17 November 2016
Siemens and Mentor Graphics (“Mentor”) have announced that they have entered into a merger agreement under which Siemens will acquire Mentor for $37.25 per share in cash, which represents an enterprise value of $4.5 billion. The offer price represents a 21% premium to Mentor’s closing price on November 11, 2016, the last trading day prior to the announcement. Closing of the transaction is subject to customary closing conditions and is expected in Q2 of calendar 2017.
Latham & Watkins advised Siemens on the transaction with a corporate deal team led by New York partners Adel Aslani-Far and Eli Hunt with associates Andrew Ritter and Daniel Williams. Corporate advice was also provided by New York partner Jim Gorton and Munich partner Rainer Traugott. Advice was also provided on intellectual property matters by Washington, D.C. partner Jeremiah Wolsk and associate Morgan Brubaker; on employee benefits matters by Los Angeles partners Laurence Seymour and Joseph Farrell, London partner Catherine Drinnan, San Francisco associate Julie Crisp and London associate Shaun Thompson; on competition matters by Washington, D.C. partners Michael Egge and Jason Cruise and associate Mitchell London; on real estate matters by New York partner Dara Denberg and associate Shira Bressler; on tax matters by New York partner Lisa Watts and associate Alan Kimball; on environmental matters by Washington, D.C. partner James Barrett and associate Christopher Randall; on compliance matters by Washington, D.C. partners Les Carnegie and Sarah Nappi, counsel Kari Chandler and associates Zachary Eddington and Erin Eckles; and on government contracts matters by Washington, D.C. counsel Kyle Jefcoat and associate Dean Baxtresser.