November 3, 2014 -- Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) and Covance Inc. (NYSE: CVD) today announced that they have entered into a definitive agreement under which LabCorp will acquire Covance for cash and LabCorp shares currently valued at $105.12 per Covance share, or an equity value of approximately $6.1 billion. Cravath, Swaine & Moore LLP represented Covance in this transaction. The combination will create the world's leading healthcare diagnostics company. The transaction is expected to close in the first quarter of 2015 and is subject to Covance shareholder approval, regulatory approvals and customary closing conditions.
The Cravath team was led by partners Richard Hall and Damien R. Zoubek and included associates Stephanie L. Alexis, Nicholas A. Dorsey and Feihong Xu (M&A); partner George E. Zobitz (finance); partner Eric W. Hilfers and associates Jonathan J. Katz and Julia L. Onorato (executive compensation and benefits); and partner Michael L. Schler and associates Kara L. Mungovan and Ashley N. Elnicki (tax). Maria Rita Sobral and Andrew T. Murphy also worked on M&A matters.