Cravath’s New York Office Moves to Two Manhattan West
On March 24, 2021, Cravath partner Margaret T. Segall participated in the Center on Civil Justice: Antitrust Series, a four‑part series hosted virtually by the NYU School of Law. Maggie spoke during a program entitled “Data as Market Power: Barriers to Entry from Big Data,” which discussed the impact access to large data sets, which are key to successful implementation of artificial intelligence, can have on innovation and competition. The panel discussed whether access to data is serving as a major barrier to entry in any industry and if it is possible for a company to monopolize data sets.
Deals & Cases
March 18, 2021
On March 18, 2021, National Grid plc (“National Grid”) announced that it has agreed to acquire Western Power Distribution, the UK’s largest electricity distribution business, from PPL Corporation (“PPL”) for an equity value of £7.8 billion, and that National Grid has agreed to sell The Narragansett Electric Company, Rhode Island’s largest electricity transmission and distribution service provider, to PPL for an equity value of $3.8 billion. Cravath is representing National Grid in connection with the transactions.
Deals & Cases
March 10, 2021
On March 10, 2021, AerCap Holdings N.V. (“AerCap”), a global leader in aircraft leasing, announced that it has entered into a definitive agreement with General Electric (“GE”) under which AerCap will acquire 100% of GE Capital Aviation Services, a GE business. Under the terms of the agreement, which has been unanimously approved by the boards of directors of AerCap and GE, GE will receive 111.5 million newly issued AerCap shares, $24 billion of cash and $1 billion of AerCap notes and/or cash. Cravath is representing AerCap in connection with the transaction.
Deals & Cases
February 22, 2021
On February 22, 2021, GasLog Ltd. (“GasLog”), an NYSE‑listed international LNG shipping company with an enterprise value of approximately $4.9 billion, announced that it has entered into an agreement and plan of merger with BlackRock’s Global Energy & Power Infrastructure team (“GEPIF”). Under the merger agreement, GEPIF will acquire all of the outstanding common shares of GasLog that are not held by certain existing shareholders of GasLog, including Blenheim Holdings Ltd., which is wholly owned by the Livanos family, and a wholly owned affiliate of the Onassis Foundation (collectively, the “Rolling Shareholders”), in exchange for $5.80 in cash per common share. Upon closing of the transaction, the Rolling Shareholders will continue to hold approximately 55% of the outstanding common shares of GasLog and GEPIF will hold approximately 45%. Cravath is representing GasLog in connection with the transaction.
Deals & Cases
February 03, 2021
On February 3, 2021, GW Pharmaceuticals plc (“GW”) and Jazz Pharmaceuticals plc (“Jazz”) announced that they have entered into a definitive agreement for Jazz to acquire GW, a global leader in developing, manufacturing and commercializing novel, regulatory approved therapeutics from its proprietary cannabinoid product platform to address a broad range of diseases for $220.00 per American Depositary Shares (ADS), in the form of $200.00 in cash and $20.00 in Jazz ordinary shares for a total consideration of $7.2 billion. Cravath is representing GW in connection with the transaction.
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