On February 26, 2025, Cravath and Harvard Law School hosted a program to celebrate the work of the Cravath International Fellows, which was held in Cambridge, Massachusetts. Established in 2006 by Cravath partners who are Harvard Law School alumni, under the leadership of the late Robert D. Joffe, the Cravath International Fellowships program provides financial assistance, including travel and living expenses, to students pursuing academic projects during their Winter Term with an international, transnational or comparative law focus. Approximately 12 Cravath International Fellowships are awarded annually.

Cravath represented the initial purchasers in connection with the €325 million 144A/Reg. S high‑yield senior secured notes offering of Flora Food Management B.V. (f/k/a Upfield B.V.). Flora Food Management B.V. operates as a plant‑based consumer product company. The transaction closed on February 3, 2025.

Cravath represented the underwriter in connection with the $499 million registered secondary offering of class A common stock of Hess Midstream LP, a fee‑based, growth‑oriented, limited partnership formed by Hess Midstream GP LP and Hess Infrastructure Partners GP LLC to own, operate, develop and acquire a diverse set of midstream assets and provide fee‑based services to Hess Corporation and third‑party customers. The shares were listed on the New York Stock Exchange. The transaction closed on February 12, 2025.

Cravath represented the underwriters in connection with the $2 billion registered notes offering of Union Pacific Corporation, owner of one of America's leading transportation companies. The transaction closed on February 13, 2025.

Cravath represented the European Investment Bank (“EIB”) in connection with its $3 billion SEC registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on February 12, 2025.

Cravath represented the initial purchasers in connection with the $800 million 144A/Reg. S high‑yield senior notes offering of Hess Midstream Operations LP, a fee‑based, growth‑oriented, limited partnership that owns, operates, develops and acquires a diverse set of midstream assets and provides fee‑based services to Hess and third‑party customers. The transaction closed on February 12, 2025.

On February 20, 2025, Cravath was featured by Law360 as a “Competition Practice Group of the Year.” The profile highlighted the Firm’s representations across litigation and antitrust clearance, including a “trailblazing antitrust verdict” for Epic Games in its trial victory against Google and the Firm’s successful antitrust guidance of Cisco Systems in its $28 billion acquisition of Splunk and of Aon PLC in its $13 billion acquisition of NFP. The profile also recognized Cravath’s successful defense of Robinhood Markets Inc. in antitrust claims before the Eleventh Circuit and victories for Meta in putative class action and individual antitrust litigation resulting in the dismissal of all claims.

Cravath partner Timothy G. Cameron and associate Michael Cheng authored the United States chapter of Lexology In‑Depth’s “Dispute Resolution - Edition 17,” which was published on January 24, 2025. The chapter provides an in‑depth overview of the U.S. federal and state court systems, covering how district, bankruptcy and other special trial courts are organized, as well as the procedural rules applicable in federal courts. The chapter also reviews several notable U.S. Supreme Court decisions from 2024.

Cravath partners John W. White, Michael L. Arnold, Helam Gebremariam and Ryan J. Patrone participated in the 41st Annual Federal Securities Institute, which was hosted by the Business Law Section of the Florida Bar in Tampa, Florida from February 24‑25, 2025 and brought together corporate, M&A and securities practitioners, in‑house counsel, executives and advisors to discuss various topics in corporate law, including structuring acquisitions and capital‑raising transactions, navigating regulatory enforcement issues and corporate governance.

Cravath represented OT Midco Inc. in connection with its $637.5 million 144A/Reg. S high‑yield senior secured notes offering. OT Midco Inc. is a wholly owned subsidiary of Outbrain Inc., a leading technology platform that connects media owners and advertisers to over a billion unique consumers around the world. Proceeds of the offering were used to repay, in full, the bridge facility used to finance Outbrain Inc.’s acquisition of Teads S.A. The transaction closed on February 11, 2025.

Cravath represented Rogers Communications Inc. in connection with its $2.1 billion registered fixed‑to‑fixed rate subordinated notes. Rogers Communications is one of Canada's largest providers of wireless communication services, including cable television, high‑speed internet and telephony services. The transaction closed on February 12, 2025.

On February 24, 2025, Bridge Investment Group Holdings Inc. (“Bridge”), a leading alternative investment manager diversified across specialized asset classes, and Apollo Global Management, Inc. (“Apollo”) announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all‑stock transaction with an equity value of approximately $1.5 billion. Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively. Cravath is representing the special committee of the Bridge Board of Directors in connection with the transaction.

In February 2025, Cravath continued its “Tech Explainers” series, which introduces and explains technical, cutting-edge concepts and describes their importance in a way that is accessible to and easily understood by business and legal professionals outside the technical community.

On February 24, 2025, Cravath partner Kimberley S. Drexler participated in “Corporate Governance – A Master Class 2025,” a program presented by the Practising Law Institute in New York. Kimberly spoke on a panel entitled “Selected Audit Committee Priorities for 2025,” which reviewed audit committee priorities, auditor independence and pre‑approval policies and processes, internal controls, SEC, FASB and PCAOB focus areas and standard‑setting, risk oversight and financial reporting challenges.

On February 13, 2025, Cravath was featured by Law360 as an “Energy Practice Group of the Year.” The profile highlighted the Firm’s “groundbreaking legal wins” for prominent companies in the energy sector, including its representation of The Williams Companies, Inc. in its Delaware Supreme Court victory affirming a trial win with $600 million judgment and PG&E in a victory before the California Supreme Court shielding the company from liability for public safety power shutoffs. The profile also recognized Cravath’s consistent work on multibillion‑dollar M&A and project finance deals across the sector, including the Firm’s representation of Brookfield Renewable in its and Cameco’s $7.875 billion acquisition of Westinghouse and its $2.8 billion acquisition of Duke Energy Renewables.

Cravath represented the underwriters in connection with the $2 billion registered senior notes offering of Marathon Petroleum Corporation, a leading, integrated, downstream energy company. The transaction closed on February 10, 2025.

On February 24, 2025, Cravath announced that Nicole M. Argentieri, who formerly served as Acting Assistant Attorney General in the U.S. Department of Justice’s Criminal Division, will join the Firm as a partner.

On February 20, 2025, Cravath partner Andrew T. Davis participated in the American Bar Association’s 2025 Midyear Tax Meeting, which was held from February 19-21 in Los Angeles. The event convened leading tax attorneys and government officials to discuss the latest federal, state and local tax policies and other topics. Andrew spoke on a panel entitled “CAMT Proposed Regulations,” which explored topics related to the recently released corporate alternative minimum tax (CAMT) proposed regulations, including CAMT’s application to multinational groups, CAMT considerations in M&A transactions and issues left unaddressed by the proposed regulations.

Cravath partners David J. Kappos, Evan Norris and Sasha Rosenthal‑Larrea and of counsel Dean M. Nickles co‑authored an article entitled “Early Trump AI Moves Come in a Complex Regulatory Landscape,” which was published in Bloomberg Law on February 20, 2025. The article provides an overview of the current U.S. federal and state regulatory landscape for AI and looks ahead to potential future developments.

On February 21, 2025, Cravath partners Kevin J. Orsini and Andrew C. Compton were named to Lawdragon’s 2025 list of “500 Leading Energy Lawyers,” which recognizes the leading “infrastructure & project development experts, energy litigators and dealmakers,” for their work advising clients in the energy sector.