Cravath’s New York Office Moves to Two Manhattan West
J. Leonard Teti II advises on the tax aspects of mergers and acquisitions, spin‑offs and private equity transactions. Clients seek out Mr. Teti for his ability to provide practical, clear and commercial advice on the tax issues central to complex domestic and cross‑border transactions. He also advises clients during the course of audits by the Internal Revenue Service and other tax authorities.
Mr. Teti’s clients have included Alliant Techsystems, Amazon, AmerisourceBergen, Avon, Barnes & Noble, Credit Suisse, Dentsu Aegis, DMGT, DTE Energy, ECN Capital, Exyte, FS Investments, GW Pharmaceuticals, IBM, Johnson & Johnson, JPMorgan Chase, Kenvue, Light & Wonder, The Linde Group, Novartis, RELX Group, Robinhood, Schneider Electric, SPANX, Time Warner, Viatris, Vista Outdoor and WestRock.
Mr. Teti has significant experience advising companies in spin‑offs and M&A transactions in connection with spin‑offs. Notable matters include representing:
Mr. Teti’s notable M&A and other transactions include representing:
Mr. Teti has been repeatedly recognized for his work in the tax arena by Chambers USA, The Legal 500 US, Super Lawyers and Lawdragon. In 2016, he was named a “Rising Star” by Law360, recognizing him as one of five outstanding tax lawyers in the nation under the age of 40.
Mr. Teti is the host of Cravath’s “On Tax” podcast and has authored several blog posts, including “President Biden’s Tax Proposals” in January 2021 and “US Government Finalizes Rules on Transfers to Partnerships with Related Foreign Partners” in February 2020, which were published by European Tax Blog. Mr. Teti is a member of the International Bar Association. He serves as the President of the Board of Trustees of the New Jersey Scholars Program and has served as a member of the Alumni Council of the University of Virginia School of Law.
Mr. Teti was born in Trenton, New Jersey. He received an A.B. with honors from Princeton University in 1999 and a J.D. from the University of Virginia School of Law in 2005, where he was a member of the Virginia Law Review, an Executive Editor of the Virginia Tax Review and elected to the Order of the Coif. At Virginia, he was also awarded the Edwin S. Cohen Tax Prize and the Robert E. Goldsten Award for Distinction in the Classroom.
Mr. Teti joined Cravath in 2005 and was elected a partner in 2012.
Mr. Teti’s clients have included Alliant Techsystems, Amazon, AmerisourceBergen, Avon, Barnes & Noble, Credit Suisse, Dentsu Aegis, DMGT, DTE Energy, ECN Capital, Exyte, FS Investments, GW Pharmaceuticals, IBM, Johnson & Johnson, JPMorgan Chase, Kenvue, Light & Wonder, The Linde Group, Novartis, RELX Group, Robinhood, Schneider Electric, SPANX, Time Warner, Viatris, Vista Outdoor and WestRock.
Mr. Teti has significant experience advising companies in spin‑offs and M&A transactions in connection with spin‑offs. Notable matters include representing:
Mr. Teti’s notable M&A and other transactions include representing:
Mr. Teti has been repeatedly recognized for his work in the tax arena by Chambers USA, The Legal 500 US, Super Lawyers and Lawdragon. In 2016, he was named a “Rising Star” by Law360, recognizing him as one of five outstanding tax lawyers in the nation under the age of 40.
Mr. Teti is the host of Cravath’s “On Tax” podcast and has authored several blog posts, including “President Biden’s Tax Proposals” in January 2021 and “US Government Finalizes Rules on Transfers to Partnerships with Related Foreign Partners” in February 2020, which were published by European Tax Blog. Mr. Teti is a member of the International Bar Association. He serves as the President of the Board of Trustees of the New Jersey Scholars Program and has served as a member of the Alumni Council of the University of Virginia School of Law.
Mr. Teti was born in Trenton, New Jersey. He received an A.B. with honors from Princeton University in 1999 and a J.D. from the University of Virginia School of Law in 2005, where he was a member of the Virginia Law Review, an Executive Editor of the Virginia Tax Review and elected to the Order of the Coif. At Virginia, he was also awarded the Edwin S. Cohen Tax Prize and the Robert E. Goldsten Award for Distinction in the Classroom.
Mr. Teti joined Cravath in 2005 and was elected a partner in 2012.
