Sullivan & Cromwell LLP

Los Angeles partner Anthony Lewis has been named to the Daily Journal’s “Top White Collar Lawyers” list. Tony’s practice focuses on international and government investigations and on cybersecurity incident response and advice. Learn more: https://lnkd.in/gzkCSfcG Read Tony’s profile: https://lnkd.in/eKCMHcw

Mitchell Eitel has been named a Law360 Banking MVP. Read the full profile: https://lnkd.in/gDuZtUYr Learn more: https://lnkd.in/e9YcYPqn

An S&C team including Robert W. Downes, Matthew Goodman and John Karol advised Symbotic on its $425 million registered common stock offering. Learn more: https://lnkd.in/gGugCyQp

An S&C team led by Matthew Goodman, Mario Schollmeyer, James Shea and Noah Springer advised SoftBank on its investment in Twenty One Capital and Twenty One’s business combination with Cantor Equity Partners. As a result of the combination, Twenty One is now listed on the NYSE under the ticker “XXI.”   Learn more: https://lnkd.in/enY_HSDG

On December 9, Co-Head of S&C’s National Security Practice Sharon Cohen Levin participated in a panel discussion on “Navigating Risks in Latin America: Corporate and Legal Strategies in an Evolving Threat Landscape” hosted by the Americas Society/Council of the Americas, in partnership with S-RM Intelligence and Risk Consulting.   The conversation brought together former U.S. government officials and private-sector representatives to examine emerging security risks across Latin America and the ways in which evolving U.S. policies on organized crime, narcotrafficking, sanctions exposure, and FTO designations are influencing the risk environment and shaping corporate compliance strategies. Learn more about Sharon’s Practice: https://lnkd.in/ejki9kZE

Tax Policy Update for Week of December 8:   • No progress in negotiations over health insurance tax credits, while government funding bills run into typical tensions over spending levels and policy riders • Guidance on OBBBA FTC, DEI, pro rata CFC, and Trump Account provisions: Notices 2025-68, 2025-75, 2025-77, and 2025-78 • House passes Tax Court deficiency jurisdiction and IRS penalty bills, President Trump signs math error bill into law and Justice Department terminates its tax division • Status of G7 side-by-side unclear as W&M holds hearing on “Promoting Global Competitiveness for American Workers and Businesses,” Chairman Smith vows legislation unless satisfactory progress made, and Estonia questions Pillar 2   Subscribe to our memos: https://lnkd.in/eJ2NJfei Learn more: https://lnkd.in/eRdFXuHs

On December 5, 2025, the OCC and FDIC issued a joint statement announcing their withdrawal from their March 2013 guidance on leveraged lending and the November 2014 frequently asked questions on implementing the guidance. Going forward, the OCC and FDIC are replacing the prior prescriptive guidance with a principles-based framework under which banks would be expected to manage leveraged lending exposures consistent with general principles for safe and sound lending. Subscribe to our memos: https://lnkd.in/eJ2NJfei Read more: https://lnkd.in/gwJp7PS8

The New York City Council voted to override Mayor Adams’s vetoes of two new laws that will require large employers to submit to the New York City government certain pay information that is broken down by employee race and gender. Subscribe to our publications: https://lnkd.in/eJ2NJfei

An S&C team including Ari Blaut, Joyce Kwok and Emily Pastrana advised Baxter International in its SEC-registered offering of $2 billion in aggregate principal amount of senior notes, comprising $300 million aggregate principal amount of 4.450% Senior Notes due 2029, $700 million aggregate principal amount of 4.900% Senior Notes due 2030 and $1 billion aggregate principal amount of 5.650% Senior Notes due 2035. The team also advised Baxter in its tender offers to purchase any and all of its $750 million outstanding 2.600% Senior Notes due 2026 and up to $600 million in aggregate purchase price of its $1.45 billion outstanding 1.915% Senior Notes due 2027.

S&C’s Antitrust and European Competition Practices were recognized across the Firm’s New York, Washington, D.C., London and Brussels offices in Global Competition Review’s 2026 GCR 100. Learn more: https://lnkd.in/efhJivcG