International law firm Hogan Lovells has advised semiconductor solutions provider Marvell Technology Group Ltd. in its approximately US$6 billion acquisition of Cavium, Inc., a chip maker headquartered in San Jose, California.
Under the terms of the definitive agreement, Marvell will pay Cavium shareholders US$40.00 in cash and 2.1757 Marvell common shares for each share of Cavium common stock. Marvell intends to fund the cash consideration with a combination of cash on hand from the combined companies and US$1.75 billion in debt financing. The transaction is not subject to any financing condition.
The transaction is expected to close in mid-calendar 2018, subject to regulatory approval as well as other customary closing conditions, including the adoption by Cavium shareholders of the merger agreement and the approval by Marvell shareholders of the issuance of Marvell common shares in the transaction.
The Hogan Lovells team was led by Silicon Valley partner Rick Climan along with partner Chris Moore. The M&A team included partner Jane Ross, and associates Annie Kang, Lauren Zachry and Evan Orman. IP matters were led by partner John Brockland and associates Hao Wang, Max Scott, Maggie Pennisi and Rachel Eisen. Partners Logan Breed, Adrian Emch and senior associate Robert Baldwin, III advised on Antitrust, Competition & Economic Regulation. Partner William Regan advised on Corporate and Shareholder Litigation. Partners Stacey Rosenberg and Eve Howard, counsel Paul Barkes, senior associate Tifarah Allen, and associates Judy Lai and LinaMaria Perez advised on financing. Employment matters were handled by senior associate George Ingham and associate Sophie Duffy. Partner Mike Frank, senior associate Laura Szarmach and associate Adrienne Jack advised on Executive Compensation, Employee Benefits & Share Incentives. International Trade & Investment matters were handled by partners T. Weymouth, Andrew Keller, and Brian Curran, and associates Michael Jacobson and Patrick de Laperouse. Partner Scott Loughlin, senior associate Mohammed Amer and associate Nathan Salminen advised on Privacy and Cybersecurity. Securities advice was provided by partners John Beckman and Lillian Tsu and associates Chloe Chung and Katherine Keeley. Tax matters were handled by partner Jasper Howard, senior associate Charlie Stones, and associate Caitlin Piper.
