending many years as a litigation partner.

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United States: Dispute resolution

Appellate
Appellate: courts of appeals - ranked: tier 3

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP has a clear focus on commercial disputes and houses advocates who are able to make the shift between trial and appellate practices. Evan Chesler, whose practice straddles both the trial and appellate space, successfully acted for ABC and ESPN in class action proceedings that alleged a conspiracy to limit student athletes’ compensation. Other highlights included its involvement in United States v American Express, where the team defended the latter in long-running antitrust class action proceedings. The group counts Credit Suisse as a client and represented it in several appeals pertaining to RMBS cases; Richard Clary leads on this work.

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Financial services: litigation
Financial services: litigation - ranked: tier 1

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP provides an ‘outstanding service’ to a range of financial institutions including investment banks, accountancy firms, regional banks and private equity funds in many of the most important and sensitive disputes affecting their businesses. Able to mobilize ‘cohesive intellectual firepower’ and praised for its ‘superb teamwork’, the firm continues to be involved in disputes flowing from the credit crisis, including its ongoing work as national coordinating counsel to Credit Suisse on all its RMBS litigation, as well as for JPMorgan and related entities (including Washington Mutual and Bear Stearns) in a raft of lawsuits brought by plaintiffs, primarily alleging that the bank misrepresented the quality of the underlying collateral of the structured products that it underwrote or sold. ‘The highly intellectual and personableRichard Clary and Daniel Slifkin are key members of the team and have been leading the firm’s efforts on the aforementioned structured finance cases for Credit Suisse and JPMorgan. In addition, along with Michael Paskin, Slifkin has been representing Morgan Stanley, as one of the defendants, in an antitrust case brought by numerous hedge funds alleging that it had colluded with other banks to block the emergence of exchange trading of credit default swaps (CDS) in order to maintain the over-the-counter (OTC) market. Michael Reynolds, the ‘scarily smartRobert Baron and ‘legendary trial lawyerEvan Chesler are also recommended.

Leading lawyers

Richard Clary - Cravath, Swaine & Moore LLP

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General commercial disputes
General commercial disputes - ranked: tier 1

Cravath, Swaine & Moore LLP

New York-based Cravath, Swaine & Moore LLP has a ‘well-deserved reputation’ as ‘one of the finest law firms in the world’. In an illustration of both its reputation in the financial services space and its geographic reach, the team acts as lead counsel to Credit Suisse in ongoing RMBS litigation in nine states across the country. ESPN is another active client; J Wesley Earnhardt, Roger Brooks* and ‘brilliant advocateEvan Chesler represented it and other network defendants in a putative class action filed in Tennessee by student athletes regarding compensation; the court granted a motion to dismiss, which has been appealed by the plaintiffs. Sandra Goldstein is representing Mylan in a consolidated class action in Pennsylvania. On the plaintiff side, David Marriott is representing Alcon Laboratories in an action challenging the constitutionality of a state statute concerning pricing policies, which is on appeal before the Tenth Circuit. *Since publication, Roger Brooks has retired from the firm's litigation practice.

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Leading trial lawyers

Richard Clary - Cravath, Swaine & Moore LLP: Demonstrating ‘strong intellect, credibility and creative leadership’, Richard Clary has an excellent reputation for handling financial litigation, mainly on behalf of large banking groups. Highlights include working on numerous ongoing RMBS cases for Credit Suisse; in total, he and other members of the firm are representing the bank in 25 actions pending across ten different states. He has also acted for Credit Suisse in related bankruptcy cases regarding derivatives contracts that Lehman Brothers defaulted on in 2008. Clary also acts for Credit Suisse and Deutsche Bank in a shareholder dispute over the failed acquisition of Huntsman by Momentive; the case went to the Texas Supreme Court and, in a major win, the court declined to hear arguments against the two banks.

Sandra Goldstein - Cravath, Swaine & Moore LLP: Sandra Goldstein represents major companies in the pharmaceutical and manufacturing industries and does ‘excellent work in shareholder class actions and disputes’. Recently she successfully defended Mylan in claims brought by Perrigo challenging Mylan’s proposed acquisition of Perrigo; Perrigo sought injunctive relief for alleged violations of the ’34 Act in relation to disclosures regarding the tender offer. Other clients include Xerox, which Goldstein represents in a range of securities litigation, and The Williams Companies, which Goldstein is representing in shareholder disputes.

