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San Jose’s Brocade Communications Systems Inc. has acquired Fremont’s Rhapsody Networks in an all-stock deal. The deal is valued at approximately $175 million, based on Brocade’s stock price the day the transaction was announced. Brocade’s stock fell slightly after the announcement of the acquisition. Lawyers in the Palo Alto office of Wilson Sonsini Goodrich & Rosati represented Brocade in the transaction. Attorneys in the San Francisco office of Cooley Godward represented Rhapsody. “From a legal perspective, it was a straightforward deal,” said the lead partner for Wilson, Katharine Martin. “But it does include an earn-out and is still subject to regulatory approval.” The deal is expected to close in January. Brocade will take on all 110 Rhapsody employees, creating a new division in the company. Brocade is a data storage networking company. Partner Larry Sonsini also worked on the transaction. Also working on the deal were corporate and securities associates James Creigh and Vijaya Gadde, employee benefits partner Roger Stern and associates Jason Borrevik and Blake Martell, intellectual property associates Adit Khorana and Monika Cheney, and tax partner Ivan Hunphreys and associate Paul Obico. Cooley partner Kenneth Guernsey led the team for Rhapsody. Corporate associates Isobel Jones, Jason Throne and Noah Pittard assisted. Intellectual property partner Eric Reifschneider and associates Robert Lee and Peter Werner also worked on the deal. OWENS-BROCKAWAY Attorneys in the San Francisco office of Latham & Watkins represented Owens-Brockaway Glass Container Inc. in a $450 million high yield offering of 10-year senior secured notes. “This deal represented a huge success in a market where very few deals are being done,” said Tracy Edmonson, the lead partner on the deal. The deal went through despite the fact that the company faces an asbestos liability risk. “Asbestos is always a factor, but the good news is the investors believed that the asbestos issues were manageable,” said Edmonson. Owens-Brockaway is owned by Owens-Illinois Inc., a maker of glass containers and plastics packaging with operations all over the world. New York-based Simpson Thacher & Bartlett served as initial purchasers’ counsel, led by partner John Tehan. The rest of the Latham deal team is comprised of associates Tiffanie De Liberty, Lia Arnold and Scott Willoughby. Partner John Jameson and associate Jason Silvera worked out of the firm’s Los Angeles office.

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