December 17, 2013
Avago Technologies Limited and LSI Corporation have announced a definitive agreement under which Avago will acquire LSI for $11.15 per share in an all-cash transaction valued at $6.6 billion. The acquisition creates a highly diversified semiconductor market leader with approximately $5 billion in annual revenues by adding enterprise storage to Avago’s existing wired infrastructure, wireless and industrial markets. The transaction is supported by a $4.6 billion credit facility from a group of banks led by Deutsche Bank Securities, and by a $1 billion investment from Silver Lake Partners. Latham & Watkins LLP represents Avago Technologies in the transaction with a deal team lead from the firm’s Silicon Valley office by corporate partners Christopher “Kit” Kaufman, Luke Bergstrom and Anthony Richmond, with associates Chad Rolston and Riley Lochridge in Silicon Valley and Lauren Kaplan in San Francisco. Advice on financing matters was provided by partners Greg Rodgers in New York (convertible debt) and Jennifer van Driesen in Washington, D.C. (bank debt), and attorneys of the firm also advised on tax, employee benefits, intellectual property, antitrust, environmental, regulatory and real estate matters.