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Latham & Watkins Advises Silicon Motion Technology Corporation on US$3.8 Billion Cross-Border Take-Private Acquisition by MaxLinear, Inc. to Create a Semiconductor Leader

May 5, 2022
Cross-border, multidisciplinary deal team represents the Asia-based global leader in developing NAND flash controllers for solid state storage devices in the transaction.

MaxLinear, Inc. (NASDAQ: MXL), a California-based leading provider of radio frequency, analog, digital, and mixed-signal integrated circuits, and Silicon Motion Technology Corporation (NASDAQGS: SIMO), an Asia-based global leader in developing NAND flash controllers for solid state storage devices, announced that they have entered into a definitive agreement under which MaxLinear will acquire Silicon Motion in a cash and stock transaction that values the combined company at US$8 billion in enterprise value. Each American Depositary Share of Silicon Motion will receive US$93.54 in cash and 0.388 shares of MaxLinear common stock, for total per ADS consideration of US$114.34 (based on MaxLinear’s May 4, 2022 closing price). The combination will create a top-ten fabless semiconductor supplier with a diversified technology portfolio, significantly expanding the combined company’s total addressable market.

Latham & Watkins LLP represents Silicon Motion in the transaction with a corporate deal team led by Orange County/New York partner Charles Ruck, Chicago partner Christopher Drewry and Hong Kong partner Benjamin Su, with Bay Area associate Bradley Alvarez and Chicago associates Ryan Baker, Sarah Loiselle, and Brian Baloun. Advice was also provided on securities matters by Hong Kong associate Yao Yang; on executive compensation, employment & benefits matters by Los Angeles/Orange County partner Michelle Carpenter and Los Angeles counsel Aryeh Zuber, with Los Angeles associate Joseph Benedetto; on antitrust and regulatory matters by Washington, D.C. partners Jim Barker, Mandy Reeves, and Bay Area partner Joshua Holian, with Washington, D.C. counsel Ruchi Gill and associate Alexandra Kandalaft, and Beijing foreign legal consultant Eudora Hu; on finance matters by Washington, D.C. partner Christopher Clark, Los Angeles partner Mark Morris, Washington, D.C. partners Jason Licht and Leakhena Mom, and Los Angeles counsel Jonathan Shih; on data privacy matters by Bay Area partner Robert Blamires, with Bay Area associate Adriana Beach; on data & technology transactions matters by Bay Area partner Anthony Klein, with Washington, D.C. associate Ryan Clore and Bay Area associate Ryan Sanders; on regulatory anti-bribery and anti-corruption matters by Washington, D.C. partner Erin Brown Jones; on regulatory export control matters by Washington, D.C. counsel Andrew Galdes, with Washington, D.C. associate Asia Cadet; on tax matters by Bay Area partner Grace Lee, with Bay Area associate Jacob Meninga; and on foreign direct investment matters by Hamburg counsel Jana Dammann de Chapto, with Frankfurt associate Nicolas Jung.