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Latham & Watkins Advises Tower Semiconductor in US$5.9 Billion Acquisition by Intel

February 15, 2022
A multidisciplinary deal team led from the Bay Area advises on the transaction that will create a globally diverse end-to-end foundry to help meet growing semiconductor demand.

Intel Corporation (Nasdaq: INTC) and Tower Semiconductor (Nasdaq: TSEM), a leading foundry for analog semiconductor solutions, have announced a definitive agreement under which Intel will acquire Tower for US$53.00 per share in cash, representing a total enterprise value of approximately US$5.9 billion. The acquisition significantly advances Intel’s IDM 2.0 strategy as the company further expands its manufacturing capacity, global footprint, and technology portfolio to address unprecedented industry demand.

Latham & Watkins LLP represents Tower Semiconductor in the transaction with a corporate deal team led by Bay Area partners Tad Freese and Mark Bekheit, with associates Brad Alvarez, Donna Kim, Jennifer Boyd, Amanda Dillon, Billy Wu, and Junhan Zhang. Advice was also provided on tax matters by Bay Area partner Grace Lee, with associate Alex Farris; on executive compensation and benefits matters by Bay Area partner James Metz, with associate James Robinson; on labor and employment matters by Chicago partner Nineveh Alkhas; on intellectual property and technology transactions matters by Bay Area partner Anthony Klein, with associates Fiona Gillan, Ryan Sanders, and Lydia Lim; on data privacy matters by Bay Area counsel Robert Blamires, with associate Sam Maerz-Boening; on government contracts matters by Washington, D.C. counsel Dean Baxtresser, with associate Josh Craddock; on export controls and sanctions matters by Washington, D.C. counsel Andrew Galdes, with associate Asia Cadet; on anti-corruption matters by Washington, D.C. partner Erin Brown Jones, with associate Athena Katsampes; on antitrust matters by Washington, D.C. partners Amanda Reeves and Farrell Malone, Frankfurt partner Max Hauser, with Brussels counsel Tomas Nilsson and San Francisco associate Evan Omi; and on Israel corporate law matters by Tel Aviv/London partner Joshua Kiernan.