April M.
Kent

On December 20, 2024, Cable One, Inc. (“Cable One”) announced that it has entered into definitive agreements to amend its strategic partnership with Mega Broadband Investments (“MBI”). The strategic partnership provides Cable One with a path for a potential acquisition of all the MBI equity it does not already own pursuant to put option and call option arrangements between Cable One and the other MBI equity holders. The purchase price payable by Cable One upon any exercise of the put option or call option will be determined based on MBI’s future performance and other factors. The transaction is valued at approximately $1.5 billion to $1.7 billion, inclusive of upfront payments made by Cable One and initial estimates of option exercise closing payments and related debt assumption, based on an assumed October 1, 2026 option exercise closing. Cable One is a leading broadband communications provider serving more than 1 million residential and business customers across 24 states. MBI is a leading provider of broadband services across the Southeast, Northwest and Mid‑South United States and offers an extensive range of broadband, fiber connectivity, cable television and voice services for commercial and residential customers. Cravath is representing Cable One in connection with this transaction.

Cravath represented Syrah Resources Limited (“Syrah”), as sponsor, and its subsidiary, Twigg Exploration & Mining, Limitada, as borrower, in connection with a loan from the United States International Development Finance Corporation (“DFC”). Syrah, together with its subsidiaries, is strategically positioned as the first vertically integrated ex‑China natural graphite active anode material supplier for battery and electric vehicle manufacturers globally. Proceeds of the DFC loan will be used to fund capital requirements at the Balama Graphite Operation in Mozambique, the largest graphite mining and processing operation in the world. Graphite produced at Balama is shipped to global battery anode and industrial customers and is being processed at Syrah’s active anode material facility in Louisiana. DFC’s investment will support Syrah in preparation for increased sales to ex‑China anode customers, bolstering the U.S. supply chain for critical minerals. The transaction closed on November 8, 2024.

Cravath named Saagar Kaul, April Michelle Kent, Dean M. Nickles, Nathan Noh, Ellen H. Park and Patrick S. Taylor of counsels of the Firm, effective January 1, 2025.