Evan Chesler - Cravath, Swaine & Moore LLP: New-York based Evan Chesler is a top litigator and chairman of what is hailed as a ‘leading litigation firm’. In 2015, he has continued to represent major corporations in a range of cases. A particular highlight was representing ESPN in a class action brought by student basketball players involving claims that broadcasters have attempted to limit student compensation; this ended in a major win for Chesler’s client, with a Tennessee federal court dismissing the case; the case is now on appeal at the Sixth Circuit.. American Express is another major client for Chesler, and he is currently acting for the company in its appeal over antitrust actions involving alleged breaches of Section 1 of the Sherman Act.

Leading trial lawyers

Evan Chesler - Cravath, Swaine & Moore LLP

Richard Clary - Cravath, Swaine & Moore LLP

Sandra Goldstein - Cravath, Swaine & Moore LLP

Robert Baron - Cravath, Swaine & Moore LLP

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M&A: litigation: defense
M&A: litigation: defense - ranked: tier 1

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP in New York is ‘outstanding, with experts in all aspects of M&A who deliver high-quality services’. Sandra Goldstein, who is ‘superior at strategy and takes a practical and productive approach’, represented 3G Capital and Heinz Holding in cases brought in Virginia and Illinois relating to Heinz’s $60bn merger with Kraft Foods. Along with Richard Clary, Goldstein defeated claims against Credit Suisse Securities as lead financial adviser to Freeport-McMoRan in acquisitions totaling $9bn. The ‘deeply respectedGary Bornstein represented British American Tobacco in a class action arising from the $27bn acquisition of Lorillard by Reynolds American, in which the client held a substantial equity position. Prominent partner Robert Baron achieved a dismissal in one case and reached a settlement in another for Alliant Techsystems, which faced purported class actions from public shareholders of Orbital Sciences Corporation in the Delaware Court of Chancery alleging breaches of fiduciary duty. The firm is known for being ‘excellent at managing large public company M&A, where its responsiveness, expertise and deep experience are extremely valuable’.

Leading lawyers

Sandra Goldstein - Cravath, Swaine & Moore LLP

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Securities litigation - defense
Securities litigation - defense - ranked: tier 1

Cravath, Swaine & Moore LLP

Clients of New York firm Cravath, Swaine & Moore LLP say that it is ‘always outstanding’. It is ‘very impressive, a top firm with great team players who are smart and practical’. Some remark that ‘no firm demonstrates better teamwork in complex litigation or can muster the same cohesive intellectual firepower’. The firm is acting for 3G Capital and Heinz in securities and derivative litigation in Virginia and Illinois, with the greatly respected Sandra Goldstein at the helm. Antony Ryan won a motion to dismiss for Deloitte and argued the appeal in a case arising from SRM Global Master Fund’s purchase of total return swaps. The firm has a strong track record in RMBS litigation, with Richard Clary (‘strong intellect and credibility and shows creative leadership’) winning significant victories for Credit Suisse in cases brought by Commerzbank, the Federal Deposit Insurance Corporation (FDIC) and others. Evan Chesler and Karin DeMasi represented DreamWorks Animation in a class action brought by shareholders alleging misrepresentation of financial performance, and along with Robert Baron (‘scary smart with a rapier wit and a tremendous work ethic’) they are defending Merck in a federal case concerning pain drug Vioxx. Daniel Slifkin and David Stuart are defending Akorn against allegations of mispresenting its business and internal controls. J Wesley Earnhardt and regulatory enforcement specialists Rachel Skaistis, John Buretta and Benjamin Gruenstein are also recommended.

Leading lawyers

Antony Ryan - Cravath, Swaine & Moore LLP

Richard Clary - Cravath, Swaine & Moore LLP

Sandra Goldstein - Cravath, Swaine & Moore LLP

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White-collar criminal defense
White-collar criminal defense - ranked: tier 5

Cravath, Swaine & Moore LLP

Attorneys at New York firm Cravath, Swaine & Moore LLP are ‘very knowledgeable, very diligent and very efficient’. ‘Brilliant advocateEvan Chesler and the ‘thoughtful and practicalBenjamin Gruenstein advised Avon Products on DOJ and SEC investigations into alleged FCPA violations. The ‘very sharpDavid Stuart is among those acting for Barnes & Noble in relation to several SEC investigations, and he and the ‘extremely smart, pragmatic and calmRachel Skaistis are representing Novartis in both internal and government investigations. The firm is also defending Novartis Pharmaceutical Corporation in two qui tam FCA actions in the Southern District of New York. John Buretta is recommended for his work defending alleged fraudsters.

