December 14, 2011 -- Morrison & Foerster LLP represented long-time client Novellus Systems, Inc. in a $3.3 billion merger agreement that will result in the sale of the company to Lam Research Corp. The all-stock transaction will combine the companies, which will keep the name Lam Research. The deal is expected to close in the second quarter of 2012.
This transaction highlights the firm's ability to successfully guide an emerging company client from start-up, through the IPO process and as a long-standing publicly traded market leader, to the successful execution of the company's M&A strategy.
The cross-practice team was headed up by corporate partners Brandon C. Parris and Robert S. Townsend. Corporate associates Dana R. Peck (SF), Alfredo B. D. Silva (SF), Celeste Ferber (Palo Alto), Paul J. McReynolds (SF) and William Edmund Solis (SF) also worked on the deal. The deal's executive compensation and benefits work was lead by partner Michael T. Frank (Palo Alto), with associates Jessica L. Rice (San Diego) and Ali U Nardali (Palo Alto). Tax advice was handled by partner Bernie J. Pistillo (SF), with associate Maureen Elizabeth Linch (SF). The intellectual property work was lead by partner Paul E. Jahn (SF), with associate Brian C. Ito (SF). Financing work was lead by partner Kathryn I. Johnstone (LA), with associate Jennie Tan (LA). The antitrust team was led out of D.C. by partners Steve Smith and Jonathan Gowdy with associate Anand Viswanathan Palo Alto partner Chris Lyon provided advice on privacy matters.
Founded in the 1980s, Novellus is an S&P 500 company with more than 2,400 employees around the globe and is ranked one of the top semiconductor equipment companies in the world.