A cross-office team of Morrison & Foerster lawyers represented Johnson Electric Capital and its parent company Johnson Electric Holdings in their acquisition of all of the outstanding shares of Nasdaq-listed Parlex Corporation, a leading producer of flexible circuits and interconnect products.

Under the terms of the merger agreement, Johnson Electric has acquired all of Parlex's outstanding shares of common stock for $6.75 a share. Total consideration for the acquisition is $74.6 million, including assumption of Parlex Corporation's convertible and nonconvertible debt, net of cash, equaling approximately $27.5 million.

Johnson Electric Capital is the direct investment arm of the Johnson Electric Group. As one of the world's largest providers of micro motors and integrated motor systems, Johnson Electric is listed on the Main Board of the Hong Kong Stock Exchange and employs 33,000 people in China and 15 other countries.

Shanghai and New York partners Chuck Comey and John Hempill led the transaction team consisting of New York associates Richard Pero and Amarah Sedreddine, London associate Reinhard Schu and Shanghai and Hong Kong legal assistants Zhu Zhu and Jennifer Yung, and Hong Kong partner Tien Chao.