DSP Transaction Closes

9/11/2007

MoFo News Item

Morrison & Foerster represented DSP Group, based in Israel, in its purchase on September 4, 2007, of the former Philips’ cordless and VoIP terminals operations from Netherlands based NXP Semiconductors for a combination of cash and stock potentially aggregating $345 million, including an earnout.  The Morrison team, headed by partners Bruce Mann and Jackie Liu, closed the simultaneous acquisition of operations including employees, inventory, intellectual property and other assets located in 12 different countries. 
 
In addition to Morrison lawyers in San Francisco, Washington D.C., New York, London, Hong Kong and Brussels, Liu coordinated the activities of lawyers in Germany, France, India Switzerland and the Netherlands.  Mann commented “This was one of the most complex acquisitions I have ever worked on.  The operations acquired by DSP Group were nominally based in Zurich, but had never functioned as a separate business while they were part of Philips or after their acquisition by an international group of private investors in 2006, so a large number of country-specific manufacturing, asset transfer, service and licensing agreements were required and tax, corporate and employment law issues that would not have been faced if a separate division or subsidiary was being acquired had to be faced and solved.”

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