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United States: Finance

Capital markets: debt offerings
Capital markets: debt offerings - advice to issuers - ranked: tier 1

Cravath, Swaine & Moore LLP

Capital markets: debt offerings - advice to managers - ranked: tier 1

Cravath, Swaine & Moore LLP

The team at Cravath, Swaine & Moore LLP is hailed by one client for its ‘truly outstanding level of service’ and for the ‘remarkable impact on every deal that we have worked on together’. The securities team, led by ‘best in the business’ William Whelan, advises issuers and underwriters on major debt deals spanning a wide array of industries, including healthcare, real estate and media. Highlights included acting for Qualcomm on its $10bn debut debt offering and assisting Time Warner with two offerings totaling $2.8bn; Scott Bennett led on the former, and Johnny Skumpija and William Rogers on the latter. On the underwriter side, a team led by Stephen Burns and Andrew Pitts advised JPMorgan, Mizuho Securities, Wells Fargo Securities, Morgan Stanley, Barclays and Citigroup on Actavis’ $21bn senior notes offering. William Fogg, Craig Arcella and Kris Heinzelman* are also names to note. *Since publication, Kris Heinzelman has retired from the firm's corporate department.

Leading lawyers

Craig Arcella - Cravath, Swaine & Moore LLP

William Whelan - Cravath, Swaine & Moore LLP

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Capital markets: equity offerings
Capital markets: equity offerings - advice to issuers - ranked: tier 2

Cravath, Swaine & Moore LLP

Capital markets: equity offerings - advice to managers - ranked: tier 1

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP’s ‘well-connected’ group provides ‘a truly outstanding level of service’, and is particularly noted for its strength on the manager side of transactions. LizabethAnn Eisen advised a group of underwriters led by Goldman Sachs, Jeffries and Credit Suisse on the $270m IPO of Amplify Snack Brands, while Craig Arcella acted for Citigroup, Goldman Sachs and Deutsche Bank in the $1.1bn IPO and $2.3bn secondary stock offering by Axalta Coating Systems. On the issuer side, corporate head William Fogg handled Evolent Health’s $225m IPO, and also advised CyrusOne on two registered offerings of common stock totaling $833m. Other recommended individuals include William Whelan and Andrew Pitts, who ‘are very responsive, able to call on a broad range of partners with particular industry expertise, and provide reliable advice on new SEC and FINRA rules’. All named partners are based in New York.

Leading lawyers

William Fogg - Cravath, Swaine & Moore LLP

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Capital markets: global offerings
Capital markets: global offerings - advice to corporates - ranked: tier 2

Cravath, Swaine & Moore LLP

Capital markets: global offerings - advice to financial institutions - ranked: tier 1

Cravath, Swaine & Moore LLP

Although Cravath, Swaine & Moore LLP’s capital market practice is concentrated solely in the firm’s New York and London offices, the team’s ‘expertise, work ethic and deep bench strength make the firm hard to compete with’. On the corporate side, Craig Arcella who ‘demonstrates a unique balance of sophistication and creativity’ and the ‘very thoughtful and responsiveAndrew Pitts, acted for AerCap Holdings in three secondary offerings of ordinary shares totaling $4bn and assisted AerCap Ireland as well as AerCap Global Aviation Trust with three Rule 144A/Regulation S senior debt offerings totaling $2.8bn. In other work, William Fogg and Johnny Skumpija advised JPMorgan, Goldman Sachs, Barclays, UBS Investment Bank and other underwriters on the $1.1bn equity offering of Fiat Chrysler Automobiles. William Whelan provides ‘excellent legal advice’ and William Rogers* is also recommended. *William Rogers retired from the firm's corporate department in December 2015.

