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

The UK tax authority’s deputy director of large business also reassured taxpayers that HMRC will not ‘nitpick’ returns
Sucafina’s tax chief was speaking at the ITR Pillar 2 Forum in London alongside experts from HMRC and other organisations
India’s Supreme Court rattled cross‑border structuring with its Tiger Global ruling. Subsequent rule changes narrowed the impact, but significant risks around GAAR, substance and treaty access persist
The UK-based big four spin-off firm has hired Marc Lien, who declared that most AI in professional services today is ‘cosmetic’
Projected revenue losses and exemption requests are harming the project’s capability and viability
HMRC secured lengthy prison sentences in a major payroll VAT fraud case, while law firms announced tax promotions and hires
Significant changes include an update to profit markers and an alteration to how an ‘inbound distributor’ is defined
ITR sat down for a pre-event interview with Tim Zech, WTS Germany, and Jeff Soar, WTS UK, keynote speaker at next week’s ITR AI in Tax Forum 2026 in London
Brazil’s bid to seek US-style exemptions from pillar two is ‘highly advantageous’ for multinationals, ITR has also heard
India is signalling flexibility on expat taxation to attract foreign expertise, though employers will need to navigate disclosure, treaty and scope uncertainties
Gift this article