Cravath’s New York Office Moves to Two Manhattan West
Cravath’s “market‑leading” Tax Department is known as “one of the best in terms of technical skill, client focus and responsiveness and collaborative approach” (Chambers USA). Our best‑in‑class lawyers bring extensive legal knowledge, sound business judgment and the highest ethical standards to our clients’ most complex tax challenges. We pride ourselves on communicating clearly, tailoring advice appropriately and executing transactions efficiently.
Cravath’s elite Tax Department designs tax‑efficient structures for an array of complex U.S. and non‑U.S. matters involving:
Cravath’s elite Tax Department designs tax‑efficient structures for an array of complex U.S. and non‑U.S. matters involving:
Deals & Cases
June 24, 2024
On June 24, 2024, Illumina, Inc. (“Illumina”), a global leader in DNA sequencing and array-based technologies, announced the successful completion of the spin-off of GRAIL, a healthcare company whose mission is to detect cancer early. This follows Illumina’s previously announced plans to divest GRAIL, and GRAIL is now a public and independent company. The separation was achieved through the distribution of 85.5% of the outstanding shares of GRAIL to holders of Illumina common stock on June 24, 2024. In addition to retaining their shares of Illumina common stock, Illumina shareholders received one share of GRAIL common stock for every six shares of Illumina stock held as of close of business on the record date of June 13, 2024. Illumina retained 14.5% of the outstanding shares of GRAIL common stock. Cravath represented Illumina in connection with the transaction.
Deals & Cases
June 14, 2024
Cravath represented the European Investment Bank in connection with its $1 billion registered SOFR floating rate notes offering. The purpose of the European Investment Bank is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on May 30, 2024.
Deals & Cases
May 28, 2024
On May 28, 2024, United States Cellular Corporation (“UScellular”) announced that it has entered into a definitive agreement to sell its wireless operations and select spectrum assets to T‑Mobile for a purchase price of $4.4 billion, including a combination of cash and up to approximately $2 billion of assumed debt. Under the terms of the agreement, T‑Mobile will acquire UScellular’s wireless operations and approximately 30% of its spectrum assets across several spectrum bands. In addition, T‑Mobile will enter into a new master license agreement with UScellular on more than 2,000 towers. The agreement follows a thorough strategic review process announced in August 2023 and has been unanimously recommended by the independent directors of UScellular and unanimously approved by the Board of Directors of UScellular. Cravath is representing the independent directors of UScellular in connection with the transaction.
Deals & Cases
May 21, 2024
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $14.5 billion of credit facilities made available to The Home Depot, Inc., the world’s largest home improvement retailer, as part of the financing transactions undertaken in connection with the pending acquisition of SRS Distribution Inc. The facilities consisted of a $10 billion revolving credit facility, $3.5 billion 364‑day revolving credit facility and $1.0 billion three‑year revolving credit facility. The transaction closed on May 7, 2024.
Deals & Cases
May 16, 2024
Cravath represented the joint lead arrangers and joint bookrunners in connection with $1.3 billion of credit facilities made available to Cedar Fair, L.P., and certain of its subsidiaries, as part of the financing transactions undertaken in connection with the pending merger of Cedar Fair, L.P. and Six Flags Entertainment Corporation, two of the largest regional amusement park operators in the world. The facilities consisted of a $1.0 billion term loan facility and a $300 million revolving credit facility. The transaction closed on May 1, 2024.
Accolades
July 01, 2024
On June 28, 2024, Lawdragon announced the inclusion of 31 Cravath partners in its second annual “Lawdragon 500 X – The Next Generation” list. The list recognizes “the future leaders of the law” globally across practice areas for their “talent,” “vision” and “hope.” Cravath lawyers on the list were specifically mentioned with reference to the Firm’s more than 200 years of history, noted as “carrying forward… the accomplishments of generations of lawyers” with fresh thought and ideas.
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.
Activities & Publications
June 20, 2024
In June 2024, Cravath launched the inaugural issue of its Alumni Journal, a digital publication dedicated to highlighting the vibrancy of the Firm’s global alumni community. In each edition, the Journal will feature stories from Cravath alumni at various stages of their careers; updates from across the Firm’s New York, London and Washington, D.C. offices; insights into pro bono and other Firm partnerships; and facts and stories from the Firm’s more than 200-year history.
Accolades
June 13, 2024
The 2024 edition of The Legal 500 United States ranked Cravath in the top tier nationally in 16 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; Fintech (Crypto); General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 75 Cravath attorneys were individually recognized by The Legal 500 United States this year.
