On December 20, 2024, Cable One, Inc. (“Cable One”) announced that it has entered into definitive agreements to amend its strategic partnership with Mega Broadband Investments (“MBI”). The strategic partnership provides Cable One with a path for a potential acquisition of all the MBI equity it does not already own pursuant to put option and call option arrangements between Cable One and the other MBI equity holders. The purchase price payable by Cable One upon any exercise of the put option or call option will be determined based on MBI’s future performance and other factors. The transaction is valued at approximately $1.5 billion to $1.7 billion, inclusive of upfront payments made by Cable One and initial estimates of option exercise closing payments and related debt assumption, based on an assumed October 1, 2026 option exercise closing. Cable One is a leading broadband communications provider serving more than 1 million residential and business customers across 24 states. MBI is a leading provider of broadband services across the Southeast, Northwest and Mid‑South United States and offers an extensive range of broadband, fiber connectivity, cable television and voice services for commercial and residential customers. Cravath is representing Cable One in connection with this transaction.

Cravath partner Michael L. Arnold was featured as a guest on the December 12, 2024 episode of Slaughter and May’s podcast, “Part 2: ESG in the Year of the Election.” In the interview, Michael discussed the evolving ESG landscape following recent elections in the United States, United Kingdom and European Union, including whether ESG policy has become clearer or more opaque and the transatlantic divergence in ESG priorities.

Cravath represented the initial purchasers in connection with the €600 million and $850 million 144A/Reg. S high‑yield senior secured notes offering of Iliad Holding S.A.S. (“Iliad”), a leading European telecommunications provider. The notes were listed on The International Stock Exchange. The transaction closed on December 3, 2024.

On December 18, 2024, Cravath prepared a memo for its clients entitled “IRS and Treasury Publish Final Regulations for Section 48 Investment Tax Credits.” The memo examines the U.S. Department of the Treasury and the Internal Revenue Service’s recently published final regulations regarding the energy credit available under Section 48 of the Internal Revenue Code.

Cravath represented the initial purchasers in connection with the €375 million 144A/Reg. S high‑yield senior notes offering of TUI Cruises GmbH, a leading German cruise operator. The notes were listed on The International Stock Exchange. The transaction closed on November 27, 2024.

Cravath partner and Co‑Head of the Firm’s Private Equity Practice David J. Perkins was the featured guest on the December 5, 2024 episode of The Deal’s “Drinks With The Deal” podcast. In the interview, Dave spoke about his education at the U.S. Military Academy at West Point and described the series of decisions and events that led him into corporate law. Dave reflected on his time as a young associate at Cravath, praising the Firm’s rotation system which gave him exposure to the full suite of corporate legal practice, and how during that time he was called up from the U.S. Army Reserve to serve in Afghanistan—a formative experience for his life and career. Dave also discussed his later joining of Cravath’s partnership and his approach to building the Firm’s growing private equity practice.

Tara Rhoades is the founder of The Sanity Plea, where she serves as a coach, strategist, speaker and educator for lawyers, law firms, students and other professionals. In this episode of On Tax, she and Cravath partner and host Len Teti talk about how Tara’s passion for mentorship guided her through several career transitions. They also discuss Tara’s time as an associate in Cravath’s Tax Department and the lessons that helped shape both her law and coaching practices.

Cravath represented the underwriters, as U.S. counsel, in connection with the approximately C$300 million Rule 144A/Reg. S initial public offering of subordinate voting shares of Groupe Dynamite, Inc., a fashion house that operates retail stores and e‑commerce platforms under two complementary and spirited banners: Garage and Dynamite. The shares were listed on the Toronto Stock Exchange. The transaction closed on November 26, 2024.

Cravath represented the underwriters in connection with the $2.5 billion registered fixed‑to‑floating rate notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on November 29, 2024.

Cravath represented the initial purchasers in connection the (i) $850 million senior notes offering by Smurfit Westrock Financing DAC, a wholly owned subsidiary of Smurfit Westrock plc, one of the world's largest integrated manufacturers of paper‑based packaging products, and (ii) the dual‑tranche €1.2 billion senior notes offering of Smurfit Kappa Treasury Unlimited Company, a wholly owned subsidiary of Smurfit Westrock plc. The notes offerings closed on November 26 and 27, 2024, respectively.

