In March 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.

Cravath represented the underwriters in connection with the $1 billion registered senior notes offering of Kraft Heinz Foods Company, one of the largest food and beverage companies in the world at the time of the offering. Cravath also represented the underwriters in connection with Kraft Heinz Foods Company’s concurrent €600 million registered senior notes offering. The transactions closed on February 25, 2025.

On March 7, 2025, Cravath partner Andrew C. Finch participated in the American Bar Association’s Forum on Air & Space Law, which was held in Washington, D.C. The event convened experts to provide an insider’s perspective on leading topics in air and space law, as well as a look forward to the leading policy issues at the forefront in 2025 and beyond. Andrew spoke on a panel entitled “Airline Competition Twists & Turns,” which reviewed new activity around competition and consolidation in the airline industry, and considered how regulators influence and contribute to this dynamic and what it will mean for the industry over the next decade.

On March 6, 2025, Benchmark Litigation honored Cravath at the publication’s sixteenth annual U.S. Awards, which was held in New York City in honor of “the elite litigators and the firms that set the standard for excellence.” The Firm was awarded Benchmark Litigation’s “Antitrust Firm of the Year” award. Cravath partners David R. Marriott and Timothy G. Cameron accepted the award on behalf of the Firm.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million inaugural term loan B facility made available to DraftKings, Inc. for general corporate purposes. DraftKings is a digital sports entertainment and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming, and digital media. The transaction closed on March 4, 2025.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $1.6 billion term loan B facility made available to Reynolds Consumer Products, a leading provider of household products that simplify daily life so consumers can enjoy what matters most. With a presence in 95% of households across the United States, Reynolds Consumer Products manufactures and sells products that people use in their homes for cooking, serving, cleanup and storage. The transaction closed on March 4, 2025.

On March 7, 2025, Cravath partners Faiza J. Saeed, Antony L. Ryan, Gary A. Bornstein, Wes Earnhardt, Yonatan Even, Daniel J. Cerqueira, David H. Korn and Claudia J. Ricciardi were named to Lawdragon’s inaugural list of “500 Leading Global Entertainment, Sports & Media Lawyers” in recognition of their work across Cravath’s Corporate and Litigation Departments advising clients in the entertainment, sports and media industries. The list, assembled based on research and vetting by peers, highlights leading lawyers who use their expertise to advise “hugely valuable clients as they extend their reach in a multimedia world.”

Cravath represented the underwriters in connection with the $1 billion registered senior notes offering of Expedia Group, Inc., an online travel company. The transaction closed on February 21, 2025.

On March 6, 2025, Cravath partner Rachel G. Skaistis spoke at the Federal Bar Council’s “Raising the Bar: A Conversation with Women Judges and Lawyers on Mentorship and Success,” which was held in New York. The panel, which was hosted in celebration of Women’s History Month, explored the pivotal role of mentorship in shaping careers and fostering leadership. Rachel joined judges and fellow legal practitioners for a conversation on driving progress for the next generation of lawyers in the courtroom.

On March 7, 2025, Cravath partner Richard Hall spoke at the 37th Corporate Law Institute, which was hosted by Tulane University Law School from March 6‑7, 2025, in New Orleans, Louisiana, and featured members of the judiciary, journalists and leading corporate counsel and investment bankers to discuss the latest developments in M&A, corporate and securities law. Richard spoke on a panel entitled “Regulatory Merger Control Regimes – M&A in a Time of Regulatory Uncertainty.”

On March 6, 2025, Cravath prepared a memo for its clients entitled “Three Key SEC Developments Affecting ESG: Acting Chairman Uyeda’s Climate Rule Statement, SLB 14M and Schedule 13D/G CDIs.” The memo examines these recent actions under the U.S. Securities and Exchange Commission’s new leadership and their potential impact in the environmental, social and governance (ESG) space.

On March 6, 2025, Cravath partner Andrew C. Finch participated in the International Center for Law and Economics’ “The Future of Antitrust: Insights from Former Enforcers” event, which was held in Washington, D.C. The event convened an expert panel of former FTC and DOJ officials, including Andrew, to discuss the future of federal antitrust enforcement, including the role of economics and consumer welfare in shaping enforcement agencies’ focus and direction, what will become of proposed and adopted regulations and what to expect with changes in the presidential administration and agency leadership.

On March 6, 2025, Cravath partners Nicholas A. Dorsey and Kelly M. Smercina participated in NOVA and CFGI’s US – IPO Readiness event, which was hosted by BNY in London. The event convened representatives of the four organizations for a training session on IPO readiness in U.S. capital markets, covering the IPO process and timeline, team and organizational setup and legal considerations.

Cravath represented the underwriters in connection with the $5 billion registered notes offering of the State of Israel. The notes were listed on the London Stock Exchange. The transaction closed on February 19, 2025.

On March 4, 2025, Pacific General, a New York‑based private investment firm, announced that it has acquired a majority stake in Lenwich, a premium sandwich brand that has been a staple in New York City since 1989. Lenwich’s founder will retain a significant equity interest in the company and continue to lead Lenwich as CEO. The partnership between Pacific General and Lenwich aims to accelerate Lenwich’s expansion beyond its home market in New York City, extending across the East Coast and the broader United States. Cravath is representing Pacific General in connection with the transaction.

On February 25, 2025, Cravath was featured by Law360 as a “Securities Practice Group of the Year.” The profile highlighted the Firm’s “reputation as one of the top law firms that companies rely on for representation when faced with derivative lawsuits, investor class actions and other securities‑related litigation,” and recognized in particular the Firm’s representation of Robinhood in the sprawling “Meme Stock” litigation; Forward Air in its amended agreement to acquire Omni Logistics, resolving previously announced litigation; Root in its Sixth Circuit win affirming the dismissal of a putative securities class action; and Mylan in its appellate win affirming summary judgment in a securities class action.

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.