SAN FRANCISCO — Synopsys Inc., a Mountain View-based software company focused on electronic design and semiconductor intellectual property, turned to Weil, Gotshal & Manges for legal counsel on its acquisition of Coverity Inc., which tests the security of software. Coverity tapped a team of lawyers from Cooley. The deal was completed Tuesday.
The value of the transaction was approximately $334 million, which Synopsys is funding using a combination of cash and approximately $200 million in debt.
San Francisco’s Coverity, which spun out of a Stanford University research project 10 years ago, was in talks with banks in early 2013 about launching an IPO. The Coverity unit now will be led by John Chilton, senior vice president and general manager at Synopsys.
The Weil team advising Synopsys was led by partner Richard Climan and included corporate associates John Maselli, Amy Reed and Cristiana Blauth Oliveira; technology and IP transactions partners John Brockland and Karen Ballack and associates Edric Itchon and Alexa Clinton in Silicon Valley; tax partner Helyn Goldstein in New York and associate Tara Lancaster in Dallas; and benefits partner Amy Rubin and associates Eric Schecter and Zahava Blumenthal in New York.
The Cooley team counseling Coverity was led by San Diego-based partner and head of the firm’s mergers and acquisition practice Barbara Borden and special counsel Tali Sealman in Silicon Valley. Also included were partner Timothy Moore in Silicon Valley, special counsel Charles Haley in San Diego and associates Alex Kassai, Ian Shannon, and Taylor Young in Silicon Valley and Marc Samuel in Washington, D.C.
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