Redwood Shores, CA and New York, April 7, 2004 – Weil, Gotshal & Manges LLP, one of the world’s leading law firms, advised Broadcom Corporation (Nasdaq: BRCM – News), a leading provider of highly-integrated semiconductor solutions enabling broadband communications, in the acquisition of Sand Video, Inc.
In connection with the acquisition signed April 6, 2004, Broadcom will pay a total of up to approximately $77.5 million in exchange for all outstanding shares of Sand Video capital stock and upon exercise of outstanding employee stock options and other rights of Sand Video. The cash consideration will be subject to escrow pursuant to the terms of the acquisition agreement. The $77.5 million include $70.1 million in the form of 1.666 million shares of its Class A common stock issued or reserved for future issuance (valued at the NASDAQ National Market closing price on April 6) and $7.4 million in cash consideration.
“The deal involved intensive negotiations and multiple deal restructurings to accommodate competing objectives under Delaware and California corporate law, the federal tax code, and federal securities law,” said Rod Howard, the Weil Gotshal partner who led the three-state (California, New York and Massachusetts) Weil Gotshal team in advising Broadcom on the deal.
According to the client’s press release, the combination of technologies and products from Broadcom and Sand Video will enable Broadcom’s customers to bring to market next-generation video solutions for a range of products.
Weil, Gotshal & Manges LLP is an international law firm of more than 1,100 attorneys, including approximately 300 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Silicon Valley, Singapore, Warsaw and Washington, D.C.
Weil, Gotshal & Manges LLP’s Team
Partners: Rod Howard (Corporate – Silicon Valley); Jason D. Kipnis (Trade Practices and Regulatory Law – Silicon Valley); Martin B. Amdur (Tax – NY); and Warren T. Buhle (Corporate – NY)
Associates: Andrew Nelson and Tony Wang (Corporate – Silicon Valley); Cody C. Tibbetts (Corporate – Boston); Alexandra Dolger and Anna M. Grant (Tax – NY)
# # #