On April 15, 2025, Cravath prepared a memo for its clients entitled “DOJ Announces New Digital Asset Enforcement Priorities.” The memo examines the Office of the Deputy Attorney General’s recently issued memorandum with the subject “Ending Regulation By Prosecution,” which sets out new enforcement priorities for digital asset‑related investigations and prosecutions by the U.S. Department of Justice.

Cravath represented AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust in connection with its $500 million registered fixed‑rate reset junior subordinated notes offering. AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust are wholly owned subsidiaries of AerCap Holdings N.V., the global leader in aircraft leasing. The notes will be listed on the Irish Stock Exchange. The transaction closed on April 1, 2025.

Cravath represented the underwriters in connection with the $4 billion registered senior notes offering of Dell International L.L.C. and EMC Corporation. Dell International L.L.C. and EMC Corporation are wholly‑owned subsidiaries of Dell Technologies, a leading integrated technology solutions provider in the IT industry. The transaction closed on April 1, 2025.

Cravath represented the initial purchasers in connection with the $400 million 144A/Reg. S high‑yield senior notes offering of goeasy Ltd., a leading full‑service provider of goods and alternative financial services that improve the lives of everyday Canadians. The transaction closed on April 1, 2025.

On April 3, 2025, Cravath partner Sharonmoyee Goswami led “Protect, Scale, Invest: The IP Playbook for Sustainability Leaders,” an event co‑hosted by Cravath in New York. Sharon was featured in a fireside chat for a discussion on strategically leveraging intellectual property to drive value and protect innovation in the energy transition market, including optimizing IP portfolios, scaling innovation in an evolving regulatory landscape, handling potential IP litigation, navigating IP risks and opportunities in transactions and understanding legal and economic trends.

On April 10, 2025, Cravath partner J. Leonard Teti II participated in the 25th Annual U.S. and Europe Tax Practice Trends Conference, which was held from April 9‑11, 2025 in Amsterdam and presented by the International Bar Association Tax Section, American Bar Association Tax Section and USA Branch of the International Fiscal Association. Len spoke on a panel entitled “Reversions – Coming Back to U.S.‑Based Multinationals,” which reviewed the tax structures and strategies for the movement of companies from outside the U.S. to the U.S. and how a U.S. holding company structure can be achieved in the course of restructurings, spins or mergers.

On April 11, 2025, Cravath partner Michael L. Arnold and of counsel William D. Podurgiel participated in “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals,” a virtual program co‑hosted by Cravath and the Texas General Counsel Forum. The program reviewed key proxy season updates, including the impact of updated SEC guidance on ESG and shareholder engagement, responses to shareholder proposals under Staff Legal Bulletin 14M, updates to Schedule 13D and 13G reporting and new considerations in ESG disclosures.

On April 10, 2025, an investor group led by White Mountains Insurance Group, Ltd. (“White Mountains”), Ethos Capital and British Columbia Investment Management Corporation announced it will acquire an ownership position in BroadStreet Partners, Inc. (“BroadStreet”), a leading North American insurance brokerage company. Under the terms of the agreement, Ontario Teachers’ Pension Plan will maintain a significant co‑control stake in BroadStreet and operate in partnership with the investment group. Cravath is representing White Mountains in connection with the transaction.

Gus Makris is Senior Managing Counsel and Head of the Office of Tax Counsel at Dow, a global materials science company. In this episode of On Tax, he and fellow Cravath partner and host Len Teti talk about how Gus made his way to his current role at Dow, where he has found a culture that deeply values tax advisory, and how the lessons he learned while a tax associate at Cravath have continued to inform his practice. Gus also reminisces about his time in law school and shares key insights and advice for attorneys and young professionals just beginning their careers.

Cravath partner Richard Hall served as contributing editor of Legal 500’s 2025 “Mergers & Acquisitions Country Comparative Guide,” which was published in April 2025. The guide provides a pragmatic overview of M&A laws and regulations across a variety of jurisdictions. Together with Richard, partner Daniel J. Cerqueira authored the United States chapter of the guide, which reviews M&A trends, the current state of the market and key considerations for companies and shareholders.

