August 05, 2021
On August 5, 2021, Daily Mail and General Trust plc (“DMGT”) announced that it has entered into a definitive agreement to sell Risk Management Solutions (“RMS”), its insurance risk business and a leading global provider of climate and natural disaster risk modeling and analytics headquartered in Silicon Valley, to Moody’s Corporation for approximately £1.425 billion. Cravath is representing DMGT in connection with the transaction.
The Cravath team is led by partner Richard Hall and includes associates Charles A. Dobb, Andrew J. Astore and Christina M. Drakeford on M&A matters; partner J. Leonard Teti II, senior attorney Andrew Carlon and associate Leon B. Dalezman on tax matters; partner Jonathan J. Katz, practice area attorney Sarah W. Colangelo and associates Jana I. Hymowitz and Laura S. Lee on executive compensation and benefits matters; partner David J. Kappos and associates Christopher P. Davis and Pedraam Mirzanian on intellectual property matters; partner Margaret T. Segall and senior attorney Jesse M. Weiss on antitrust matters; and senior attorney Joyce Law on real estate matters.
Deals & Cases
August 01, 2021
On August 1, 2021, Afterpay Limited and Square, Inc. announced that they have entered into a Scheme Implementation Deed under which Square has agreed to acquire all of the issued shares in Afterpay by way of a recommended court-approved Scheme of Arrangement. The transaction has an implied value of approximately $29 billion based on the closing price of Square common stock on July 30, 2021, and is expected to be paid in all stock. Cravath, together with Gilbert + Tobin, is representing Afterpay in connection with the transaction.
Deals & Cases
July 30, 2021
On July 28, 2021, Swvl Inc. (“Swvl”), a Dubai‑based provider of transformative mass transit and shared mobility solutions, and Queen’s Gambit Growth Capital, the first special purpose acquisition company entirely led by women, announced that they have entered into a definitive agreement for a business combination that would result in Swvl becoming a publicly listed company. Upon completion of the proposed transaction, the combined public company will be named Swvl Holdings Corp and is expected to be the first $1 billion plus “unicorn” from the Middle East to list on NASDAQ, under the ticker symbol “SWVL”. Cravath is representing Swvl in connection with the transaction.
Deals & Cases
July 21, 2021
On July 19, 2021, Lindsay Goldberg, a private investment firm, announced that funds managed by the firm have entered into a definitive agreement to sell Big Ass Fans (“BAF”), a pioneer of the high volume, low speed and connected fan categories, to Madison Industries’ Indoor Air Quality vertical. Cravath is representing BAF in connection with the transaction.
Deals & Cases
July 15, 2021
On July 15, 2021, Scientific Games Corporation (“Scientific Games”) announced that it has submitted to the Board of Directors of SciPlay Corporation (“SciPlay”) a proposal for Scientific Games to acquire the remaining 19% equity interest in SciPlay that it does not currently own in an all‑stock transaction, following which SciPlay would become a wholly‑owned subsidiary of Scientific Games. Cravath is representing Scientific Games in connection with the transaction.
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