Lauren Angelilli Speaks at PLI’s 2023 Tax Planning Program

On February 16, 2023, IFF, an industry leader in food, beverage, scent, health and biosciences, science and creativity, announced it has entered into an agreement to sell its Flavor Specialty Ingredients (“FSI”) business to Exponent, a leading UK‑based private equity firm, for $220 million in cash proceeds. FSI reports through IFF’s Scent division and is a leading manufacturer of synthetic and natural base aroma chemicals used in the flavor market. Cravath is representing IFF in connection with the transaction.

On October 27, 2022, Altra Industrial Motion Corp. (“Altra”), a premier global manufacturer and supplier of motion control, power transmission and automation products, announced it has entered into a definitive agreement to be acquired by Regal Rexnord Corporation (“Regal Rexnord”) for approximately $5 billion on an enterprise value basis. Cravath is representing Altra in connection with the transaction.

On October 1, 2022, RWE AG (“RWE”), a leading renewable energy company, signed a purchase agreement with Con Edison, Inc. to acquire all shares in Con Edison Clean Energy Businesses, Inc., a leading operator and developer of renewable energy plants in the United States, for a purchase price based on an enterprise value of $6.8 billion. Cravath is representing RWE, alongside Hengeler Mueller, in connection with the transaction.

On August 8, 2022, Global Blood Therapeutics, Inc. (“GBT”), a biopharmaceutical company dedicated to the discovery, development and delivery of life‑changing treatments that provide hope to underserved patient communities, starting with sickle cell disease, and Pfizer Inc. (“Pfizer”) announced that the companies have entered into a definitive agreement under which Pfizer will acquire GBT. Under the terms of the transaction, Pfizer will acquire all the outstanding shares of GBT for $68.50 per share in cash, for a total enterprise value of approximately $5.4 billion, including debt and net of cash acquired. Cravath is representing GBT in connection with the transaction.