Cravath’s New York Office Moves to Two Manhattan West
On April 4, 2022, the Board of Directors of HDFC Bank Limited, the largest private sector bank in India, and Housing Development Finance Corporation Limited, India’s largest Housing Finance Company, at their respective meetings, approved a composite scheme of amalgamation for the amalgamation of: HDFC Investments Limited and HDFC Holdings Limited, with and into HDFC Limited; and HDFC Limited with and into HDFC Bank, and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The $40 billion merger is India’s largest‑ever M&A deal at the time of announcement. Cravath is representing HDFC Bank Limited as U.S. counsel in connection with the transaction.
The Cravath team is led by partner Philip J. Boeckman and includes associate Johannes K. R. Liefke and foreign associate Siddhant S. Sattur on M&A matters.
Deals & Cases
September 06, 2022
On September 6, 2022, ADT Inc. (“ADT”) and State Farm announced that State Farm has agreed to make a $1.2 billion equity investment in ADT to acquire 133.3 million shares of ADT’s common stock at $9 a share. In connection with State Farm’s equity investment, ADT will be commencing a self‑tender offer for up to 133.3 million shares of its outstanding common stock and Class B common stock at $9 per share, to be funded by the proceeds from the State Farm equity investment. After the equity investment and tender offer close, State Farm will own approximately 15% of ADT. Additionally, State Farm will commit $300 million to an opportunity fund to support product and technology innovation, customer growth and marketing, and Google has separately agreed to commit an incremental $150 million, raising its total success fund commitment to $300 million. Cravath is representing ADT in connection with the transactions.
Deals & Cases
September 06, 2022
On September 6, 2022, Texas Capital Bancshares, Inc. (“Texas Capital”) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (“BankDirect”), its insurance premium finance subsidiary, to AFCO Credit Corporation (“AFCO”), an indirect wholly‑owned subsidiary of Truist Financial Corp. (“Truist”), in an all‑cash transaction for a purchase price of approximately $3.4 billion. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Cravath is representing Texas Capital in connection with the transaction.
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