Cravath’s New York Office Moves to Two Manhattan West
On April 22, 2021, Cravath partner Nicholas A. Dorsey participated in “SPACs: A Closer Look at SEC Reporting and Accounting Guidance,” a seminar hosted virtually by the Managed Funds Association. The program analyzed the latest SEC staff guidance on accounting and reporting of special purpose acquisition company (“SPAC”) transactions, including indexation and warrants issued by SPACs, tender offer provisions, registrant financial statements, liability and SEC enforcement risks and potential rulemaking.
Deals & Cases
April 01, 2021
Cravath represented the underwriters in connection with the $500 million registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc. CBRE is a leading commercial real estate services and investment firm. The transaction closed on March 18, 2021.
Deals & Cases
March 29, 2021
On March 29, 2021, Cazoo Holdings Limited (“Cazoo”), the UK’s leading online car retailer, and AJAX I, a publicly‑traded special purpose acquisition company (SPAC), announced the signing of a definitive business combination agreement which values the combined company at a pro forma enterprise value of approximately $7.0 billion and a pro forma equity value of approximately $8.1 billion. Upon closing of the proposed transaction, the combined company will be named Cazoo and listed on the New York Stock Exchange. Cravath, together with Slaughter and May, is representing DMGT, which owns a 20% stake in Cazoo through its venture capital arm dmg ventures, in connection with the transaction.
Deals & Cases
February 16, 2021
Cravath represented Lazard in connection with the $575 million initial public offering of Lazard Growth Acquisition Corp. I, a special purpose acquisition company (SPAC) listed on the NASDAQ exchange. Lazard is one of the world’s preeminent financial advisory and asset management firms. The transaction closed on February 12, 2021.
Deals & Cases
December 08, 2020
On November 5, 2020, Farfetch, Alibaba Group (“Alibaba”), and Richemont announced a global strategic partnership to provide luxury brands with enhanced access to the China market as well as accelerate the digitization of the global luxury industry. As part of the global partnership, Alibaba and Richemont will invest $600 million ($300 million each) in private convertible notes issued by Farfetch Limited. Alibaba and Richemont will also invest $500 million ($250 million each) in Farfetch China, taking a combined 25% stake in a new joint venture which will include Farfetch’s marketplace operations in the China region. Alibaba and Richemont have an option to purchase a further combined 24% of Farfetch China after the third year of the joint venture’s formation. Cravath is acting as U.S. counsel to Richemont.
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