International Bar Association
New Jersey Scholars Program
University of Virginia School of Law
Chambers USA
Law360
Lawdragon
The Legal 500 US
Super Lawyers - Rising Stars - New York
Deals & Cases
March 22, 2024
On March 21, 2024, ECN Capital Corp. (“ECN Capital”), a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and institutional investors, announced the sale of Red Oak Inventory Finance (“Red Oak”) to BharCap Partners, a private investment firm. The transaction closed on February 21, 2024. Cravath represented ECN Capital in connection with the transaction.
Deals & Cases
February 28, 2024
On February 28, 2024, Viatris Inc. (“Viatris”), a global healthcare company, and Idorsia Ltd (“Idorsia”) announced they have entered into agreements for a significant global research and development collaboration under which Viatris will receive exclusive global development and commercialization rights to two Phase 3 assets as well as the potential to add additional innovative assets in the future.
Deals & Cases
February 12, 2024
On February 12, 2024, CymaBay Therapeutics (“CymaBay”) and Gilead Sciences, Inc. (“Gilead”) announced a definitive agreement under which Gilead will acquire CymaBay for $32.50 per share in cash or a total equity value of $4.3 billion. The addition of CymaBay’s investigational lead product candidate, seladelpar for the treatment of primary biliary cholangitis, complements Gilead’s existing liver portfolio and aligns with its longstanding commitment to bringing transformational medicines to patients. Cravath is representing CymaBay in connection with the transaction.
Deals & Cases
January 25, 2024
On January 18, 2024, IBM announced it has signed a definitive agreement to acquire application modernization capabilities from Advanced, bringing a combination of talent, tools and knowledge to enhance IBM Consulting’s mainframe application and data modernization services. Cravath is representing IBM in connection with the transaction.
Deals & Cases
December 18, 2023
On December 18, 2023, IBM announced that it has entered into a definitive agreement with Software AG, a company majority owned by Silver Lake, to purchase StreamSets and webMethods, Software AG's Super iPaaS (integration platform‑as‑a‑service) enterprise technology platforms, for €2.13 billion in cash. StreamSets will add data ingestion capabilities to watsonx, IBM's AI and data platform, while webMethods will give clients and partners additional integration and API management tools for their hybrid multi‑cloud environments. Cravath is representing IBM in connection with the transaction.
Podcasts
June 25, 2024
Matthias Scheifele is a partner at the law firm Hengeler Mueller in Munich, Germany. In this episode of On Tax, he and Cravath partner and host Len Teti talk about Matthias’s path through the German legal education system. They also discuss the value of placing faith in young lawyers early on and the importance of balancing the fine details and the big picture in tax matters.
Podcasts
June 04, 2024
Albert Chang is Managing Director and Head of M&A, Tax and Structuring Advisory at RBC Capital Markets. On this episode of On Tax, he and Cravath partner and host Len Teti talk about time as a tax associate at the Firm and, later, how a serendipitous phone call led to his current role in investment banking. They also discuss the benefits of taking the long view when building professional relationships and the importance of holistic problem‑solving in tax law.
Podcasts
May 14, 2024
Karie Roers is the Tax Director at Vista Outdoor. In this episode of On Tax, she and Cravath partner and host Len Teti talk about her experience growing up in a farm family in South Dakota and how her early interest in business led her to public accounting and the tax field. They also discuss the role that key mentors played in her decision to move in‑house.
Activities & Publications
May 08, 2024
On May 6, 2024, Cravath prepared a memo for its clients entitled “IRS and Treasury Update Guidelines for Spin‑Off Private Letter Rulings, Narrowing IRS Practice.” The memo examines the Internal Revenue Service’s recently released Rev. Proc. 2024‑24 and Notice 2024‑38, which provide updated guidelines for taxpayers requesting private letter rulings from the IRS for tax‑free spin‑off and split‑off transactions under Section 355. The memo outlines the key changes in the IRS’s ruling practice for spin-offs, which reflect a significant narrowing of the current ruling practice, that are related to debt‑for‑equity exchange structuring, the use of proceeds in “boot purges,” contingent liabilities and retentions of Spinco stock.
Activities & Publications
May 06, 2024
On April 22, 2024, Tax Notes State published an article written by Cravath partners J. Leonard Teti II and Jonathan J. Katz entitled “Ohtani: State Tax Planning Potential of Deferred Compensation.” The article examines how Shohei Ohtani’s record‑breaking contract with the Los Angeles Dodgers highlights a very typical deferred compensation state planning opportunity on a grand scale and discusses the potential of similar structures in the corporate setting.
