PALO ALTO — Santa Clara-based Intel Corp. retained lawyers from Gibson Dunn, Perkins Coie and Morrison & Foerster for advice on the sales of its TV unit, valued at an estimated $200 million, to Verizon Communications. Verizon GC Randal Milch relied on in-house counsel for the transaction.
Verizon announced Tuesday that it had agreed to purchase the intellectual property rights as well as bring on board most of the unit’s 350 employees. The deal is expected to close in the first quarter, subject to regulatory approval.
The companies had reportedly been in talks for some time over the internet TV service, which relies on a set-top box and Intel software to deliver live and on-demand programming over the web. The internet has long presented fertile territory for innovation in television, and competition has been heating up among companies like Netflix, Amazon and Apple. Verizon’s bid gives it some skin in the game alongside its FiOS cable service.
Intel CEO Brian Krzanich lauded the technologies on his company’s chopping block, saying they could become a game-changer under Verizon. Intel, meanwhile, is focusing on its core chip business.
Gibson Dunn corporate transactions and M&A partner Christopher Dillon, based in Palo Alto, led the team on the deal. He was joined by Palo Alto corporate associates Christina Greenberg and David Ortenberg and Los Angeles tax partner Paul Issler.
Kenneth Miller of Perkins Coie served as IP counsel for Intel.
MoFo chipped in on the human resources aspects of the deal. Attorneys from the firm included Palo Alto partner Michael Frank, who heads the compensation, benefits and ERISA group; labor and employment senior counsel Timothy Ryan, out of Los Angeles; and executive compensation and employee benefits associate Jessica Rice, based in San Diego.
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