CiscoFenwick, Wilmer Guide Cisco's $2.6 Billion Acacia Buy
Fenwick & West is advising Cisco to buy Acacia Communications for $2.6 billion.
July 09, 2019 at 06:10 PM
3 minute read
Fenwick & West advised Cisco Systems in its $2.6 billion acquisition of Maynard, Massachusetts-based optical networking semiconductor company Acacia Communications, which tapped Wilmer Cutler Pickering Hale and Dorr for the deal.
The technology giant announced Tuesday that it has agreed to pay about $70 in cash for each of Acacia Communications' shares in a transaction valued at $2.6 billion.
The deal is expected to close during the second half of Cisco's fiscal year 2020. According to Cisco's press release, the acquisition will enhance Cisco's optical systems portfolio.
“By innovating across software, silicon and optics, Cisco is reinventing every domain of the network with our intent-based architectures,” David Goeckeler, the executive vice president and general manager of Cisco's networking and security business, said in the statement.
He added, “The acquisition of Acacia will allow us to build on the strength of our switching, routing and optical networking portfolio to address our customers' most demanding requirements.”
The San Jose-based company is represented by a Fenwick & West team led by corporate partner Douglas Cogen. He is assisted by corporate partner Ken Myers and associates Stephen Fisher, Maureen Montgomery, Shweta Kumar, Hans Andersson and Adar Carver. Attorneys from Fenwick & West's executive compensation and benefits, intellectual property and technology transactions, antitrust and tax practice teams also advised.
The Acacia deal is the latest in a string of acquisitions Cisco has made since last year as the company prepares for a boom in network capacity. Last year, Fenwick & West also advised Cisco in a plan announced August to acquire cloud-based cybersecurity firm Duo Security for $2.35 billion. In December, Cisco said it planned to acquire semiconductor company Luxtera for $660 million. (Cooley advised Cisco in that deal.)
Acacia, which is a Cisco supplier, was formed in 2009. The company tapped Wilmer for its 2016 May 2016 IPO, with Goodwin Procter as counsel for the underwriters. According to its S-1 filing, the two firms generated $1.25 million in legal fees and expenses for the IPO.
The Wilmer team representing Acacia in the Cisco deal is led by corporate partners Jay Bothwick and Andrew Bonnes. The team also included partners Mark Borden, Doug Burton, Leon Greenfield, Barry Hurewitz, Jeff Johnson, Jason Kropp, Amy Null, Julie Hogan Rodgers, Lester Ross, Laura Schneider and Kim Wethly; counsel Judd Abramson, Ciara Baker and Jeffries Oliver-Li; senior associate Tingting Liu; associates Ryan Crane, Ben Kelsey, Meghan Muncey and Tyler Rostock; and summer associates Zach Blair and Elijah Soko.
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