On November 6, 2013, Toll Brothers, Inc., the nation’s leading builder of luxury homes, and Shapell Industries, Inc., a premier private California builder, announced that they have entered into a definitive purchase agreement under which Toll Brothers will acquire the home building business of Shapell in a stock acquisition for approximately US$1.6 billion in cash. Cravath represented Toll Brothers, Inc. in connection with this transaction, which is expected to close in the first quarter of 2014 following satisfaction of customary closing conditions.

The Cravath team included partner Eric L. Schiele and associates Ross M. Leff and Ankur N. Patel on M&A matters; partner Stephen L. Gordon and associate Neetin Gulati on tax matters; partner Kevin J. Grehan and practice area attorney Gary R. Eisenman on real estate matters; partner Matthew Morreale on environmental matters; and partner Eric W. Hilfers on executive compensation and benefits matters.