Global and U.S. M&A activity may have hit the doldrums in the first quarter by most measures, but Cravath, Swaine & Moore seems to have plenty of wind in its sails this spring.
The 200-year-old firm’s M&A team advised on eight transactions worth north of $100 billion in a two week period from April 29th to May 10, including representing Occidental Petroleum Corp. in its $57 billion acquisition of Anadarko Petroleum Corp.
In addition to its work on multiple aspects of the Anadarko deal, in which Occidental won out over a competing bid by Chevron Corp., Cravath advised Parker Hannifin Corp. in its $3.67 billion acquisition of LORD Corp., Disney in its $10.6 billion sale of 21 regional sports networks to Sinclair Broadcast Group, Brunswick Corp. in the sale of its fitness business to KPS Capital Partners, RELX Group in LexisNexis’s joint venture with LEAP Legal Software and Buckeye Partners L.P. in its $10.3 billion acquisition by IFM Investors.
Presiding partner Faiza Saeed and partner George Schoen advised on six of the transactions, including the Occidental deal.
The run of big deals comes after The American Lawyer reported year-over-year gains of more than 15% in both partner profits and revenue for Cravath—with profits per partner now at a whopping $4.62 million.
The firm also appears to be plenty busy on the litigation front, including as lead trial counsel for Pacific Gas and Electric Co. in lawsuits arising out of California wildfires, and as bankruptcy counsel for the utility. PG&E paid Cravath $75.7 million leading up to its March bankruptcy filing alone.