Cravath’s New York Office Moves to Two Manhattan West
On April 2, 2024, Endeavor Group Holdings, Inc. (“Endeavor”), a global sports and entertainment company, announced that it has entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with the Endeavor management team and additional anchor investors. Cravath is representing the independent Special Committee of Endeavor’s board of directors in connection with the transaction.
Under the terms of the agreement, Silver Lake will acquire 100% of the outstanding shares it does not already own, other than rolled interests, acquiring Endeavor at an equity value of $13 billion and a total consolidated enterprise value of $25 billion. Silver Lake believes this will represent the largest private equity sponsor public‑to‑private investment transaction in over a decade, and the largest ever in the media and entertainment sector.
The Cravath team is led by partners Faiza J. Saeed and Claudia J. Ricciardi and includes associates Saagar Kaul, Ahra Cho and Michael Minsuk Choi on M&A matters; partners Stephen M. Kessing and Douglas Dolan and associate Alan J. Steiner on financing matters; partners Lauren Angelilli and Andrew T. Davis and associates Carlos Nicholas Obando and Tristan Baylor on tax matters; partner Eric W. Hilfers and associates Brendon J. Rivard and Celine Li on executive compensation and benefits matters; partner Sasha Rosenthal-Larrea and associate David M. Ungar on intellectual property matters; partner Kevin J. Orsini and associate Jacqueline Kathie Matyszczyk on litigation matters; partner Jesse M. Weiss and of counsel Benjamin G. Joseloff on regulatory matters; and senior attorney Joyce Law and practice area attorney Lauren Piechocki on real estate matters.
Deals & Cases
October 04, 2024
On October 3, 2024, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, announced that one of its wholly owned subsidiaries acquired a portion of Editas Medicine, Inc.‘s payment rights under a non‑exclusive license of Editas’ Cas9 gene‑editing technology for CASGEVY®, the only approved gene‑edited cell therapy for sickle cell disease and transfusion‑dependent beta thalassemia, for an upfront purchase price of $57 million. The transaction entitles DRI Healthcare to specific payments based on a sublicensing agreement between Editas and Vertex Pharmaceuticals Incorporated. The payments include a share of the annual license fees that Vertex pays to Editas, which can range from $5 million to $40 million, including certain sales‑based annual license fee increases, and a portion of a $50 million contingent payment to which Editas is eligible under the Vertex sublicensing agreement. Cravath is representing DRI Healthcare in connection with the transaction.
Deals & Cases
September 05, 2024
On September 5, 2024, Verizon Communications Inc. and Frontier Communications Parent, Inc. (“Frontier”), the largest pure‑play fiber provider in the U.S., announced they have entered into a definitive agreement for Verizon to acquire Frontier in an all‑cash transaction valued at $20 billion. Cravath is representing Frontier in connection with the transaction.
Deals & Cases
May 07, 2024
On May 7, 2024, Ashland Inc. (“Ashland”), a global additives and specialty ingredients company, announced that it has signed a definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners LLC. Cravath is representing Ashland in connection with the transaction.
Deals & Cases
January 31, 2024
On January 31, 2024, Health Care Service Corporation (“HCSC”), the country’s largest customer‑owned health insurer, announced that it has signed a definitive agreement with The Cigna Group (“Cigna”) to acquire its Medicare Advantage, Medicare Supplemental Benefits, Medicare Part D and CareAllies businesses for a purchase price of $3.3 billion. Cigna’s Medicare plans currently serve 3.6 million Medicare members. Cravath is representing HCSC in connection with the transaction.
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