With more than $28 billion in deals announced or closed since January 2011, Morrison & Foerster’s Tokyo office has the most active M+A practice of any global firm in Japan. The firm’s latest deal inked is Micron’s $2.5 billion acquisition of Elpida, which doubles Micron’s share of the global market for DRAM chips, the most widely used memory chips in personal computers.
Serving as foreign antitrust counsel, Morrison & Foerster advised Elpida Memory, Inc., a Tokyo-based DRAM manufacturer, in its $2.5 billion acquisition by Micron Technology, Inc., announced earlier this month as part of Elpida’s corporate reorganization plan. Micron will acquire 100% of the voting stock of Elpida and subsidiary Akita Elpida. Micron also acquires Elpida's approximately $1.75 billion debt, which will be paid in installments during a seven-year period that ends in 2019. The deal is expected to close in the first half of 2013 and is subject to Tokyo District Court approval, as well as other regulatory approvals.
Elipda tapped Washington D.C. partners Jeff Jaeckel, the head of the firm’s Washington, D.C. and Virginia Litigation Department, and David L. Meyer, Co-Chair of the firm’s Global Antitrust and Competition Law Practice Group, along with Tokyo corporate partner Dale Araki to advise on the transaction. Kobayashi & Associates, Oh-Ebashi Law Offices and Anderson Mori are representing Elipda and its trustee in the corporate reorganization process, in connection with Japanese law aspects of the deal.