Cravath’s antitrust practice is ranked among the “Elite” in Global Competition Review’s 2020 edition of GCR 100, a guide to the world’s leading competition law and economics practices. This is the ninth consecutive year the Firm has been ranked in the highest tier among New York Firms by GCR. The publication highlighted Cravath’s role advising on antitrust matters for Occidental in its $57 billion acquisition of Anadarko, Pinnacle Foods in its $10.9 billion acquisition by Conagra Brands, Buckeye Partners, L.P. in its $10.3 billion acquisition by Global Infrastructure Fund and Orbotech in its $3.4 billion acquisition by KLA‑Tencor. The feature also noted Cravath’s work for American Express in its 2018 Supreme Court victory, AB InBev in the dismissal of an antitrust suit over the $123 billion SABMiller merger, Qualcomm against claims brought by Apple, and Blue Cross Blue Shield affiliates in multiple states against a consolidated class action.
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Deals & Cases
May 22, 2019
Occidental’s $57 Billion Acquisition of Anadarko, Contingent $8.8 Billion Sale of Anadarko African Assets to Total and $10 Billion Investment from Berkshire Hathaway
On May 9, 2019, Cravath client Occidental Petroleum Corporation (“Occidental”) entered into a definitive agreement whereby Occidental will acquire Anadarko Petroleum Corporation (“Anadarko”) for $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock, in a transaction valued at $57 billion, including the assumption of Anadarko’s debt. This follows Occidental’s revised proposal to acquire Anadarko on May 5, 2019. (To read the announcement about the revised proposal, please click here.)
Deals & Cases
Pinnacle Foods’s $10.9 Billion Acquisition by Conagra Brands
On June 27, 2018, Pinnacle Foods Inc. (“Pinnacle Foods”) and Conagra Brands, Inc. (“Conagra Brands”) announced that they have entered into a definitive agreement under which Conagra Brands will acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 billion, including Pinnacle Foods’s outstanding net debt. Cravath is representing Pinnacle Foods in connection with the transaction.
Deals & Cases
May 10, 2019
Buckeye Partners, L.P.’s $10.3 Billion Acquisition by IFM Investors
On May 10, 2019, Buckeye Partners, L.P. (“Buckeye”) and IFM Investors announced that they have entered into a definitive agreement under which the IFM Global Infrastructure Fund will acquire all of the outstanding public common units of Buckeye for $41.50 per common unit. The all-cash transaction is valued at $10.3 billion enterprise value and $6.5 billion equity value. Cravath is representing Buckeye in connection with the transaction.
Deals & Cases
Orbotech’s $3.4 Billion Acquisition by KLA‑Tencor
On March 19, 2018, KLA‑Tencor Corporation (“KLA‑Tencor”) and Orbotech Ltd. (“Orbotech”) announced that they entered into a definitive agreement pursuant to which KLA‑Tencor, a leading provider of process control and yield management solutions, will acquire Orbotech, a leading global supplier of yield‑enhancing and process‑enabling solutions for the manufacture of electronics products. The transaction values Orbotech at an equity value of approximately $3.4 billion. In addition, KLA‑Tencor announced a $2 billion share repurchase authorization. Cravath is representing Orbotech as U.S. counsel in connection with the transaction.
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