Jefferies and SMBC’s Expansion of Strategic Alliance
April 27, 2023
On April 27, 2023, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Banking Corporation (“SMBC”) announced that they have expanded their strategic alliance to collaborate on future corporate and investment banking business opportunities, as well as in equity sales, trading, and research. The expanded alliance also includes joint coverage of designated investment grade clients that have banking relationships with SMBC and will now have dedicated Jefferies investment banking coverage. SMBC will be responsible for credit products and debt capital markets, while Jefferies will be responsible for M&A and equity capital markets. Additionally, SMBC intends to increase its economic ownership of Jefferies to up to 15% on an as converted and fully diluted basis and upon the investment reaching or passing 10%, SMBC will be entitled to designate a new member to Jefferies’ Board of Directors. Cravath is representing Jefferies in connection with the transaction.
The Cravath team is led by partner Jin‑Kyu Baek and includes associates Patrick S. Taylor, Harold C. King, Patricia L. Menges and Morgan S. Lucey on M&A matters; partners Andrew J. Pitts and C. Daniel Haaren and associate Christina M. Drakeford on capital markets matters; partner Ronald E. Creamer Jr. on tax matters; of counsels Benjamin G. Joseloff and Will C. Giles, practice area attorney Nicole M. Peles and associates Danjie Fang and Brent E. Bomkamp on regulatory matters; partners Michael L. Arnold and Kimberley S. Drexler on corporate governance matters; and practice area attorney Alexander Gerten on financial restructuring and reorganization matters.
Related Practices & Industries
People
- Photo
-
-
J.D., 2015, Harvard Law School
-
A.B., 2008, Harvard Collegecum laude
- New York
Education
Admitted In
- Photo
-
-
M.B.A., 1995, Boston Universitywith High Honors
-
J.D., 1994, Boston University School of Lawsumma cum laude
-
B.A., 1988, Trinity College
- New York
Education
Admitted In
- Photo
-
-
J.D., 2012, New York University School of LawOrder of the Coif, Pomeroy Scholar, magna cum laude
-
B.A., 2009, Duke University
- New York
Education
Admitted In
- Photo
-
-
M.P.P.M., 1991, Yale University
-
J.D., 1991, Yale Law School
-
A.B., 1987, Princeton University
- New York
Education
Admitted In
- Photo
-
-
J.D., 2008, Stanford Law SchoolPro Bono Distinction
-
B.A., 2004, New York UniversityPhi Beta Kappa, summa cum laude
- New York
Education
Admitted In
- Photo
-
-
J.D., 2013, Columbia Law SchoolHarlan Fiske Stone Scholar
-
B.A., 2010, University of ChicagoGeneral Honors
- New York
Education
Admitted In
- Photo
-
-
J.D., 1997, Yale Law SchoolCoker Fellow
-
B.A., 1993, University of VirginiaHighest Distinction, Echols Scholar, Phi Beta Kappa
- New York
Education
Admitted In
- Photo
-
-
LL.M., 2010, Boston University
-
J.D., 2007, University of Virginia School of Law
-
B.S.B.A., 2004, University of Arkansas, Fayetteville
- District of Columbia
Education
Admitted In
- Photo
-
-
J.D., 2010, New York University School of Lawcum laude
-
A.B., 2007, Dartmouth College
- New York
Education
Admitted In
- Photo
-
-
J.D., 2016, Columbia Law SchoolHarlan Fiske Stone Scholar
-
B.S., 2012, University of Wisconsin - MadisonGraduated with Distinction; Stone Scholarship in Economics
- New York
Education
Admitted In
Related News
Deals & Cases
November 13, 2024
Just Eat Takeaway.com’s Sale of Grubhub to Wonder
On November 13, 2024, Just Eat Takeaway.com N.V. (“Just Eat Takeaway.com”), one of the world’s leading global online food delivery companies, announced that it has entered into a definitive agreement to sell Grubhub Inc. (“Grubhub”) to Wonder Group, Inc. (“Wonder”) for an enterprise value of $650 million. Grubhub will be transferred with its $500 million of senior notes. Cravath is representing Just Eat Takeaway.com in connection with the transaction.
Deals & Cases
October 25, 2024
L&G’s Investment in Taurus Investment Holdings
On October 25, 2024, Legal & General (“L&G”), one of the U.K.’s leading financial services groups and a major global investor, announced its strategic investment in Taurus Investment Holdings, LLC (“Taurus”), a Boston‑based, global real estate private equity firm, alongside an initial commitment of up to $200 million in seed capital to multifamily real estate. Cravath is representing L&G in connection with the transaction.
Deals & Cases
July 16, 2024
Atalaya Capital Management’s Sale of its Business to Blue Owl Capital
On July 16, 2024, Atalaya Capital Management LP (“Atalaya Capital Management”), a privately‑held alternative credit manager, and Blue Owl Capital Inc. (“Blue Owl Capital”), an alternative asset manager, announced that they have entered into a definitive agreement for Blue Owl Capital to acquire the business of Atalaya Capital Management for $450 million. The closing purchase price of $450 million is comprised of $350 million of Blue Owl equity and $100 million of cash. In addition, there is potential for up to $350 million of earnout consideration in the form of equity, subject to certain adjustments and achievement of future revenue targets. Cravath is representing Atalaya Capital Management in connection with the transaction.
Deals & Cases
May 28, 2024
UScellular’s $4.4 Billion Sale of Wireless Operations and Select Spectrum Assets to T‑Mobile
On May 28, 2024, United States Cellular Corporation (“UScellular”) announced that it has entered into a definitive agreement to sell its wireless operations and select spectrum assets to T‑Mobile for a purchase price of $4.4 billion, including a combination of cash and up to approximately $2 billion of assumed debt. Under the terms of the agreement, T‑Mobile will acquire UScellular’s wireless operations and approximately 30% of its spectrum assets across several spectrum bands. In addition, T‑Mobile will enter into a new master license agreement with UScellular on more than 2,000 towers. The agreement follows a thorough strategic review process announced in August 2023 and has been unanimously recommended by the independent directors of UScellular and unanimously approved by the Board of Directors of UScellular. Cravath is representing the independent directors of UScellular in connection with the transaction.