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Capital markets: high-yield debt offerings
Capital markets: high-yield debt offerings - advice to issuers - ranked: tier 2

Cravath, Swaine & Moore LLP

Capital markets: high-yield debt offerings - advice to underwriters - ranked: tier 2

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP is hailed as ‘the best on all fronts when it comes to financing transactions’. Praised for its ‘expertise, work ethic, planning, execution and deep bench’, the team provides a level of service that is ‘unmatched’. In the high-yield space, the firm is impressive in managing to balance high-level practices on both the issuer and underwriter sides. In 2015, on the issuer side, the firm advised on Rule 144A/Regulation S offerings for, among others, Vista Outdoor, Cable One, and subsidiaries of CyrusOne. Assisting Vista was Craig Arcella, who earns praise for demonstrating ‘a unique balance of sophistication and creativity when it comes to financial transactions’. Joseph Zavaglia and Kris Heinzelman* acted for Cable One, and William Fogg advised the CyrusOne subsidiaries. On the underwriter side, Andrew Pitts and Joseph Zavaglia handled on behalf of the initial purchasers Rite Aid’s $1.8bn Rule 144A/Regulation S offering while Fogg and Johnny Skumpija advised the underwriters on United Rentals’ $1.8bn registered offering. William Whelan is another name to note. *Since publication, Kris Heinzelman has retired from the firm's corporate department.

Leading lawyers

Craig Arcella - Cravath, Swaine & Moore LLP

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Commercial lending
Commercial lending: advice to borrowers - ranked: tier 2

Cravath, Swaine & Moore LLP

Commercial lending: advice to lenders - ranked: tier 1

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP’s New York-based team is ‘at the very top’ for lending work and provides an ‘excellent’ level of service. It has firm relationships with the major banks and is often a first choice for headline work. James Cooper - who ‘knows credit agreements and leveraged loans inside out’ - and Tatiana Lapushchik advised JPMorgan, Mizuho and Wells Fargo on a $36.4bn bridge credit facility and new and replacement terms, as well as revolving credit facilities in excess of $5bn, intended to finance Actavis’ acquisition of Allergan. Other standout matters included assisting Credit Suisse, Citigroup and Deutsche Bank, as agents and arrangers, with $3.2bn of senior secured credit facilities to part finance CPP Investment Board’s acquisition of Antares Capital; Michael Goldman led the advice. A loss for the firm was B. Robbins Kiessling’s retirement in December 2015, but his mantle as a key name for sports financing has been assumed by Stephen Kessing, who in 2015 advised on JPMorgan’s $1.1bn revolving credit facility available to all NBA teams. Its borrower practice is perhaps slightly overshadowed by its market-leading reputation for lender-side work, but in 2015 it handled several big-ticket matters. The ‘fantastic’ Paul Zumbro advised Barnes & Noble and Barnes & Noble Education on a five-year asset-backed revolving credit facility pertaining to the separation of the two businesses. The firm’s presiding partner Allen Parker and George Zobitz are other names to note.

Leading lawyers

James Cooper - Cravath, Swaine & Moore LLP

Michael Goldman - Cravath, Swaine & Moore LLP

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United States: Industry focus

Environment: transactional
Environment: transactional - ranked: tier 1

Cravath, Swaine & Moore LLP

The New York-based practice at Cravath, Swaine & Moore LLP stands out for its ‘exceptional’ environmental advice to a stellar group of clients on strategic business transactions, including equity and debt offerings, bank lending, acquisition financings, and acquisitions and divestitures. Recent mandates include advising Anheuser-Busch InBev on its acquisition of SABMiller, and on the sale of SABMiller’s US and global Miller-branded businesses to Molson Coors. It also represented Heinz and 3G Capital in relation to Heinz’s merger with Kraft Foods, and Olin in connection with its Reverse Morris Trust merger with the chlorine business of Dow. Head of practice Matthew Morreale is highly recommended. Other clients include IBM, Weyerhaeuser and AngloGold Ashanti.

Leading lawyers

Matthew Morreale - Cravath, Swaine & Moore LLP

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United States: Intellectual property

Patent litigation: full coverage
Patent litigation: full coverage - ranked: tier 4

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP’s key highlights include representing Alarm.com in a suit filed by Vivint, which alleges infringement of six patents covering remote monitoring systems, acting for Medinol in a number of disputes and arbitrations regarding its stent products, and representing Mylan subsidiary Dey in infringement litigation against Teva seeking to prevent the latter from marketing generic versions of Mylan’s respiratory drug Perforomist. Chairman Evan Chesler leads the team from New York, where Keith Hummel, David Kappos and Roger Brooks* are also leading figures. The lawyers handled cases across a range of sectors, including consumer products, pharmaceuticals, telecoms and media. David Marriott is recommended for litigation and alternative dispute resolution. *Since publication, Roger Brooks has retired from the firm's litigation practice.