Cravath represented the initial purchasers in connection with the $600 million 144A/Reg. S high‑yield senior notes offering of The Chemours Company, a leading, global provider of performance chemicals. The transaction closed on November 27, 2024.

On December 12, 2024, Cravath partner Andrew T. Davis participated in “Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings 2024,” a program presented by the Practising Law Institute from December 11-13 in Los Angeles, California.

On December 11, 2024, Cravath’s antitrust practice was ranked among the “Elite” in Global Competition Review’s 2025 edition of GCR 100, a guide to the world’s leading competition law and economics practices. This is the thirteenth consecutive year the Firm has been ranked in the highest tier among New York Firms by GCR. The publication highlighted Cravath’s “bountiful antitrust work,” including its role representing clients Epic Games in litigation against Google and Apple; Meta in putative class action and individual antitrust litigation; and Amgen in a successful defense against an FTC challenge to its $27.8 billion acquisition of Horizon Therapeutics.

On December 10, 2024, Cravath was recognized by the Financial Times in connection with its annual “North America Innovative Lawyers” report, which showcases “the most innovative work and legal services that lawyers have developed for their clients in North America.” In the “Dispute Resolution” category, the Firm received “Highly Commended” honors for its representation of Epic Games in securing a unanimous jury verdict, on all counts, in its antitrust lawsuit against Google.

On November 12, 2024, Cravath partner Rachel Skaistis was profiled in Lawdragon’s “Lawyer Limelight” series alongside her sister Hannah Ross, who is a partner at a different New York-based law firm. In the joint Q&A, Rachel and Hannah discussed their parallel paths to partnership and reflected on their individual practices in securities law. Describing what she is proudest of in her work, Rachel said: “I have had the privilege of working with such amazing lawyers, and I’ve gotten to learn from so many litigation styles. But it is nice to get to a point where you feel like you have found a style of practicing and advising your clients that is true to who you are.” The sisters also spoke about the mentors and role models, including each other, who helped shape their careers as female litigators.

Cravath partner Arvind Ravichandran was featured as a guest on the December 10, 2024 episode of Slaughter and May’s podcast, “Tax News.” In the interview, Arvind discussed how, following the 2024 elections, a new Congress and executive may shape the passing and implementation of tax policy in the years to come. Arvind reviewed the U.S. legislative process, from committees to the use of the filibuster and budget reconciliation, to explain how changes might come about, and examined how businesses might prepare for potential changes in tax policy.

Cravath partner Mark I. Greene was named to Crain’s New York Business’s inaugural list of “Notable Leaders in Accounting, Consulting & Law,” published on December 9, 2024. The feature honors professionals who “excel in their fields” and “embody the spirit of New York in their creativity and achievement.”

Cravath partners Faiza J. Saeed, Daniel J. Cerqueira and Claudia J. Ricciardi were recognized in The Hollywood Reporter’s list of “Hollywood’s Top Dealmakers of 2024,” which was published in the December 4, 2024 issue of The Hollywood Reporter Magazine. The feature highlighted the dealmakers who made “the most impactful and intriguing mergers and acquisitions” happen in the industry this year. Faiza, Dan and Claudia were noted for their representation of the Paramount Special Committee in its $28 billion merger agreement with Skydance. Faiza and Claudia were also noted for their representation of the independent Special Committee of Endeavor’s board of directors in its $25 billion take private acquisition by Silver Lake.

From December 5-6, 2024, Cravath partner Michael L. Arnold, who serves as chair of the American Bar Association’s Federal Regulation of Securities Committee, participated in its annual Winter Meeting, which was held in Washington, D.C. Michael moderated separate discussions with SEC Chair Gary Gensler and Commissioner Mark Uyeda, as well as a session entitled “Dialogue with the Director” with Erik Gerding, Director of the SEC’s Division of Corporation Finance. Cravath of counsel Lisa M. Kohl also participated in the event, moderating a panel which reviewed developments at the Public Company Accounting Oversight Board (“PCAOB”).

Cravath represented Booking Holdings Inc. in connection with its €1.8 billion registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel‑related reservation and search services. The transaction closed on November 21, 2024.