Paul Hastings, a leading global law firm, announced today that it is representing Samsung Electronics Co., Ltd., (“Samsung Electronics”) a world leader in advanced semiconductor solutions, on its acquisition of handset connectivity and location development operations of, and its license of related technology from, CSR plc (“CSR”), a UK-listed and headquartered provider of multi-function semiconductor platforms.
Under the terms of the agreement executed between the parties, Samsung Electronics will acquire CSR’s handset connectivity and location development operations and certain associated patents, and receive a license grant to patents and intellectual property for Bluetooth, Wi-Fi and GPS technology, for a cash consideration of US$310 million. Samsung Electronics will also employ approximately 310 CSR employees. In addition, Samsung Electronics will purchase a 4.9% equity interest in CSR.
Paul Hastings has advised Samsung Electronics on a number of its significant outbound investments and acquisitions over the past few years. In 2011, Paul Hastings advised on the award-winning and multi-jurisdictional US$1.4 billion sale of Samsung Electronics’ hard disk drive (HDD) business to Seagate Technology, a NASDAQ-listed manufacturer and leader in hard disk drives and storage solutions. This marked the largest cross-border M&A transaction in Korea in 2011. Paul Hastings also recently advised on Samsung Electronics’ acquisition of Sweden’s Nanoradio AB, a developer of ultra low power Wireless LAN chipsets for high-speed wireless access in mobile phones.
The Paul Hastings global team was led by M&A partners Matt Berger, Garrett Hayes and Daniel Kim, with support from partners Ronan O’Sullivan, Arun Birla, Suzanne Horne, Scott Hataway and Pierre Kirch and associates Woojae Kim, Steve Kang, Ross McNaughton, Matthew Poxon, Tiffany Lee and Adam Young.
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