Sasha
Rosenthal-Larrea

Cravath represented the underwriters in connection with the $521.7 million initial public offering of common stock of Smithfield Foods, Inc., an American food company and an industry leader in value‑added packaged meats and fresh pork. The shares were listed on the Nasdaq Global Select Market. The transaction closed on January 29, 2025.

On February 10, 2025, FactSet, a global financial digital platform and enterprise solutions provider, announced the acquisition of LiquidityBook, a leading provider of cloud‑native buy- and sell‑side trading solutions, for a gross purchase price of $246.5 million in cash. Cravath is representing FactSet in connection with the transaction.

On February 3, 2025, Outbrain Inc. (“Outbrain”), a technology platform, announced the closing of its acquisition of Teads, a global omnichannel platform, from Altice. The two companies will merge their offerings to create an omnichannel outcomes platform for the open internet, and will operate under the name Teads. Outbrain, Altice and Teads have amended the previously announced share purchase agreement. Under the terms of the revised agreement, Outbrain will be paying a total consideration of approximately $900 million, consisting of $625 million upfront cash and 43.75 million shares of common stock of Outbrain valued at approximately $263 million. Cravath is representing Outbrain in connection with the transaction.

On January 13, 2025, Johnson & Johnson and Intra‑Cellular Therapies, Inc. announced that they have entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of Intra‑Cellular Therapies, a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, for $132 per share in cash for a total equity value of approximately $14.6 billion. Cravath is representing Johnson & Johnson in connection with the transaction.

On January 6, 2025, The Walt Disney Company (“Disney”) and FuboTV Inc. (“Fubo) announced that they have entered into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo, forming a combined virtual MVPD company of which Disney will become the majority owner.

On February 5, 2025, Cravath published the latest edition of its Cravath Venture Capital & Growth Equity Insights newsletter (formerly the Cravath Emerging Company and Venture Capital Insights newsletter), entitled “2024 Recap and 2025 Outlook.” The newsletter provides an overview of global venture capital and related activity during the second half of 2024 and examines emerging fundraising opportunities, key exit trends and increasing secondaries markets activity; offers insights on artificial intelligence investment and cryptocurrency valuation; and provides updates on regulatory developments.

On January 13, 2025, Cravath published the fourth edition of its Cravath Data Privacy and Security Review newsletter. The Review provides an overview of U.S. state and federal legislative and regulatory developments, alongside U.S. and global enforcement trends and takeaways, in data privacy and cybersecurity for the last six months of 2024. The Review also provides an update on emerging and existing privacy and security legislation at the federal level, including the Video Privacy Protection Act, and highlights notable legislative developments at the state level, including in California, Illinois, New York and Pennsylvania. This edition highlights the heightened focus on cybersecurity and privacy‑related enforcement at federal agencies including the Federal Trade Commission, Securities and Exchange Commission, Department of Health and Human Services and Department of Justice, and provides global enforcement updates from the European Union, Australia and China.

On October 25, 2024, Cravath published an article by partners D. Scott Bennett, Benjamin Gruenstein, David J. Kappos, Evan Norris, Ryan J. Patrone, Elad Roisman and Sasha Rosenthal‑Larrea, in collaboration with Jason Trager, Senior Director of Blockchain & Digital Assets at FTI Technology, entitled “Bringing Blockchain Due Diligence into Focus Alongside Uptick in Strategic Dealmaking.” The article discusses the renewed momentum around blockchain and digital assets, predicting an increase in deal activity including M&A transactions and joint ventures going into 2025, and explores the key elements that dealmaking teams should consider when conducting due diligence for these transactions.

On October 8, 2024, Cravath partner Sasha Rosenthal‑Larrea participated in “Understanding the Intellectual Property License 2024,” a program presented by the Practising Law Institute in New York. Sasha delivered a presentation entitled “Antitrust Issues in Licensing,” which addressed antitrust issues that arise in connection with licensing of intellectual property and the antitrust analysis applicable to a variety of licensing practices and scenarios.

Cravath partners Benjamin Gruenstein, Sasha Rosenthal‑Larrea and Evan Norris and Variant deputy general counsel Daniel Barabander co‑authored an article entitled “Cybersecurity Liability for Web3 Platforms: Key Issues and Risk Mitigation Solutions,” which was published by Bloomberg Law on September 4, 2024. The article explores the liability landscape faced by web3 platforms in the wake of a cybersecurity incident, including potential for negligence, breach of contract and breach of fiduciary duty claims, as well as securities law shareholder derivative claims. The article also details how parties can mitigate their risk through the integration of proactive security solutions.