Travers Smith and Taylor Wessing have won roles on the $475m (£308m) acquisition of US broadband manufacturing company 2Wire by Yorkshire-based set-top box maker Pace.

Travers head of corporate finance Spencer Summerfield (pictured) advised longstanding client Pace on the purchase, which was announced last week (26 July) and will now see Pace look to raise debt from banks, with the deal set to close by the end of the year.

Pace's purchase of 2Wire from a consortium including telecommunications companies Alcatel-Lucent, Telmex and AT&T is inclusive of the company's balance sheet cash at closing, which is anticipated to be $55m (£36m).

Summerfield has advised Pace since 1994 and has acted on deals including the company's £375m flotation in 1996 and the e95m (£79.5m) reverse takeover of the set-top box business of Royal Philips Electronics in 2007.

Gibson Dunn & Crutcher London-based corporate partner Kenneth Lamb and San Francisco-based corporate partner Peter Heilmann led the team advising Pace on the US aspects of the deal.

Taylor Wessing advised new client 2Wire on the sale after being instructed in April, fielding a team led by head of financial institutions and markets, Tim Stocks, assisted by corporate senior associate Fade Solanke-Mitterer.

US law advice was provided by corporate partner David Young of US firm Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.

Stocks said: "This was a new instruction from a client needing a large European technology/corporate firm to work on this substantial cross-border deal. Both the size and the sector of the transaction are in the firm's sweet spot and confirm where we are in the market."