Serving as lead counsel to Sprint Corp. and SoftBank Group Corp., the controlling shareholder of Sprint, Morrison & Foerster closed the landmark merger of Sprint and T-Mobile US, Inc., on April 1, 2020, nearly two years after the companies announced their plans to merge. The deal is valued at $59 billion, with the aggregate for the combined company in the all-stock transaction valued at approximately $146 billion, making it one of the largest telecommunications deals in history.
Morrison & Foerster advised SoftBank Group Corp. and SoftBank Vision Fund in the $40 billion sale of UK-headquartered multinational semiconductor and software design company Arm Limited to U.S. chip company NVIDIA (NASDAQ: NVDA). The combination brings together NVIDIA’s leading AI computing platform with Arm’s vast ecosystem to create the premier computing company for the age of artificial intelligence, accelerating innovation while expanding into large, high-growth markets. SoftBank will remain committed to Arm’s long-term success through its ownership stake in NVIDIA.
Morrison & Foerster advised a leading institutional investor, as a long-time investor in Grab Holdings, Inc., in connection with Grab’s proposed merger with special purpose acquisition company Altimeter Growth Corp. The transaction values Grab at US$39.6 billion and is expected to be the largest-ever U.S. equity offering by a Southeast Asian company. The combined company expects its securities will be traded on NASDAQ under the symbol “GRAB” in the coming months.
Morrison & Foerster is advising SoftBank Group Corp. in connection with its agreement to acquire 40% of AutoStore for $2.8 billion from funds affiliated with Thomas H. Lee Partners, L.P. and EQT Private Equity, among other shareholders. Founded in 1996, AutoStore is a robotics technology company that invented and continues to pioneer Cube Storage Automation, the densest storage technology. It currently has a global blue-chip customer base with more than 600 installations and 20,000 robots across 35 countries.
Morrison & Foerster advised Pivotal Investment Corporation II (NYSE: PIC), a publicly traded special purpose acquisition company, in its merger with XL Fleet, a leader in vehicle electrification solutions for commercial and municipal fleets. XL has developed a flexible proprietary electrification powertrain platform that transforms traditional fossil fuel-powered fleet vehicles into hybrid and plug-in hybrid electric vehicles as they are manufactured. XL’s plug-in hybrid electric drive system was named one of TIME magazine’s best inventions of 2019.
Morrison & Foerster advised MobileIron, Inc. (NASDAQ:MOBL), the mobile-centric security platform for the Everywhere Enterprise, in its sale for approximately $900 million to Ivanti, Inc., a leading provider of enterprise-grade intelligent IT management and security software solutions, which is backed by Clearlake Capital Group, L.P. and TA Associates Management L.P. MobileIron’s platform combines award-winning and industry-leading unified endpoint management (UEM) capabilities with passwordless multi-factor authentication (Zero Sign-On) and mobile threat defense (MTD) to validate the device, establish user context, verify the network, and detect and remediate threats to ensure that only authorized users, devices, apps, and services can access business resources in a “work from everywhere” world.