Microchip Technology to Acquire SMSC for $939 Million
On May 2, 2012, microcontroller, analog, and Flash-IP solutions provider Microchip Technology announced that it has signed a definitive agreement to acquire Standard Microsystems Corporation (SMSC), a smart mixed-signal connectivity solutions developer, for $37.00 per share in cash. The acquisition represents a total equity value of about $939 million. Wilson Sonsini Goodrich & Rosati is representing Microchip in the transaction.
The acquisition has been approved by the boards of directors of each company and is expected to close in the third quarter of 2012, subject to approval by SMSC stockholders, regulatory approvals, and other customary closing conditions.
The Wilson Sonsini Goodrich & Rosati team that represented Microchip in the matter was led by corporate/M&A partners Rob Ishii, Denny Kwon, and Rob Suffoletta, and included employee benefits and compensation partner Roger Stern and tax partner Eileen Marshall.
For additional information, please refer to Microchip's press release.