Major wins for clients
From big deals to complex disputes, we advised on matters that helped move clients’ businesses forward
Welcome to Perspective: 2024, the reimagined annual review from White & Case. With its newly shortened format, we hope to give you a high-level view of the work we’ve done on behalf of our clients and the key themes shaping the global markets.
Throughout 2024, our focus remained on delivering exceptional results for our clients—helping them seize opportunities, navigate complexities and achieve major business wins. Whether advising on Jersey Mike’s sale to Blackstone, helping Calpine finance one of the largest battery storage systems in the US, or defending the government of Georgia against a US$1.5 billion arbitration claim, we were at our clients’ side through transformative deals, disputes and regulatory challenges. Thanks to the trust our clients place in us, we reached significant milestones as a Firm, including surpassing US$3 billion in revenue for the first time.
Perspective: 2024 kicks off with "Executive voices," a collection of three short videos featuring Dipen Sabharwal on what it means to be “truly global,” Carina Radford on the Firm’s industry expertise, and my own reflections on 2024 highlights and plans for 2025. In "Client successes," we spotlight ten standout achievements for clients including CVC, Deutsche Bank and Vantage Data Centers—matters that not only shaped businesses but also reflected broader global trends such as digital acceleration and sustainable development.
"By the numbers" provides a snapshot of the impact we’ve made over the past year, while "Better together" illustrates how we provided 360-degree support to global mining client Vale. Lastly, in "Pioneer spotlight," we hear from partner Ladan Stewart, who is helping clients navigate the fast-moving world of crypto and fintech.
I hope you enjoy reading and viewing.
Leadership perspectives on topics that matter to clients
Heather McDevitt
Heather shares 2024 highlights and the outlook for 2025
Dipen Sabharwal
Dipen talks about what it means to be "truly global"
Carina Radford
Carina discusses the Firm's focus on industry expertise
Highlights of our work in 2024
From big deals to complex disputes, we advised on matters that helped move clients’ businesses forward
Stats that tell a story about the work we do
US$3.32 billion in annual revenue
2,598total lawyers
698total partners
124nationalities
95languages spoken
6 continents
44offices
30countries
Providing 360-degree support to clients
Q&A with a partner helping White & Case gain strategic ground
Ladan Stewart, the Firm's Global Head of Fintech, discusses current trends in crypto and the longer-term outlook for the industry
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Ten key matters that had real-world impact on markets and reflect broader global trends
Jersey Mike's accelerates its growth with Blackstone majority ownership acquisition
Private equity funds managed by Blackstone acquired a majority ownership in Jersey Mike's Subs, a franchisor of submarine sandwich stores. Its founder and CEO, Peter Cancro, is maintaining and continuing to lead the business. The partnership with Blackstone will help Jersey Mike's to accelerate its expansion across and beyond the US market, and to continue its investment in technology and digital transformation. We advised Jersey Mike's on the acquisition.
CVC-managed funds make strategic technology investment
Funds managed by CVC, a leading global private markets manager, acquired a significant ownership position in Epicor, a global provider of industry-specific enterprise software, from Clayton, Dubilier & Rice, resulting in joint control of Epicor by CVC, Epicor and CD&R. We represented CVC in the acquisition.
GoldenTree rights reinstated in US$8.5 billion bankruptcy matter
Confidence in the market for special revenue bonds was restored by a US Court of Appeals for the First Circuit decision reinstating US$8.5 billion of claims of municipal bondholders in the Puerto Rico Electric Power Authority (PREPA) bankruptcy. The bondholders appealed a ruling that their bonds were unsecured and entitled to a claim of only US$2.4 billion. The First Circuit ruled that the bondholders had an unavoidable, perfected security interest for at least US$8.5 billion. The First Circuit subsequently granted a petition for reconsideration and re-issued a decision again confirming those bondholder rights and claims. We represented GoldenTree Asset Management.
Sale of International Game Technology PLC's (IGT) Gaming & Digital business positions IGT for long-term success
IGT and Everi Holdings Inc. entered into definitive agreements whereby IGT's Gaming & Digital business and Everi will be simultaneously acquired by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. in an all-cash transaction that values the acquired businesses at approximately US$6.3 billion on a combined basis. Following closing, IGT Gaming and Everi will be privately owned companies that are part of one combined enterprise. This transaction will position IGT's retained global lottery business for long-term success as a pure-play global lottery player with a more focused, compelling business model and optimized capital structure to drive long-term shareholder value. We represent IGT in the transaction.
Saudi Aramco makes US$11.2 billion share offering
We advised the Saudi Arabian Oil Company (Saudi Aramco) in connection with the secondary public offering by the government of the Kingdom of Saudi Arabia of US$11.2 billion, excluding the overallotment option, of ordinary shares of Saudi Aramco. The offering was the largest ECM offering in the Middle East, after Saudi Aramco's IPO in 2019.
Vantage Data Centers funds ongoing development with US$3 billion financing
Vantage Data Centers will use the US$3 billion revolving credit financing to fund the ongoing development of its North America data center platform, which presently comprises 12 campuses across the United States and Canada. This new financing is Vantage's fifth green loan and was secured under the company's green finance framework as part of its holistic approach to environmental, social and governance principles. We advised Vantage, as borrower counsel, on the financing.
Georgia defeats US$1.5 billion arbitration claim over termination of deep-sea port project
The government of Georgia achieved a significant victory when an International Chamber of Commerce arbitral tribunal dismissed a US$1.5 billion claim against it. The claim was brought by the Anaklia Development Consortium, an international group of investors seeking compensation for losses incurred following the government's termination of its long-term rights to develop a deep-sea port project on the Black Sea. We represented the government of Georgia in this arbitration.
Deutsche Bank and RBC finance US$8.9 billion buyout of R1 RCM
R1 RCM, a revenue-cycle solutions provider for health systems, hospitals and physicians' groups, was acquired by TowerBrook Capital Partners and Clayton, Dubilier & Rice in a leveraged buyout valued at approximately US$8.9 billion. The all-cash acquisition was financed by a group of lead arrangers led by Deutsche Bank and Royal Bank of Canada. We advised Deutsche Bank and RBC and the other arrangers on the US$4.9 billion debt financing package.
Changhua 4 offshore wind farm gets US$1.6 billion project financing
The 583 MW Greater Changhua 4 Offshore Wind Farm is Asia-Pacific's first offshore wind project backed by corporate offtake and lights the way for a new phase of large-scale offshore wind development in the region. The Greater Changua 4 site is part of the 920 MW offshore wind farms Greater Changhua 2b and 4, which are currently under construction by offshore wind developer Ørsted and expected to complete by the end of 2025. We advised the finance parties—comprising export credit agencies and commercial lenders—on the financing as part of Ørsted's 50 percent equity divestment to Cathay Life, which will co-own the project with Ørsted.
Calpine financing funds one of the largest BESS projects in the US
The US$1 billion-plus syndicated project financing transaction in the commercial bank market funded the development and construction of Calpine Corporation's 680 MW battery energy storage system complex in California. The project is one of the largest battery storage systems in the United States. The financing received Climate Bonds certification as a green financing. We represented Calpine, the largest US generator of electricity from natural gas and geothermal resources, in the transaction.
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