On April 3, 2025, IFLR honored Cravath as an advisor of the “Loan Deal of the Year” at the publication’s 2025 Europe Awards, in connection with the Firm’s representation of the lead arrangers and initial purchasers in the financing for TDR Capital and I Squared Capital’s €1.9 billion acquisition of Applus. In announcing the award, IFLR highlighted the “bespoke innovative English law financing arrangements” involved in the deal as well as the nine global jurisdictions it spanned. The publication also noted how “the deal teams navigated untested regulatory and other deal‑specific requirements that contained a number of firsts in the Spanish market.”

On April 5, 2025, Intellectual Asset Management published an article by Cravath partner David J. Kappos entitled “Direction of UK Courts on ‘Interim’ SEP Licences Spells Doom for Innovation‑Based Standards.” The article examines recent UK court decisions regarding standard essential patents (“SEP”) licences and argues that the court’s new practice of forcing SEP owners to grant interim licences to implementers carries negative implications for SEP licensing worldwide, disrupting the functioning of the system.

On April 7, 2025, IBM announced it has acquired Hakkoda Inc., a leading global data and AI consultancy. Hakkoda will expand IBM Consulting's data transformation services portfolio, adding specialized data platform expertise to help clients get their data ready to fuel AI‑powered business operations. Cravath is representing IBM in connection with the transaction.

On April 4, 2025, Rogers Communications Inc. (“Rogers”) announced it has entered into a definitive agreement with funds managed by Blackstone, backed by leading Canadian institutional investors, for a CDN$7 billion equity investment. Under the terms of the transaction, Blackstone will acquire a non-controlling interest in a new Canadian subsidiary of Rogers that will own a minor part of the Rogers wireless network. Following the transaction, Blackstone will hold a 49.9% equity interest (with a 20% voting interest) in the new subsidiary. Rogers will maintain full operational control of its network and will include the financial results of the new subsidiary in its consolidated financial statements. At any time between the eighth and twelfth anniversaries of closing, Rogers will have the right to purchase Blackstone’s interest in the new subsidiary. Rogers intends to use the net proceeds from the transaction to repay debt. Cravath is representing Rogers as U.S. counsel in connection with the transaction.

On April 1, 2025, Global Competition Review (GCR) named Cravath partner Margaret T. Segall “Dealmaker of the Year” as part of its 2025 Awards ceremony in Washington, D.C., which honored “the world’s leading antitrust lawyers, economists and enforcers.” The Dealmaker of the Year award recognized Maggie as “a lawyer whose superior knowledge, practical judgement and negotiation skills in merger clearance matters in 2024 demonstrates that they are among the very best in the field.”

Cravath represented Element Fleet Management Corp. in connection with its $650 million 144A/Reg. S senior notes offering. Element Fleet Management Corp. is the largest publicly traded pure‑play automotive fleet manager in the world. The transaction closed on March 25, 2025.

Cravath represented the European Investment Bank (“EIB”) in connection with its $4 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 March 18, 2025.

On March 31, 2025, Cravath partner Philip J. Boeckman was named for the fourth consecutive year to India Business Law Journal’s 2025 “International A‑List.” The list recognizes lawyers who are “indispensable advisers on India‑related matters, bridging jurisdictions and driving transactions and disputes that fuel India’s engagement with the world,” as nominated primarily by lawyers at Indian law firms.

Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg S. high‑yield senior notes offering of Alumina Pty Ltd, a wholly owned subsidiary of Alcoa Corporation, a global industry leader in the production of bauxite, alumina and aluminum products. Cravath also represented the dealer managers in connection with the concurrent cash tender offers for notes of Alcoa Nederland Holding B.V., a wholly owned subsidiary of Alcoa Corporation, with an aggregate principal amount of up to $1 billion. The transactions closed on March 17, 2025.

On March 24, 2025, Cravath partner Sharonmoyee Goswami participated in the Banbury Center at Cold Spring Harbor Laboratory’s Government Challenges to U.S. Patent Rights meeting, which was held from March 23‑26 in Lloyd Harbor, New York. Sharon co‑chaired a session entitled “The Public & Private Sectors - Research Funding.”