Gleiss Lutz has advised TecDax listed semiconductor manufacturer Dialog Semiconductor on the acquisition of Atmel Corporation. The total consideration is approx. USD 4.6 billion and combines both a cash and stock component.
Atmel shareholders will receive USD 4.65 in cash and 0.112 of a Dialog American Depository Share for each Atmel common share resulting in an economic equivalent of USD 10.42 per Atmel share. Post transaction, Dialog Semiconductor will be the sole shareholder of Atmel.
The transaction is subject to regulatory approvals in various jurisdictions and customary closing conditions, as well as the approval of Dialog and Atmel shareholders. The transaction is expected to close in the first quarter of 2016. Atmel generated USD 1.41 billion in turnover last year and has a global workforce of 5000 employees. In 2014, Dialog Semiconductor posted revenue of approx. USD 1.16 billion and currently has approx. 1500 employees. The company is headquartered in London and listed on the Frankfurt Stock Exchange.
Gleiss Lutz advised Dialog Semiconductor on the German law aspects of the transaction. Davis Polk & Wardwell advised on UK and US law.
The following team of Gleiss Lutz lawyers advised Dialog Semiconductor: Dr. Christian Cascante, Dr. Adrian Bingel (both partner, corporate/M&A, Stuttgart), Dr. Stephan Aubel (partner, capital markets, Frankfurt, all lead), Dr. Ingo Brinker (partner, antitrust, Munich), Maike Sauter, Dr. Markus Martin, Lucie von Haller (all corporate/M&A, Stuttgart) and Dr. Iris Benedikt-Buckenleib (antitrust, Munich).
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