Tax

Cravath represented the underwriters, as U.S. counsel, in connection with the approximately C$300 million Rule 144A/Reg. S initial public offering of subordinate voting shares of Groupe Dynamite, Inc., a fashion house that operates retail stores and e‑commerce platforms under two complementary and spirited banners: Garage and Dynamite. The shares were listed on the Toronto Stock Exchange. The transaction closed on November 26, 2024.

Cravath represented the initial purchasers in connection the (i) $850 million senior notes offering by Smurfit Westrock Financing DAC, a wholly owned subsidiary of Smurfit Westrock plc, one of the world's largest integrated manufacturers of paper‑based packaging products, and (ii) the dual‑tranche €1.2 billion senior notes offering of Smurfit Kappa Treasury Unlimited Company, a wholly owned subsidiary of Smurfit Westrock plc. The notes offerings closed on November 26 and 27, 2024, respectively.

On December 3, 2024, OMERS Private Equity, which manages investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension plans, announced the signing of a definitive agreement to acquire a majority stake in Integris, a leading provider of IT services in the United States, from Frontenac, a Chicago‑based private equity firm. Financial terms of the transaction were not disclosed. Cravath is representing OMERS Private Equity in connection with the transaction.

On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.

Cravath represented Martin Marietta Materials, Inc. in connection with its $1.5 billion registered senior notes offering. Martin Marietta Materials, Inc. is a leading supplier of aggregates and heavy building materials for the construction industry in the United States. The transaction closed on November 4, 2024.

Tara Rhoades is the founder of The Sanity Plea, where she serves as a coach, strategist, speaker and educator for lawyers, law firms, students and other professionals. In this episode of On Tax, she and Cravath partner and host Len Teti talk about how Tara’s passion for mentorship guided her through several career transitions. They also discuss Tara’s time as an associate in Cravath’s Tax Department and the lessons that helped shape both her law and coaching practices.

On December 12, 2024, Cravath partner Andrew T. Davis participated in “Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings 2024,” a program presented by the Practising Law Institute from December 11-13 in Los Angeles, California.

Cravath partner Arvind Ravichandran was featured as a guest on the December 10, 2024 episode of Slaughter and May’s podcast, “Tax News.” In the interview, Arvind discussed how, following the 2024 elections, a new Congress and executive may shape the passing and implementation of tax policy in the years to come. Arvind reviewed the U.S. legislative process, from committees to the use of the filibuster and budget reconciliation, to explain how changes might come about, and examined how businesses might prepare for potential changes in tax policy.

Susanne Schreiber is the Senior Partner and Co‑Head of the Tax Department at the law firm Bär & Karrer in Zurich, Switzerland. In this episode of On Tax, she and Cravath partner and host Len Teti discuss how an early interest in corporate tax guided Susanne from law school in Germany to her current role. They also talk about key differences between the practice of tax law in the United States and in Switzerland and reflect on two essential components of any successful partner’s job: mentorship and collaboration.

Cravath partner Andrew T. Davis participated in the 83rd Institute on Federal Taxation, which was hosted by the New York University School of Professional Studies from October 20-25 in New York, NY, and from November 17‑22 in San Diego, CA. The event convened leading professionals to discuss the latest trends and developments in federal tax matters. Andrew spoke on a panel entitled “S Corporations – Selected Topics and M&A Considerations,” which examined the tax‑related challenges and opportunities encountered in M&A transactions involving S corporations.