Firm Assisting Long-Time Client in Deal Valued at Close to $2 Billion
Palo Alto, California. – LAWFUEL- The Law News Network – DLA Piper Rudnick Gray Cary US LLP announced that the firm is representing Maxtor Corporation (NYSE: MXO) in its acquisition by Seagate (NYSE: STX) in a transaction that is valued at approximately $1.9bn.
Maxtor and Seagate yesterday jointly announced they have entered into a definitive agreement under which Seagate will acquire Maxtor in an all stock transaction. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Maxtor shareholders will receive .37 shares of Seagate common stock for each Maxtor share they own. When the transaction is completed Seagate shareholders will own approximately 84% and Maxtor shareholders will own approximately 16% of the combined company.
Maxtor Corporation is one of the world’s leading suppliers of information storage solutions, with an expansive line of storage products for desktop computers, near-line storage, high-performance Intel-based servers, and consumer electronics.
Seagate is the worldwide leader in the design, manufacturing and marketing of hard disc drives, providing products for a wide-range of Enterprise, Desktop, Mobile Computing, and Consumer Electronics applications.
“Our team worked very hard with our long term client Maxtor on this transaction and we are proud to have been the legal advisor to the company in this important milestone,” said Diane Holt Frankle, a partner and co-chair of DLA Piper’s M&A Practice who is leading the firm’s team representing Maxtor in the transaction. “We worked closely with senior management at Maxtor, including William Sweeney, Maxtor’s Vice President and General Counsel. We have enjoyed a long-standing relationship as counsel for Maxtor since the company’s inception, and we plan to continue supporting Maxtor during its transition period, and look forward to seeing it through to completion.”
In addition to Frankle, DLA Piper’s team includes Greg Gallo, Brad Rock, Eric Wang, Bill Hoffman, John Saia, Caroline Wu, Michael Standlee, David Plewa, David Colker, Maureen Dorney, Jeff Aronson, Michael Frank (all of East Palo Alto); Jenny Kim, David Gross, and Patricia Knox (all of San Francisco); Michael Brockmeyer and Paolo Morante (of Baltimore); Jeff Shohet and Bob Longstreth (San Diego); Ken Starling and Michael McNeely (Washington, D.C.); Michael Schneider (Seattle); and Alexandra Kamerling (London).