Maples and Calder advises on largest semiconductor acquisition in history
Grand Cayman, Cayman Islands | Maples and Calder has advised Singapore-based Avago Technologies Limited (“Avago”) on the Cayman Islands aspects of its US$37 billion acquisition of Broadcom Corporation (“Broadcom”), which closed on 1 February 2016.
Under the agreed terms of the deal the transaction included a scheme of arrangement implemented by Avago under Singapore law and the merger of certain indirect subsidiaries, including Cayman entities, with Broadcom. As a result, all issued shares in Avago were exchanged for shares in a newly formed Singaporean company named Broadcom Limited (“Holdco”) and Broadcom stockholders elected to receive cash, shares in Holdco or limited partnership interests in a newly formed Cayman Islands partnership.
A consortium of banks provided over US$15 billion in secured financing to Avago for the acquisition.
The transaction is the largest semiconductor acquisition in history and the combined company forms the third-largest US semiconductor maker by revenue after Intel Corp. and Qualcomm Inc.
Alasdair Robertson, Global Managing Partner at Maples and Calder, commented: “This high-profile transaction exhibits and further deepens Maples and Calder’s unrivalled experience in the technology sector. We are very pleased to have been able to assist our long-standing client, Avago, with this important transaction.”
Maples and Calder’s Cayman Islands team on the corporate restructuring side comprised partner Alasdair Robertson, counsel Nicola Bashforth and associate Amanda Lazier, and on the secured financing side partner Tina Meigh and associate Lucy Sleep.
About Maples and Calder
Maples and Calder is a leading international law firm advising financial, institutional, business and private clients around the world on the laws of the Cayman Islands, Ireland and the British Virgin Islands. Maples and Calder has offices in the British Virgin Islands, Cayman Islands, Dubai, Dublin, Hong Kong, London and Singapore.
With a reputation as an innovative, entrepreneurial firm, Maples and Calder is known worldwide as a market leader with highly qualified lawyers who are specialists in their respective practice areas.
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MaplesFS leverages its affiliation with international law firm, Maples and Calder, to provide professional and timely advice that draws upon jurisdictional knowledge and experience. For more information, please visit www.maplesfs.com.