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Trade secrets
Trade secrets - ranked: tier 3

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP acts for both defendants and plaintiffs in trade secrets litigation, and also regularly handles investigations. The group, which includes key figures Roger Brooks* and George Zobitz, has litigated trade secrets cases in a variety of industries, including computer technology, insurance and reinsurance, telecoms and finance. In addition, it frequently advises clients on methods of protecting proprietary information, including confidentiality and non-competition agreements with employees, and conducts due diligence with respect to unpatented proprietary information in connection with mergers and acquisitions and other transactions. *Since publication, Roger Brooks has retired from the firm's litigation practice.

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United States: Labor and employment

Employee benefits and executive compensation
Employee benefits and executive compensation - ranked: tier 2

Cravath, Swaine & Moore LLP

New York’s Cravath, Swaine & Moore LLP’s team focuses on the compensation and benefits aspects of corporate matters such as M&A deals, IPOs and joint ventures. Eric Hilfers advised Cigna on its sale to Anthem and Precision Castparts on its sale to Berkshire Hathaway, and Jennifer Conway assisted Naspers and IBM with several joint ventures and acquisitions respectively. The firm also advises businesses on the design and implementation of equity compensation programs, as well as individual senior executives on compensation. Other clients include HJ Heinz, AmerisourceBergen and AGL Resources. Jonathan Katz was made partner in January 2016.

Leading lawyers

Eric Hilfers - Cravath, Swaine & Moore LLP

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United States: M&A/corporate and commercial

M&A: large deals ($1bn+)
M&A: large deals ($1bn+) - ranked: tier 1

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP has an ‘enormous stable of Fortune 100 clients’ and ‘goes back decades with blue-chip industrial companies’. The firm is ‘outstanding’, has ‘experts in all aspects of M&A’ and delivers ‘high-quality services in a very timely manner’. Its association with strategic acquirers and major corporates has served it well during a period when bulge-bracket private equity transactions have not been as prevalent as in previous years. Despite its conservative international approach, with a single overseas office in London, the firm maintains an impressive track record in cross-border and multi-jurisdictional transactions. In 2015, it advised on a multitude of headline and high-value deals. It advised Anheuser-Busch Inbev on its $100bn offer for SABMiller, in what would be one of the largest M&A deals in history. In another headline-grabbing matter, it advised Heinz on its $60bn merger with Kraft Foods, creating The Kraft Heinz Company, the third-largest food and beverage company in North America. In addition, it represented Precision Castparts in its $37.2bn acquisition by Berkshire Hathaway, the largest-ever acquisition by the Warren Buffet led firm. The firm was also appointed by Shell to advise on its $70bn acquisition of BG Group. Faiza Saeed has handled a series of headline deals in 2015, and led on the Precision Castparts sale. Robert Townsend is co-head of the M&A practice and has advised Johnson & Johnson on a series of major transactions. Head of the international practice Mark Greene is ‘outstanding and has deep experience in M&A’ and a mighty reputation in cross-border deals, as does Richard Hall, who is head of M&A for EMEA. Andrew Thompson is ‘excellent at managing large public company M&A and provides guidance on every aspect of significant transactions’. Jonathan Davis, Aaron Gruber and Keith Hallam were elevated to the partnership in January 2015. The departure of former co-head of the corporate department Scott Barshay, who joined Paul, Weiss, Rifkind, Wharton & Garrison LLP in 2016, is a significant loss.

Leading lawyers

Faiza Saeed - Cravath, Swaine & Moore LLP

Mark Greene - Cravath, Swaine & Moore LLP

Richard Hall - Cravath, Swaine & Moore LLP

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Overview

With transaction values and volume at their highest-ever levels, 2015 was a banner year for M&A. It was a year when strategic corporates grabbed the headlines in place of private equity houses, which were comparatively quiet in bulge-bracket deals. Global M&A reached a record $4.28tn - a 30% increase on 2014, according to Mergermarket. The US was at the center of this M&A phenomenon. The US accounted for 46.2% of global M&A activity, with 4,786 deals valued at a combined $1.97tn. A headline example of this interest in doing deals was Heinz’s $60bn merger with Kraft Foods, a transaction that brought in the expertise of Cravath, Swaine & Moore LLP, Sullivan & Cromwell LLP and Kirkland & Ellis LLP. In a major development in 2016, Pfizer terminated its $160bn proposed acquisition of Allergan, following new rules introduced by the US Treasury to curtail the tax benefits of inversion transactions. After a string of such deals in the last few years, inversions may have had their day.

