MaxLinear’s $3.8 Billion Take-Private Acquisition of Silicon Motion

Latham & Watkins and K&L Gates advised Silicon Motion on the transaction, while Wilson Sonsini Goodrich & Rosati advised MaxLinear.

MaxLinear, Inc. (NASDAQ: MXL), a California-based leading provider of radio frequency, analog, digital, and mixed-signal integrated circuits, and Silicon Motion Technology Corporation (NASDAQGS: SIMO), an Asia-based global leader in developing NAND flash controllers for solid state storage devices, have entered into a definitive agreement under which MaxLinear will acquire Silicon Motion in a cash and stock transaction that values the combined company at US$8 billion in enterprise value. Each American Depositary Share of Silicon Motion will receive US$93.54 in cash and 0.388 shares of MaxLinear common stock, for total per ADS consideration of US$114.34 (based on MaxLinear’s May 4, 2022 closing price). The combination will create a top-ten fabless semiconductor supplier with a diversified technology portfolio, significantly expanding the combined company’s total addressable market.

BMO Capital Markets Corp. acted as exclusive financial advisor to MaxLinear. Wells Fargo Bank, N.A. is providing committed debt financing for the transaction. Goldman Sachs (Asia) L.L.C. acted as exclusive financial advisor to Silicon Motion.

Latham & Watkins LLP represented Silicon Motion in the transaction with a corporate deal team led by Orange County/New York partner Charles Ruck (Picture), Chicago partner Christopher Drewry and Hong Kong partner Benjamin Su, with Bay Area associate Bradley Alvarez and Chicago associates Ryan Baker, Sarah Loiselle, and Brian Baloun. Advice was also provided on securities matters by Hong Kong associate Yao Yang; on executive compensation, employment & benefits matters by Los Angeles/Orange County partner Michelle Carpenter and Los Angeles counsel Aryeh Zuber, with Los Angeles associate Joseph Benedetto; on antitrust and regulatory matters by Washington, D.C. partners Jim Barker, Mandy Reeves, and Bay Area partner Joshua Holian, with Washington, D.C. counsel Ruchi Gill and associate Alexandra Kandalaft, and Beijing foreign legal consultant Eudora Hu; on finance matters by Washington, D.C. partner Christopher Clark, Los Angeles partner Mark Morris, Washington, D.C. partners Jason Licht and Leakhena Mom, and Los Angeles counsel Jonathan Shih; on data privacy matters by Bay Area partner Robert Blamires, with Bay Area associate Adriana Beach; on data & technology transactions matters by Bay Area partner Anthony Klein, with Washington, D.C. associate Ryan Clore and Bay Area associate Ryan Sanders; on regulatory anti-bribery and anti-corruption matters by Washington, D.C. partner Erin Brown Jones; on regulatory export control matters by Washington, D.C. counsel Andrew Galdes, with Washington, D.C. associate Asia Cadet; on tax matters by Bay Area partner Grace Lee, with Bay Area associate Jacob Meninga; and on foreign direct investment matters by Hamburg counsel Jana Dammann de Chapto, with Frankfurt associate Nicolas Jung.

The K&L Gates multidisciplinary team was led by corporate and capital markets partners James Chen and Robert Matlin, who were assisted by partner Billy Chen, counsel Richard Hsu and associates Yoting Lin and Grace Ye. Partners Christopher Cunningham and Remsen Kinne provided U.S. securities law and corporate advice. Employment law advice was provided by partner Rikki Sapolich-Krol, with assistance from associate Cecilia Lee. Antitrust, regulatory and foreign direct investment advice was provided by partners Francesco Carloni and Amigo Xie, with assistance from associates Nicolas Hipp and Stefano Prinzivalli Castelli. Export control advice was provided by partner Steven Hill, with assistance from of counsel Michael O’Neil and associates Erica Bakies and Catherine Johnson. Partner Adam Tejeda provided advice on tax-related issues.

