U.S. chipmaker Micron Technology Inc.'s acquisition of bankrupt Japanese rival Elpida Memory Inc. would make it the second-largest company of its kind in the world.
By Jessica Seah|July 04, 2012|Originally published on International
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The original version of this story misspelled the name of Simpson Thacher & Bartlett partner David Sneider in the fourth paragraph. We regret the error.
No less ten law firms are involved in U.S. chipmaker
Micron Technology Inc.’s $2.5 billion acquisition of troubled Japanese rival
Elpida Memory Inc., which filed for bankruptcy in Tokyo District Court in February.
Boise, Idaho-based Micron has agreed to pay Elpida $754 million in cash and the rest of the $1.75 billion in annual installments through 2019 to cover the bankrupt company’s debts.
According to the Wall Street Journal, the acquisition will make Micron the second-largest memory chip maker by revenue after Samsung Electronics Co. Ltd., overtaking Korea’s SK Hynix.
The deal is subject to court and creditor approval.
Three Japanese law firms –
Kobayashi & Associates Law Office,
Oh-Ebashi LPC & Partners, and Ogawamachi Sogo Law Office – have been advising Elpida on its bankruptcy proceeding. Kobayashi & Associates founding partner Nobuaki Kobayashi is acting as one of two bankruptcy trustees for Elpida along with company chief executive officer Yukio Sakamoto.
Davis Polk & Wardwell is advising Elpida on U.S. Chapter 15 bankruptcy proceedings relating to the company’s American assets.
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