Freshfields lands new Irish technology client
Brobecks acts opposite Freshfields on creation of ParthusCeva
April 17, 2002 at 08:03 PM
2 minute read
Freshfields Bruckhaus Deringer has won a new technology client after advising on the merger between Irish chip designer Parthus Technologies and Ceva, a subsidiary of the DSP group.
Freshfields advised DSP, the US-Israeli chipmaker, on the UK law aspects of the tie-up. Ceva is the group's IP licensing arm. The deal creates a company with a combined market value of £337m.
The new entity, to be called ParthusCeva, will become a supplier of digital technology, hardware design and software.
The deal is the first significant merger in the semiconductor industry for more than a year.
Freshfields' co-head of TMT, Simon Marchant, led the deal, which was the first time his firm had acted for DSP.
Marchant said Freshfields won the work on the back of its links with West Coast firm Morrison & Foerster, which led on the US aspects of the deal. The two firms have a long-standing relationship.
Investment bank Morgan Stanley, financial adviser on the deal, had also recommended Freshfields to DSP because of the firm's experience with M&A and telecoms activity in Ireland.
Brobeck Hale and Dorr advised Parthus. Corporate partner Richard Eaton said the deal was the first time an Irish merger had used the scheme of arrangement clause contained within the Irish Takeover Code.
This means the deal received approval by a 75% majority of the company's shareholders.
Both lawyers were confident that their firms would continue to work for the new company, which, as yet, does not have a panel.
DSP has been seeking to dispose of its intellectual property for months. The licensing division presented a conflict of interest with its manufacturing operation since the latter competed directly with chipmakers that bought the company's technology.
The merger gives DSP a 50.1% stake in the new company, with Parthus shareholders holding the remaining shares.
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