J. Leonard Teti II advises on the tax aspects of mergers and acquisitions, spin‑offs and private equity transactions. Clients seek out Mr. Teti for his ability to provide practical, clear and commercial advice on the tax issues central to complex domestic and cross‑border transactions. He also advises clients during the course of audits by the Internal Revenue Service and other tax authorities.
Mr. Teti’s clients have included Alliant Techsystems, Amazon, AmerisourceBergen, Avon, Barnes & Noble, Credit Suisse, Dentsu Aegis, DMGT, DTE Energy, ECN Capital, Exyte, FS Investments, GW Pharmaceuticals, IBM, Johnson & Johnson, JPMorgan Chase, Kenvue, Light & Wonder, The Linde Group, Novartis, RELX Group, Robinhood, Schneider Electric, SPANX, Time Warner, Viatris, Vista Outdoor and WestRock.
Mr. Teti has significant experience advising companies in spin‑offs and M&A transactions in connection with spin‑offs. Notable matters include representing:
Mr. Teti’s notable M&A and other transactions include representing:
Mr. Teti has been repeatedly recognized for his work in the tax arena by Chambers USA, The Legal 500 US, Super Lawyers and Lawdragon. In 2016, he was named a “Rising Star” by Law360, recognizing him as one of five outstanding tax lawyers in the nation under the age of 40.
Mr. Teti is the host of Cravath’s “On Tax” podcast and has authored several blog posts, including “President Biden’s Tax Proposals” in January 2021 and “US Government Finalizes Rules on Transfers to Partnerships with Related Foreign Partners” in February 2020, which were published by European Tax Blog. Mr. Teti is a member of the International Bar Association. He serves as the President of the Board of Trustees of the New Jersey Scholars Program and has served as a member of the Alumni Council of the University of Virginia School of Law.
Mr. Teti was born in Trenton, New Jersey. He received an A.B. with honors from Princeton University in 1999 and a J.D. from the University of Virginia School of Law in 2005, where he was a member of the Virginia Law Review, an Executive Editor of the Virginia Tax Review and elected to the Order of the Coif. At Virginia, he was also awarded the Edwin S. Cohen Tax Prize and the Robert E. Goldsten Award for Distinction in the Classroom.
Mr. Teti joined Cravath in 2005 and was elected a partner in 2012.
Mr. Teti’s clients have included Alliant Techsystems, Amazon, AmerisourceBergen, Avon, Barnes & Noble, Credit Suisse, Dentsu Aegis, DMGT, DTE Energy, ECN Capital, Exyte, FS Investments, GW Pharmaceuticals, IBM, Johnson & Johnson, JPMorgan Chase, Kenvue, Light & Wonder, The Linde Group, Novartis, RELX Group, Robinhood, Schneider Electric, SPANX, Time Warner, Viatris, Vista Outdoor and WestRock.
Mr. Teti has significant experience advising companies in spin‑offs and M&A transactions in connection with spin‑offs. Notable matters include representing:
Mr. Teti’s notable M&A and other transactions include representing:
Mr. Teti has been repeatedly recognized for his work in the tax arena by Chambers USA, The Legal 500 US, Super Lawyers and Lawdragon. In 2016, he was named a “Rising Star” by Law360, recognizing him as one of five outstanding tax lawyers in the nation under the age of 40.
Mr. Teti is the host of Cravath’s “On Tax” podcast and has authored several blog posts, including “President Biden’s Tax Proposals” in January 2021 and “US Government Finalizes Rules on Transfers to Partnerships with Related Foreign Partners” in February 2020, which were published by European Tax Blog. Mr. Teti is a member of the International Bar Association. He serves as the President of the Board of Trustees of the New Jersey Scholars Program and has served as a member of the Alumni Council of the University of Virginia School of Law.
Mr. Teti was born in Trenton, New Jersey. He received an A.B. with honors from Princeton University in 1999 and a J.D. from the University of Virginia School of Law in 2005, where he was a member of the Virginia Law Review, an Executive Editor of the Virginia Tax Review and elected to the Order of the Coif. At Virginia, he was also awarded the Edwin S. Cohen Tax Prize and the Robert E. Goldsten Award for Distinction in the Classroom.
Mr. Teti joined Cravath in 2005 and was elected a partner in 2012.
