News & Announcements

Weil Advises GLOBALFOUNDRIES in Marvell’s Acquisition of Avera Semiconductor

Weil is advising GLOBALFOUNDRIES in Marvell’s definitive agreement to acquire Avera Semiconductor, the Application Specific Integrated Circuit (ASIC) business of GLOBALFOUNDRIES. The acquisition brings together Avera Semi’s leading custom design capabilities with Marvell’s advancement technology platform and scale, creating a leading ASIC supplier for wired and wireless infrastructure. Under the terms of the agreement, Marvell will pay GLOBALFOUNDRIES $650 million in cash at closing plus an additional $90 million in cash if certain business conditions are satisfied within the next 15 months. The transaction is expected to close by the end of Marvell’s fiscal year 2020 pending receipt of regulatory approvals and other customary closing conditions.

The Weil team advising GLOBALFOUNDRIES is led by Mergers & Acquisitions partner Jackie Cohen and includes Mergers & Acquisitions counsel Dawn Kim and associates Katie Simmonds and Alex Walsh (not yet admitted in New York). The team also included Technology & IP Transactions partner Karen Ballack; Tax partner Kimberly Blanchard; Environmental partner Annemargaret Connolly; Executive Compensation & Benefits partner Paul Wessel; Environmental counsel Thomas Goslin; Antitrust counsel Michael Naughton; Executive Compensation & Benefits Counsel Steven Margolis; Technology & IP Transactions associates Edric Itchon, Marisa Geiger and Alexa Clinton; Tax associates Alex Farr and Mary Sommers; and Executive Compensation & Benefits associate Maliha Ikram.

Legalese