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United States: Media, technology and telecoms

Technology: transactions
Technology: transactions - ranked: tier 2

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP’s New York-based practice draws on its corporate, tax and capital markets experience. The firm represented long-term client IBM in several transactions in 2015, including the acquisitions of The Weather Company, and Cleversafe, a data storage company. Robert Townsend, George Schoen and highly experienced David Kappos advised Scientific Games on its $5.1bn acquisition of Bally Technologies, which involved complex IP issues. In addition, George Zobitz and Scott Bennett handled Qualcomm’s $10bn debut registered debt offering. Kappos, along with Scott Barshay and Ting Chen, advised Pitney Bowes on its $395m acquisition of Borderfree, an e-commerce solutions company, which also involved various complex IP and data protection issues. Jonathan Davis, Aaron Gruber and Keith Hallam all made partner in January 2015.

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Telecoms and broadcast: transactional
Telecoms and broadcast: transactional - ranked: tier 3

Cravath, Swaine & Moore LLP

The highly regarded Robert Townsend leads the New York-based team at Cravath, Swaine & Moore LLP, which regularly advises telecoms companies on M&A, securities offerings and a variety of complex financing transactions. Notable clients include Cable One and CBS Corporation. A recent highlight saw Stephen Burns advise Crown Castle on the $1.6bn sale of Australian subsidiary CCAL to a consortium of investors including Macquarie Infrastructure and Real Assets. The practice acted for the same client on the $1bn purchase of Quanta Fiber Networks from Quanta Services. George Schoen and Craig Arcella are also recommended.

Leading lawyers

Robert Townsend - Cravath, Swaine & Moore LLP

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United States: Tax

International tax
International tax - ranked: tier 1

Cravath, Swaine & Moore LLP

In New York, the team at Cravath, Swaine & Moore LLP has ‘strong technical ability on complex international transactions’ and is commended for its skill in developing innovative financing structures. Lauren Angelilli and Christopher Fargo are representing Anheuser-Busch InBev in its acquisition of SABMiller and in the $12bn sale of SABMiller’s US and global Miller branded businesses to Molson Coors. Alongside the ‘extremely knowledgeableStephen Gordon, Angelilli is also advising Cameron International on its proposed $15bn sale to Schlumberger. Michael Schler led advice to British American Tobacco in its $4.7bn investment in Reynolds American. ‘Excellent communicatorAndrew Needham worked alongside Fargo in advising Crown Castle International on the $1.6bn sale of its Australian subsidiary. J. Leonard Teti is advising Grupo Villar Mir and its subsidiary Grupo FerroAtlántica on its combination with Globe Specialty Metals.

Leading lawyers

Andrew Needham - Cravath, Swaine & Moore LLP

Michael Schler - Cravath, Swaine & Moore LLP

Stephen Gordon - Cravath, Swaine & Moore LLP

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US taxes: non-contentious
US taxes: non-contentious - ranked: tier 1

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP is ‘top of the industry’ and ‘able to communicate sophisticated ideas without ego’. The group assists with mergers and acquisitions, joint ventures, spin-offs, restructurings and securities offerings. In 2015, Lauren Angelilli and Christopher Fargo advised Anheuser-Busch InBev on its proposed $107.7bn acquisition of SABMiller, the three-way deal also involved the sale of SABMiller’s majority stake in the MillerCoors joint venture to Molson Coors. Along with Stephen Gordon, Angelilli also advised Heinz on its merger with Kraft Foods in a cash and stock deal totaling $60bn. Andrew Needham advised IBM on its divestment of its microelectronics business to global semiconductor supplier Globalfoundries. Michael Schler represented British American Tobacco in its $4.7bn investment into Reynolds American (RAI), following RAI’s $27.6bn acquisition of Lorillard Tobacco. In the only change to the tax team, Schler exited the partnership and became of counsel.

