Correction, 7/6/12: 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.
Micron is being represented by Wilson Sonsini Goodrich & Rosati and Japanese firm Mori Hamada & Matsumoto. Simpson Thacher & Bartlett Tokyo partner David Sneider is advising Goldman Sachs Group, Micron’s financial advisor.
Elpida is being advised on the acquisition by Morrision & Foerster Tokyo partner Dale Araki. Two Japanese law firms are also acting on the deal: Nagashima Ohno & Tsunematsu is advising Elpida on intellectual property issues while Anderson Mori & Tomotsune is serving as Japanese antitrust counsel.
Three Japanese law firms – Kobayashi & Associates Law OfficeOh-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.