Sullivan & Cromwell LLP

An S&C team led by M&A partners Mike Ringler and Peter Jones and including Ari Blaut, Isaac Wheeler, Heather Coleman, Renata B. Hesse and Juan Rodriguez advised Elon Musk, xAI and X on the merger of xAI and X in a transaction valuing xAI at $80 billion and X at $33 billion ($45 billion enterprise value less $12 billion of debt). Learn more: https://lnkd.in/e26VKxvA

An S&C team including Kay Ian Ng, Gwen Wong, Tracy Li, Rosana Tse, Ying (Bella) Wang, Bebe Shing, Mengli Wan and trainee solicitor Tianru (Tia) Zhou is advising ENN Natural Gas (SHSE: 600803) on its proposed privatization of ENN Energy Holdings (HKSE: 2688), valuing it at HK$90.5 billion ($11.6 billion). Learn more: https://lnkd.in/enC2z5sx

Frank Aquila, S&C’s Senior M&A Partner, appeared on Bloomberg TV’s “Surveillance” to discuss expectations for M&A activity in 2025, and how companies are reacting to the new administration’s policies under the current economic environment. “M&A is not going to happen when there is uncertainty whether it’s about tax rates, exchange rates or the economy,” he said. “My expectation is the back half of the year will be quite busy and quite robust because there is that certainty that is lacking to some extent at the moment.” Watch the interview: https://lnkd.in/eDp6C-3u Learn more:?https://lnkd.in/esvyGZ_9

Jeffrey Scott, Matthew Porpora, Julia Malkina, Jacob Cohen and Stephen Clarke helped Barclays Bank and Barclays PLC obtain the dismissal with prejudice of two putative securities class actions stemming from the bank’s 2022 over-issuance of securities, as well as the withdrawal of an adverse ruling in a third related case. Learn more:?https://lnkd.in/eRhnutEP

President Trump issued a Proclamation announcing that he would impose a 25% tariff on imports to the United States of automobiles and certain automobile parts. The S&C Tariffs Tracker summarizes the status of various tariffs and trade measures under the Trump administration. Subscribe to our memos: https://lnkd.in/eJ2NJfei Learn more: https://lnkd.in/eDiHQvN5

The SEC voted to end the defense of its climate-related disclosure rules for public companies. Following the vote, the staff of the SEC sent a letter to the U.S. Court of Appeals for the Eighth Circuit stating that the SEC withdraws its defense of the Climate Rules. Subscribe to our memos: https://lnkd.in/eJ2NJfei ? Learn more: https://lnkd.in/ebAeHUVU

S&C represented Dollar Tree and Robinhood in separate multibillion-dollar financings. The S&C teams included?Ari Blaut, Joyce Kwok, Daniel Loeser, Joey T. and Ross Weiser.

As part of Stanford Law School’s “Insight to Action: Advancing Enterprise AI Governance” program, Nader Mousavi, Co-Head of S&C’s Intellectual Property and Technology Group and the Firm’s Artificial Intelligence Practice, participated in a live Ask an Expert Q&A panel titled “IP, Privacy, Security, Regulatory Compliance.” He answered questions about his recorded lecture and engaged with viewers on topics including risks and benefits related to AI use and integration, and what board members and investors need to know in assessing the IP risks associated with Generative AI. Recorded content from this program will be available through June, learn more: https://lnkd.in/ghK-MdmC Watch the recorded lecture: https://lnkd.in/gdgZ3cNt

Sullivan & Cromwell’s London Spring Insight Day is on April 10. Expect to network, learn about S&C, and ask plenty of questions about the Firm. Space is limited. Law students due to graduate in 2027 and non-law students due to graduate in 2026 are invited to apply by March 31. To Apply: https://lnkd.in/eBM3Ett4 We will cover reasonable UK travel expenses for those coming from outside London (from within the UK). We can’t wait to welcome you this April!

A cross-border S&C team led by Carsten Berrar and Florian Spaeth (on M&A) and Michael Rosenthal (on antitrust) is advising Urban Sports Club on all legal aspects of its combination with Wellhub. Learn more:?https://lnkd.in/e4ZWbUpq