Cleary leads as Google acquires Israeli map software firm
Cleary Gottlieb Steen & Hamilton has taken the lead role for Google on its acquisition of Israeli traffic map software provider Waze, for a reported value of $1.1bn (£700m). The deal, which closed last week (11 June), saw Google take a 100% stake in the company, which helps drivers collaborate to find the best routes through traffic. Google said the Waze team would remain in Israel for the foreseeable future, with the tech giant hoping to enhance Google Maps with some of the features developed by the start-up.
June 20, 2013 at 07:03 PM
2 minute read
Cleary Gottlieb Steen & Hamilton has taken the lead role for Google on its acquisition of Israeli traffic map software provider Waze, for a reported value of $1.1bn (£700m).
The deal, which closed last week (11 June), saw Google take a 100% stake in the company, which helps drivers collaborate to find the best routes through traffic.
Google said the Waze team would remain in Israel for the foreseeable future, with the tech giant hoping to enhance Google Maps with some of the features developed by the start-up.
Cleary has acted for Google on several acquisitions, including its $12.5bn (£7.8bn) acquisition of Motorola Mobility in 2011, as well as its purchases of Wildfire, AdMob, Admeld and ITA Software.
New York M&A partners Ethan Klingsberg and Glenn McGrory are leading the Cleary team on the deal, with intellectual property partner Leonard Jacoby, employee benefits partner Michael Albano, and tax partners Sheldon Alster and Jason Factor also providing advice.
Emerging growth companies law firm Gunderson Dettmer advised Waze on US law matters, with New York partner Steven Baglio leading a team, alongside corporate partner Nitzan Hirsch-Falk of Israeli firm Gross Kleinhendler Hodak Halevy Greenberg & Co.
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