International Bar Association
New Jersey Scholars Program
University of Virginia School of Law
Chambers USA
Law360
Lawdragon
The Legal 500 US
Super Lawyers - Rising Stars - New York
Deals & Cases
March 22, 2024
On March 21, 2024, ECN Capital Corp. (“ECN Capital”), a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and institutional investors, announced the sale of Red Oak Inventory Finance (“Red Oak”) to BharCap Partners, a private investment firm. The transaction closed on February 21, 2024. Cravath represented ECN Capital in connection with the transaction.
Deals & Cases
February 28, 2024
On February 28, 2024, Viatris Inc. (“Viatris”), a global healthcare company, and Idorsia Ltd (“Idorsia”) announced they have entered into agreements for a significant global research and development collaboration under which Viatris will receive exclusive global development and commercialization rights to two Phase 3 assets as well as the potential to add additional innovative assets in the future.
Deals & Cases
February 12, 2024
On February 12, 2024, CymaBay Therapeutics (“CymaBay”) and Gilead Sciences, Inc. (“Gilead”) announced a definitive agreement under which Gilead will acquire CymaBay for $32.50 per share in cash or a total equity value of $4.3 billion. The addition of CymaBay’s investigational lead product candidate, seladelpar for the treatment of primary biliary cholangitis, complements Gilead’s existing liver portfolio and aligns with its longstanding commitment to bringing transformational medicines to patients. Cravath is representing CymaBay in connection with the transaction.
Deals & Cases
January 25, 2024
On January 18, 2024, IBM announced it has signed a definitive agreement to acquire application modernization capabilities from Advanced, bringing a combination of talent, tools and knowledge to enhance IBM Consulting’s mainframe application and data modernization services. Cravath is representing IBM in connection with the transaction.
Deals & Cases
December 18, 2023
On December 18, 2023, IBM announced that it has entered into a definitive agreement with Software AG, a company majority owned by Silver Lake, to purchase StreamSets and webMethods, Software AG's Super iPaaS (integration platform‑as‑a‑service) enterprise technology platforms, for €2.13 billion in cash. StreamSets will add data ingestion capabilities to watsonx, IBM's AI and data platform, while webMethods will give clients and partners additional integration and API management tools for their hybrid multi‑cloud environments. Cravath is representing IBM in connection with the transaction.
Podcasts
June 25, 2024
Matthias Scheifele is a partner at the law firm Hengeler Mueller in Munich, Germany. In this episode of On Tax, he and Cravath partner and host Len Teti talk about Matthias’s path through the German legal education system. They also discuss the value of placing faith in young lawyers early on and the importance of balancing the fine details and the big picture in tax matters.
Podcasts
June 04, 2024
Albert Chang is Managing Director and Head of M&A, Tax and Structuring Advisory at RBC Capital Markets. On this episode of On Tax, he and Cravath partner and host Len Teti talk about time as a tax associate at the Firm and, later, how a serendipitous phone call led to his current role in investment banking. They also discuss the benefits of taking the long view when building professional relationships and the importance of holistic problem‑solving in tax law.
Podcasts
May 14, 2024
Karie Roers is the Tax Director at Vista Outdoor. In this episode of On Tax, she and Cravath partner and host Len Teti talk about her experience growing up in a farm family in South Dakota and how her early interest in business led her to public accounting and the tax field. They also discuss the role that key mentors played in her decision to move in‑house.
Activities & Publications
May 08, 2024
On May 6, 2024, Cravath prepared a memo for its clients entitled “IRS and Treasury Update Guidelines for Spin‑Off Private Letter Rulings, Narrowing IRS Practice.” The memo examines the Internal Revenue Service’s recently released Rev. Proc. 2024‑24 and Notice 2024‑38, which provide updated guidelines for taxpayers requesting private letter rulings from the IRS for tax‑free spin‑off and split‑off transactions under Section 355. The memo outlines the key changes in the IRS’s ruling practice for spin-offs, which reflect a significant narrowing of the current ruling practice, that are related to debt‑for‑equity exchange structuring, the use of proceeds in “boot purges,” contingent liabilities and retentions of Spinco stock.
Activities & Publications
May 06, 2024
On April 22, 2024, Tax Notes State published an article written by Cravath partners J. Leonard Teti II and Jonathan J. Katz entitled “Ohtani: State Tax Planning Potential of Deferred Compensation.” The article examines how Shohei Ohtani’s record‑breaking contract with the Los Angeles Dodgers highlights a very typical deferred compensation state planning opportunity on a grand scale and discusses the potential of similar structures in the corporate setting.
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