Deals of the month

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2026

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement


Deals of the month

See who has done the tax work on this month’s biggest deals



Type of deal

Value

Acquirer

Target

Adviser to acquirer (tax)

Adviser to target (tax)

Acquisition

$49 billion

British American Tobacco

Reynolds American

Cravath, Swaine & Moore; Herbert Smith Freehills

Weil, Gotshal & Manges; Moore & Van Allen

Acquisition

$30 billion

Johnson & Johnson

Actelion

Cravath, Swaine & Moore; Homburg AG; SextonRiley

Niederer Kraft & Frey; Wachtell, Lipton, Rosen & Katz; Slaughter & May

Acquisition

$17.9 billion

Reckitt Benckiser

Mead Johnson Nutition

Davis Polk & Wardwell: Michael Mollerus; Linklaters

Kirkland & Ellis

Acqiuisition of remaining stake

$9.3 billion

Oneok

Oneok Partners

Skadden, Arps, Slate, Meagher & Flom: David Levy

Andrews Kurth Kenyon

Acquisition

$6.4 billion

AltaGas

WGL Holdings

Stikeman Elliot: David Weekes & Julie D'Avignon; Vinson & Elkins

Kirkland & Ellis; Covington & Burling

Joint venture

$4.2 billion

Intel Corporation & TPG Capital

McAfee

Skadden, Arps, Slate, Meagher & Flom


Acquisition

$3.7 billion

Cisco

AppDynamics

Fenwick & West: Ora Grinberg

Wilson Sonsini Goodrich & Rosati

Acquisition

$3.3 billion

SoftBank Group Corp

Fortress Investment Group

Davis Polk & Wardwell: David Schnable & Rachel Lerner

Skadden, Arps, Slate, Meagher & Flom: David Polster

Acquisition

$3.2 billion

Noble Energy

Clayton Williams Energy

Skadden, Arps, Slate, Meagher & Flom: Brian Krause & David Rievman

Latham & Watkins

Acquisition

$2.85 billion

Starwood Capital Group

Milestone Apartments Real Estate Investment Trust

Stikeman Elliot; Kirkland & Ellis

Goodmans; Vinson & Elkins

Acquisition

$1.65 billion

Hologic

Cynosure

Skadden, Arps, Slate, Meagher & Flom: Nathaniel Carden

Wachtell, Lipton, Rosen & Katz: Jodi Schwartz

Acquisition of a 40% stake

$1.3 billion

KKL

Telxius from Telefónica

More details in cover story (p39)

More details in cover story (p39)

Joint venture with investors

$1.1 billion

GIC Pte.

More than 2.1 million square feet of office assets in the Washington, DC metropolitan area

Skadden, Arps, Slate, Meagher & Flom


Acquisition

$700 million

Heineken

Brasil Kirin

Davis Polk & Wardwell: Avishai Shachar & Patrick Sigmon; Mundie Advogados: Ana Cristina de Moraes & Guilherme Ribas

TozziniFreire Advogados: Jun Oyafuso Makuta, Daniel Oliveira Andreoli, Fernande Eduardo Serec; Allen & Overy Japan: Nick Wall

Acquisition

$690 million

An affiliate of Veritas Capital

The government IT services business of Harris Corporation

Skadden, Arps, Slate, Meagher & Flom


Acquisition

$170 million

Communications Sales & Leasing

Hunt Telecommunications

Davis Polk & Wardwell: Michael Mollerus


Acquisition

Undisclosed

Google

Fabric from Twitter

Skadden, Arps, Slate, Meagher & Flom: Gavin White


Acquisition

Undisclosed

PwC

GE Tax Services Team

Davis Polk & Warwell: Rachel Klienberg


Acquisition

Undisclosed

BlackRock

First Reserve Energy Infrastructure Funds

Skadden, Arps, Slate, Meagher & Flom: Victor Hollender


Acquisition

Undisclosed

Validus Holdings

The Crop Risk Services business of Archer Daniels Midland Company

Skadden, Arps, Slate, Meagher & Flom: Jessica Hough


Type of deal

Value

Issuer/Borrower

Lead managers/arrangers

Adviser to issuer/borrower (tax)

Adviser to lead managers (tax)

Senior notes offering

$3 billion

Morgan Stanley

Morgan Stanley & Co

Davis Polk & Wardwell: Po Sit & Andrew Smith


Senior notes offering

$2.5 billion

General Motors Financial Company


Davis Polk & Wardwell: Lucy Farr, Caroline Dayton & Sam Van Peperstraete


Senior notes offering

$500 million

Crown Castle International Corp

JP Morgan Securities;Barclays Capital;Mizuho; RBC Capital Markets; TD Securities


Skadden, Arps, Slate, Meagher & Flom



more across site & shared bottom lb ros

More from across our site

As global capability centres use AI to deliver services, MNEs face a fresh wave of PE and TP exposure that their existing playbooks weren't built for
The deal for Comtax hands Ryan immediate scale in Brazil, with a near-70-strong team serving clients from São Paulo
The arrivals of Julio Castro and Adam Blakemore mean the firm has added six tax partners to its global practice since the start of 2025
Tax authorities have gained unprecedented transparency through CbCR, but a new study suggests they may not be looking in the right places
The future chief tax officer will be judged not only on compliance, but on their ability to harness data, technology and AI to support strategic decision-making
More than 200 tier promotions reshaped this year's European rankings as several international firms strengthened their positions in key tax markets
Ryosuke Takemura, OECD policy adviser, countered that the organisation’s role is ‘not to solve these issues one by one’ but to prevent tax disputes in general
Awards
ITR is delighted to reveal all the shortlisted nominees for the 2026 Asia-Pacific Tax Awards
Monica Erasmus-Koen and her Taxtimbre team will be responsible for building the firm’s TP capability in the competitive Netherlands market
Haynes Boone’s new London partner, Alexandra Ueno-Park, argues that one-size-fits-all policies, billable-hour targets and outdated networking expectations can hold talent back
Gift this article