Intellectual Property

On March 17, 2025, PepsiCo, Inc. (“PepsiCo”) announced that it has entered into a definitive agreement to acquire poppi, a prebiotic soda brand, for $1.95 billion, including $300 million of anticipated cash tax benefits for a net purchase price of $1.65 billion. The transaction also includes an additional potential earnout consideration subject to the achievement of certain performance milestones within a specified period after closing of the transaction. Cravath is representing PepsiCo in connection with the transaction.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million inaugural term loan B facility made available to DraftKings, Inc. for general corporate purposes. DraftKings is a digital sports entertainment and gaming company created to be the Ultimate Host and fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming, and digital media. The transaction closed on March 4, 2025.

On March 4, 2025, Pacific General, a New York‑based private investment firm, announced that it has acquired a majority stake in Lenwich, a premium sandwich brand that has been a staple in New York City since 1989. Lenwich’s founder will retain a significant equity interest in the company and continue to lead Lenwich as CEO. The partnership between Pacific General and Lenwich aims to accelerate Lenwich’s expansion beyond its home market in New York City, extending across the East Coast and the broader United States. Cravath is representing Pacific General in connection with the transaction.

On February 24, 2025, Bridge Investment Group Holdings Inc. (“Bridge”), a leading alternative investment manager diversified across specialized asset classes, and Apollo Global Management, Inc. (“Apollo”) announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all‑stock transaction with an equity value of approximately $1.5 billion. Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively. Cravath is representing the special committee of the Bridge Board of Directors in connection with the transaction.

On February 18, 2025, Light & Wonder, Inc. (“Light & Wonder”), the leading cross‑platform global games company, announced that it has entered into a definitive agreement to acquire the charitable gaming assets of Grover Gaming, Inc. and G2 Gaming, Inc. (together, “Grover Gaming”), a leading provider of electronic pull‑tabs for charitable gaming in the U.S., for total consideration of $850 million cash, subject to customary purchase price adjustments, and a four‑year revenue based earn‑out of up to $200 million cash. Cravath is representing Light & Wonder in connection with the transaction.

On March 19, 2025, Cravath of counsel Ellen H. Park participated in the International Trademark Association (INTA)’s “New York Workshop: Integrating Intellectual Property, Finance and Valuation.” The event convened professionals in finance, law, technology, business and other related industries to discuss global trends in IP valuation and how to grow and manage intangible assets. Ellen moderated a session entitled “The 2025 Macroeconomic Outlook for Mergers and Acquisitions and Capital Markets,” which reviewed key economic indicators and their anticipated impact on the M&A landscape, as well as guidance for IP professionals involved in M&A or capital markets on how to effectively navigate the dynamic economic environment.

On March 20, 2025, Cravath of counsel Kathryn-Ann Stamm participated in the International Trademark Association (INTA)’s The Business of Trade Secrets: Navigating the Challenges and Opportunities in the Ever‑Changing World of AI Conference, which was held from March 19‑20 in New York. Kathryn‑Ann moderated a session entitled “Safeguarding Trade Secrets in the Digital Age: Essential Cybersecurity Strategies,” which reviewed how to best protect a company and its trade secrets against and following cyberattacks, including essential cybersecurity practices, key components of effective cybersecurity policy and how to recover from breaches.

In March 2025, Cravath continued its “Tech Explainers” series, which introduces and explains technical, cutting‑edge concepts and describes their importance in a way that is accessible to and easily understood by business and legal professionals outside the technical community.

In February 2025, Cravath continued its “Tech Explainers” series, which introduces and explains technical, cutting-edge concepts and describes their importance in a way that is accessible to and easily understood by business and legal professionals outside the technical community.

Cravath partners David J. Kappos, Evan Norris and Sasha Rosenthal‑Larrea and of counsel Dean M. Nickles co‑authored an article entitled “Early Trump AI Moves Come in a Complex Regulatory Landscape,” which was published in Bloomberg Law on February 20, 2025. The article provides an overview of the current U.S. federal and state regulatory landscape for AI and looks ahead to potential future developments.