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 2025

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

Canadian Prime Minister Mark Carney and US President Donald Trump have agreed that the countries will look to conclude a deal by July 21, 2025
The firm’s lack of transparency regarding its tax leaks scandal should see the ban extended beyond June 30, senators Deborah O’Neill and Barbara Pocock tell ITR
Despite posing significant administrative hurdles, digital services taxes remain ‘the best way forward’ for emerging economies, says Neil Kelley, COO of Ascoria
A ‘joint understanding’ among G7 countries that ‘defends American interests’ is set to be announced, Scott Bessent claimed
The ‘big four’ firm’s inaugural annual report unveiled a sharp drop in profits for 2024; in other news, Baker McKenzie and Perkins Coie expanded their US tax benches
Representatives from the two countries focused on TP as they met this week to evaluate progress under a previously signed agreement – it is understood
The UK accountancy firm’s transfer pricing lead tells ITR about his expat lifestyle, taking risks, and what makes tax cool
Dolphin Drilling intends to discuss the final liability amount and manner of settlement with HM Revenue and Customs
Winning the case against the 20% VAT imposition was always going to be an uphill challenge for the claimants, UK tax advisers argue
A ‘paradigm shift’ in Chile’s tax enforcement requires compliance architecture built on proactive governance, strategic documentation and active monitoring of judicial developments
Gift this article