Wachtell, Weil and Latham Land Roles in Largest US M&A Deal of 2020
Deals are down over 50% in 2020, but the $21 billion merger between Analog Devices and Maxim Integrated Products is a welcome shot in the arm.
July 13, 2020 at 05:32 PM
3 minute read
The original version of this story was published on The American Lawyer
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Semiconductor manufacturer Analog Devices Inc. announced Monday that it is acquiring competitor Maxim Integrated Products for about $21 billion in an all-stock purchase that is currently the largest U.S.-based M&A deal of 2020 and one of the largest in the world this calendar year.
Analog was represented in the deal by Wachtell, Lipton, Rosen & Katz. The leads on the deal were corporate partners Mark Gordon and Jenna Levine. Additionally, the Wachtell team consisted of antitrust partner Joseph Larson; executive compensation and benefits attorney Andrea Wahlquist; finance partner Eric Rosof and tax partner Jodi Schwartz.
Maxim was represented by longtime legal adviser Weil, Gotshal & Manges. The Weil team was co-led by corporate department chairman Michael Aiello (New York) and the firm's Silicon Valley office managing partner Craig Adas. The squad also included technology and IP attorney Karen Ballack (Silicon Valley); benefits partner Paul Wessel (New York); tax partner Joseph Pari (D.C.) and antitrust partner Jeff White (D.C.).
Latham & Watkins represented JPMorgan Chase & Co., the financial adviser for Maxim, and was led by corporate partners Charles Ruck and Josh Dubofsky.
Analog, which had a valuation of $46 billion, will own 69% of the new entity, with Maxim and its $17 billion valuation owning the remaining 31%. Maxim shareholders will receive 0.63 shares of Analog stock for each Maxim share.
The new entity, which analysts say has a valuation of $68 billion, will be a direct competitor to semiconductor industry leader Texas Instruments, which carries a valuation of $119 billion.
The deal will most likely require regulatory approval from the U.S., China, and the European Union, the Wall Street Journal reported.
While the companies are expecting the deal to close by next summer, regulators have previously shown they are not afraid to put deals down when it comes to semiconductors.
Broadcom Inc., for example, was stopped from purchasing competitor Qualcomm for $100 billion by the Trump administration in March 2018, while Qualcomm itself was unable to complete a $44 billion deal for NPX Semiconductors when it was stopped by the Chinese government, even though neither of the companies are Chinese.
Read More:
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