Tax

On April 10, 2025, an investor group led by White Mountains Insurance Group, Ltd. (“White Mountains”), Ethos Capital and British Columbia Investment Management Corporation announced it will acquire an ownership position in BroadStreet Partners, Inc. (“BroadStreet”), a leading North American insurance brokerage company. Under the terms of the agreement, Ontario Teachers’ Pension Plan will maintain a significant co‑control stake in BroadStreet and operate in partnership with the investment group. Cravath is representing White Mountains in connection with the transaction.

On April 7, 2025, IBM announced it has acquired Hakkoda Inc., a leading global data and AI consultancy. Hakkoda will expand IBM Consulting's data transformation services portfolio, adding specialized data platform expertise to help clients get their data ready to fuel AI‑powered business operations. Cravath is representing IBM in connection with the transaction.

Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC registered notes offering. The purpose of the EIB 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 March 18, 2025.

Cravath represented the initial purchasers in connection with the $26 billion 144A/Reg. S notes offering of Mars, Incorporated, as part of the financing transactions undertaken in connection with the pending $35.9 billion acquisition of Kellanova. Mars, Incorporated is one of the world’s largest privately‑held, family‑owned businesses with a history of successfully building and growing market-leading consumer brands for over 100 years. The transaction closed on March 12, 2025.

On March 18, 2025, Wiz, Inc. (“Wiz”), a leading cloud security platform headquartered in New York, and Google LLC (“Google”) announced they have signed a definitive agreement for Google to acquire Wiz for $32 billion, subject to closing adjustments, in an all‑cash transaction. Once closed, Wiz will join Google Cloud. Cravath is representing Wiz as regulatory counsel in connection with the transaction.

On April 10, 2025, Cravath partner J. Leonard Teti II participated in the 25th Annual U.S. and Europe Tax Practice Trends Conference, which was held from April 9‑11, 2025 in Amsterdam and presented by the International Bar Association Tax Section, American Bar Association Tax Section and USA Branch of the International Fiscal Association. Len spoke on a panel entitled “Reversions – Coming Back to U.S.‑Based Multinationals,” which reviewed the tax structures and strategies for the movement of companies from outside the U.S. to the U.S. and how a U.S. holding company structure can be achieved in the course of restructurings, spins or mergers.

Gus Makris is Senior Managing Counsel and Head of the Office of Tax Counsel at Dow, a global materials science company. In this episode of On Tax, he and fellow Cravath partner and host Len Teti talk about how Gus made his way to his current role at Dow, where he has found a culture that deeply values tax advisory, and how the lessons he learned while a tax associate at Cravath have continued to inform his practice. Gus also reminisces about his time in law school and shares key insights and advice for attorneys and young professionals just beginning their careers.

Seven Cravath partners were selected to serve on Law360’s 2025 Editorial Advisory Boards: Wes Earnhardt (Media & Entertainment), Brittany L. Sukiennik (Trials), Douglas Dolan (Capital Markets), Arvind Ravichandran (Tax Authority International), Jeffrey T. Dinwoodie (Banking), Adam M. Sanchez (Private Equity) and Benjamin G. Joseloff (International Trade). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.

Andrew Compton is a partner in the Corporate Department at Cravath. In the Season 9 premiere of On Tax, he and fellow Cravath partner and host Len Teti talk about how his work in the energy and energy transition sectors intersects with the world of tax, and the importance of taking calculated risks throughout one’s career. Andrew also discusses the lessons he learned while working in Asia, including the benefits of finding commonality with the people on the other side of the negotiating table.

On February 25, 2025, Tax Notes published “Let’s Rethink Partnership Contributed Property,” an article written by Cravath partner Arvind Ravichandran. The article argues that a fundamental section of partnership tax law regarding contributed property can be eliminated, thereby meaningfully improving partnership tax administration for taxpayers and the IRS.