Leading lawyers

Andrew Needham - Cravath, Swaine & Moore LLP

Stephen Gordon - Cravath, Swaine & Moore LLP

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Latin America: International firms

Capital markets
Capital markets - ranked: tier 5

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP has a niche high-end practice that has a particularly strong record in jurisdictions such as Chile, where it is noted for investment grade deals. Brazil and Mexico are also key jurisdictions and the firm is paying close attention to Argentina’s re-emergence on the global stage. Bank clients include JP Morgan, Citigroup, Credit Suisse, Deutsche Bank and Wells Fargo, and it represents issuer clients such as Bacardi, Grupo Modelo, Naspers and Santander Consumer. In 2015, the firm advised JB y Compañía, in connection with its $500m Rule 144A/Reg. S senior debt offering. London partner David Mercado spends much of his time in New York where he advises a number of Latin America clients and banks with interests in the region. Also London-based, Joel Herold is another experienced partner with an established record in Latin America and is noted for his high-yield debt expertise. New York’s Scott Bennett is an increasingly pivotal member of the team and has extensive experience in the debt capital markets space.

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Corporate and M&A
Corporate and M&A - ranked: tier 3

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP is an ‘excellent firm’ that has close connections to the Latin America region. It works with a number of Latin American family groups and investment banks that have interests there. London-based practice head and Latin America specialist David Mercado covers both M&A and capital markets, and is supported by a number of M&A partners in New York who are frequently engaged in Latin America deals. These include Richard Hall, Craig Arcella and Scott Bennett while Joel Herold provides further Latin America expertise from London. 3G Capital, the Brazilian global investment firm, is a key client of the practice, and in 2015 the firm advised HJ Heinz Company and 3G Capital in connection with Heinz’s $60bn merger with Kraft Foods. In addition, the firm advised the Cisneros Group in connection with the merger of the Venezuela-based business activities of the Cisneros-controlled Cerveceria Regional and Companhia de Bebidas das Americas (AmBev). Other clients include Anheuser-Busch InBev, Casa Cuervo, Cutrale Group, Naspers, OUTFRONT Media and Safra Group.

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    The Turkish health sector has undergone major reforms over the past ten years as part of the health transformation program. The most important pillar of such program has been the development of public-private partnership (“PPP ”) model health campus projects. More than twenty health campus projects with an investment amount of more than € 10 billion have been developed through PPP model in Turkey. They are currently at different stages ranging from tendering to operation, and more than ten health PPP projects are still in the pipeline.
  • Infrastructure REIC: An Alternative Source of Funding for Infrastructure Projects

    With the start of operation in certain BOT and other PPP model infrastructure projects in Turkey, refinancing alternatives have become more attractive and diversified. Capital market instruments and institutions are likely to have a greater share in the refinancings of projects which have become operational and the construction risks have been removed. Over the last few years, the use of capital market instruments in the infrastructure financings have gained a new impetus with the introduction of various incentives and financing solutions in this aspect. Most recently, the removal of the 1/3 and 1/5 bond issuance limits for healthcare PPP projects on 18 February 2017 represented an important step towards incentivizing the use of bonds in the healthcare sector. In line with this overall strategy, the government has also adopted various measures to make the Real Estate Investment Companies (“REICs ”) more attractive for the financing/refinancing of infrastructure projects such as BOT, BLT and other PPP projects.
  • Ankara-Niğde Highway Project

    Tender process for 330 km Ankara-Niğde Highway Project has been launched by the General Directorate of Highways upon publication of the tender announcement in the Official Gazette on December 30, 2016.
  • Establishment of the Natural Gas Spot Market in Turkey

    In line with the government’s objectives to make Turkey a regional hub for natural gas trading, a natural gas spot market has been established by the Natural Gas Organized Wholesale Market Regulation published in the Official Gazette on 31 March 2017.
  • Philippine Court of Appeals Denies Issuance of Environmental Protection Order Against Mining Company

    In a decision issued on March 8, 2017, the Philippine Court of Appeals (CA) denied the petition by NGO Ang Aroroy ay Alagaan, Inc. and certain individuals, for the issuance of a writ of kalikasan against Filminera Resources Corporation, and its directors and officers. The petitioners have claimed that Filminera, which operates in the Philippine province of Masbate, had been causing environmental damage in the conduct of its mining operations in violation of local law, and that a writ of kalikasan should be issued.
  • LIS ALIBI PENDENS UNDER THE COUNCIL REGULATION (EC) NO 44/2001 ON JURISDICTIONAND THE RECOGNITION AN

    Lis Alibi pendens is Latin for ‘suit pending elsewhere .’ Both Articles 27 and 28 of the EU Regulation 44/2001 regulate the existence of lis alibi pendens and related judicial actions. In particular it is a doctrine that regulates the jurisdictional relationship of courts hearing concurrent proceedings involving the same or related causes of action between the same parties pending in the courts of different Member States.