Outbrain’s Acquisition of Teads

On February 3, 2025, Outbrain Inc. (“Outbrain”), a technology platform, announced the closing of its acquisition of Teads, a global omnichannel platform, from Altice. The two companies will merge their offerings to create an omnichannel outcomes platform for the open internet, and will operate under the name Teads. Outbrain, Altice and Teads have amended the previously announced share purchase agreement. Under the terms of the revised agreement, Outbrain will be paying a total consideration of approximately $900 million, consisting of $625 million upfront cash and 43.75 million shares of common stock of Outbrain valued at approximately $263 million. Cravath is representing Outbrain in connection with the transaction.

The Cravath team is led by partners Nicholas A. Dorsey, Kelly M. Smercina and Joseph D. Zavaglia and includes associates Fay E. Faught, Nadia T. Odai‑Afotey, Ori Oren, Morgan S. Lucey, Rahul Jayaprabha, Philip Iacovou and Mitchell S. Siegel on bank financing matters; partner Korey Fevzi, of counsels Chantelle Dovey and Helen Walsh and associates Harry Poland and Iain Sneddon on English bank financing matters; partners George F. Schoen and Michael E. Mariani and associates Alan J. Steiner and Samuel Baucom on U.S. M&A matters; partner Arvind Ravichandran and associate Jonathan Minion on tax matters; partner Sasha Rosenthal‑Larrea and associates Matthew L. Ybarra and Vincent Joralemon on intellectual property matters; of counsel Elizabeth Albert on derivatives matters; and of counsel Lisa M. Kohl on corporate governance matters.