X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Santa Clara-based Network Associates Inc. has been on a buying spree of late. The network security company recently purchased Entercept Security Technologies for $120 million in cash and IntruVert Networks for $100 million in cash. Attorneys in the Palo Alto office of Wilson Sonsini Goodrich & Rosati represented Network Associates on both deals. Lawyers in the Los Angeles office of Gibson, Dunn & Crutcher represented Entercept and Palo Alto’s Cooley Godward led the deal for IntruVert. While mergers and acquisitions have been in the doldrums because of the slow economy, these deals highlight a recent spike in activity in the network security industry. “Network security is one of the places you’ve seen growth in the markets — also company valuations are becoming more realistic,” said Kurt Berney, the lead partner on the deals at Wilson. In January, Network Associates competitor Cisco Systems Inc. also purchased a network security company, Okena Inc., for $154 million in stock. “It comes down to whether companies want to buy or build [new technology],” said Berney. “To build the stuff would take longer and ultimately be an expensive endeavor.” The deals are the fifth and sixth in the past year for Network Associates. In addition to Berney at Wilson, corporate partner Jeffrey Saper and associates Craig Lang and Jack Helfand worked on the deals. Intellectual property associates Heather Meeker and Shannon Melville also worked on the deal. Gibson partner Dhiya El-Saden and associate Richard Scott led the deal for Entercept. Cooley partner David Lipkin led the IntruVert deal for the firm. UNION BANK/MONTEREY BAY BANK UnionBanCal Corp., a San Francisco-based bank holding company, has acquired Monterey Bay Bank in a merger deal worth approximately $96.5 million. The San Francisco office of Bingham McCutchen represented Union Bank in the transaction, led by partner James Rockett. The Los Angeles office of Sullivan & Cromwell, led by partner Steven Stokdyk, did the deal for Monterey Bay Bank. “This deal is interesting because it involved the acquisition of a savings and loan by a national bank,” Rockett said. “That creates more regulatory approval requirements than other bank merger transactions.” This is the third community bank acquisition Bingham has worked on with Union Bank in the past year as the bank seeks to expand its geographic reach into new markets. Monterey Bay Bank has branches throughout Northern California including Salinas, Monterey, Watsonville and Gilroy. Even though both banks are publicly traded entities, Rockett said recent market volatility because of the war did not play into the decision-making in this deal. “The banking sector has been more stable than other stocks in the marketplace,” he said. UnionBanCal’s in-house counsel included Morris Hirsch, deputy general counsel; Theodore Davis, general counsel; and Gino Chilleri, senior counsel. New York partners Mark Menting and Sandra Cohen and Los Angeles-based associate Patrick Brown also worked on the deal for Sullivan.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.