Echelon to Be Acquired by Adesto

On June 29, 2018, Adesto Technologies, a leading provider of innovative application-specific semiconductors for the Internet of Things era, and Echelon, a pioneer in the development of open-standard networking platforms for connecting, monitoring, and controlling devices in commercial and industrial applications, announced that they have entered into a definitive agreement under which Adesto will acquire Echelon for $8.50 per share, representing a total equity value of approximately $45 million and a total enterprise value of about $30 million. Wilson Sonsini Goodrich & Rosati is representing Echelon in the transaction. The firm has enjoyed a long-standing client relationship with Echelon for the past 30 years, having represented the company since shortly after it was formed in 1988, including in its IPO in 1998.

The transaction is expected to close in the third calendar quarter of 2018, subject to customary closing conditions, including approval by Echelon's stockholders.

The WSGR team representing Echelon in the transaction includes:

Corporate/M&A:
Larry Sonsini
Brad Finkelstein
Doug Schnell
Yingting Zhang
Stephen Horton
Joan Moses

Employee Benefits and Compensation:
Madeleine Boshart
Mark Cornillez-Ty

Labor:
Matt Gorman

Tax:
Myra Sutanto Shen

Technology Transactions:
Manja Sachet
Khurram Awan

Privacy:
Matt Staples

Real Estate/Environmental:
Susan Reinstra
Sean Wilkinson
Martin Sul

Regulatory:
Anne Seymour
Larry Perrone

For more information, please see the companies' joint press release.