Activities & Publications
June 12, 2024
In June 2024, Cravath was featured in an article published by the National Association for Law Placement in its Bulletin+ digital magazine entitled “Hiding the Veggies: Incorporating Well‑Being Practices into Professional Culture.” The article discusses the Firm’s approach to wellness, notes its commitment as an early signatory to the ABA Well‑Being in the Legal Profession Pledge, and describes Cravath’s focus on creating programming relevant to both lawyers and administrative professionals.
Deals & Cases
June 24, 2024
On June 24, 2024, Illumina, Inc. (“Illumina”), a global leader in DNA sequencing and array-based technologies, announced the successful completion of the spin-off of GRAIL, a healthcare company whose mission is to detect cancer early. This follows Illumina’s previously announced plans to divest GRAIL, and GRAIL is now a public and independent company. The separation was achieved through the distribution of 85.5% of the outstanding shares of GRAIL to holders of Illumina common stock on June 24, 2024. In addition to retaining their shares of Illumina common stock, Illumina shareholders received one share of GRAIL common stock for every six shares of Illumina stock held as of close of business on the record date of June 13, 2024. Illumina retained 14.5% of the outstanding shares of GRAIL common stock. Cravath represented Illumina in connection with the transaction.
Deals & Cases
June 14, 2024
Cravath represented the European Investment Bank in connection with its $1 billion registered SOFR floating rate notes offering. The purpose of the European Investment Bank is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on May 30, 2024.
Deals & Cases
May 28, 2024
On May 28, 2024, United States Cellular Corporation (“UScellular”) announced that it has entered into a definitive agreement to sell its wireless operations and select spectrum assets to T‑Mobile for a purchase price of $4.4 billion, including a combination of cash and up to approximately $2 billion of assumed debt. Under the terms of the agreement, T‑Mobile will acquire UScellular’s wireless operations and approximately 30% of its spectrum assets across several spectrum bands. In addition, T‑Mobile will enter into a new master license agreement with UScellular on more than 2,000 towers. The agreement follows a thorough strategic review process announced in August 2023 and has been unanimously recommended by the independent directors of UScellular and unanimously approved by the Board of Directors of UScellular. Cravath is representing the independent directors of UScellular in connection with the transaction.
Deals & Cases
May 21, 2024
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $14.5 billion of credit facilities made available to The Home Depot, Inc., the world’s largest home improvement retailer, as part of the financing transactions undertaken in connection with the pending acquisition of SRS Distribution Inc. The facilities consisted of a $10 billion revolving credit facility, $3.5 billion 364‑day revolving credit facility and $1.0 billion three‑year revolving credit facility. The transaction closed on May 7, 2024.
Deals & Cases
May 16, 2024
Cravath represented the joint lead arrangers and joint bookrunners in connection with $1.3 billion of credit facilities made available to Cedar Fair, L.P., and certain of its subsidiaries, as part of the financing transactions undertaken in connection with the pending merger of Cedar Fair, L.P. and Six Flags Entertainment Corporation, two of the largest regional amusement park operators in the world. The facilities consisted of a $1.0 billion term loan facility and a $300 million revolving credit facility. The transaction closed on May 1, 2024.
Accolades
July 01, 2024
On June 28, 2024, Lawdragon announced the inclusion of 31 Cravath partners in its second annual “Lawdragon 500 X – The Next Generation” list. The list recognizes “the future leaders of the law” globally across practice areas for their “talent,” “vision” and “hope.” Cravath lawyers on the list were specifically mentioned with reference to the Firm’s more than 200 years of history, noted as “carrying forward… the accomplishments of generations of lawyers” with fresh thought and ideas.
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.
Activities & Publications
June 20, 2024
In June 2024, Cravath launched the inaugural issue of its Alumni Journal, a digital publication dedicated to highlighting the vibrancy of the Firm’s global alumni community. In each edition, the Journal will feature stories from Cravath alumni at various stages of their careers; updates from across the Firm’s New York, London and Washington, D.C. offices; insights into pro bono and other Firm partnerships; and facts and stories from the Firm’s more than 200-year history.
Accolades
June 13, 2024
The 2024 edition of The Legal 500 United States ranked Cravath in the top tier nationally in 16 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; Fintech (Crypto); General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 75 Cravath attorneys were individually recognized by The Legal 500 United States this year.
Activities & Publications
June 12, 2024
In June 2024, Cravath was featured in an article published by the National Association for Law Placement in its Bulletin+ digital magazine entitled “Hiding the Veggies: Incorporating Well‑Being Practices into Professional Culture.” The article discusses the Firm’s approach to wellness, notes its commitment as an early signatory to the ABA Well‑Being in the Legal Profession Pledge, and describes Cravath’s focus on creating programming relevant to both lawyers and administrative professionals.
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