The Wilson Sonsini team included Rob Ishii, Rich Mullen, Emma Sarkisyan, Molly Manning, Audrey Laryea, Lindsey Berger (M&A), Rob Kornegay, Rob Wernli, Daniel Canavan (Corporate), Dana Hall, Jason Koo, Katie Barnes (Credit Finance), Manja Sachet, Chi-Fei Wang, Caitlyn Bingaman, Tiffany Georgievski (Technology Transactions), Matt Staples, Daniel Chen, Michael O’Brien (Privacy and Cybersecurity), Jamillia Ferris, Kimberley Biagioli, Deirdre Carroll, Matthew McDonald (Antitrust), Jonathan Zhu, Nika Antonikova (Tax), Sriram Krishnamurthy, Jessica Bliss, Gregory Hughes, Kristen Stidham (Benefits and Compensation), Matt Gorman, Quinn Christie (Employment), Jim McCann, Martin Sul, Yue Shi (Real Estate / Environmental), Josephine Aiello LeBeau, Tarek Helou, Seth Cowell,
Anne Seymour (National Security).

Involved fees earner: Erica Bakies – K&L Gates; Francesco Carloni – K&L Gates; James Chen – K&L Gates; Billy Chen – K&L Gates; Chris Cunningham – K&L Gates; Steven Hill – K&L Gates; Nicolas Hipp – K&L Gates; Richard Hsu – K&L Gates; Catherine Johnson – K&L Gates; Remsen Kinne – K&L Gates; Amigo Xie – K&L Gates; Cecilia Lee – K&L Gates; Yoting Lin – K&L Gates; Robert Matlin – K&L Gates; Michael O’Neill – K&L Gates; Stefano Prinzivalli Castelli – K&L Gates; Rikki Sapolich-Krol – K&L Gates; Adam Tejeda – K&L Gates; Grace Ye – K&L Gates; Bradley Alvarez – Latham & Watkins; Ryan Baker – Latham & Watkins; Brian Baloun – Latham & Watkins; James Barker – Latham & Watkins; Adriana Beach – Latham & Watkins; Joseph Benedetto – Latham & Watkins; Robert Blamires – Latham & Watkins; Erin Brown Jones – Latham & Watkins; Asia Cadet – Latham & Watkins; Michelle Carpenter – Latham & Watkins; Christopher Clark – Latham & Watkins; Ryan Clore – Latham & Watkins; Jana Dammann de Chapto – Latham & Watkins; Christopher Drewry – Latham & Watkins; Andrew Galdes – Latham & Watkins; Ruchi Gill – Latham & Watkins; Joshua Holian – Latham & Watkins; Nicolas Andreas Jung – Latham & Watkins; Alexandra Kandalaft – Latham & Watkins; Anthony Klein – Latham & Watkins; Grace Lee – Latham & Watkins; Jason Licht – Latham & Watkins; Sarah Loiselle – Latham & Watkins; Jake Meninga – Latham & Watkins; Leakhena Mom – Latham & Watkins; Mark Morris – Latham & Watkins; Amanda Reeves – Latham & Watkins; Charles Ruck – Latham & Watkins; Ryan Sanders – Latham & Watkins; Jonathan Shih – Latham & Watkins; Benjamin Su – Latham & Watkins; Yao Yang – Latham & Watkins; Aryeh Zuber – Latham & Watkins; Josephine Aiello LeBeau – Wilson Sonsini Goodrich & Rosati; Nika Antonikova – Wilson Sonsini Goodrich & Rosati; Katie Barnes – Wilson Sonsini Goodrich & Rosati; Lindsey Berger – Wilson Sonsini Goodrich & Rosati; Kimberley Biagioli – Wilson Sonsini Goodrich & Rosati; Caitlyn Bingaman – Wilson Sonsini Goodrich & Rosati; Jessica Bliss – Wilson Sonsini Goodrich & Rosati; Daniel Canavan – Wilson Sonsini Goodrich & Rosati; Deirdre Carroll – Wilson Sonsini Goodrich & Rosati; Daniel Chen – Wilson Sonsini Goodrich & Rosati; Quinn Christie – Wilson Sonsini Goodrich & Rosati; Seth Cowell – Wilson Sonsini Goodrich & Rosati; Jamillia Ferris – Wilson Sonsini Goodrich & Rosati; Tiffany Georgievski – Wilson Sonsini Goodrich & Rosati; Matt Gorman – Wilson Sonsini Goodrich & Rosati; Dana Hall – Wilson Sonsini Goodrich & Rosati; Tarek Helou – Wilson Sonsini Goodrich & Rosati; Robert Ishii – Wilson Sonsini Goodrich & Rosati; Jason Koo – Wilson Sonsini Goodrich & Rosati; Robert Kornegay – Wilson Sonsini Goodrich & Rosati; Sriram Krishnamurthy – Wilson Sonsini Goodrich & Rosati; Audrey Laryea – Wilson Sonsini Goodrich & Rosati; Molly Manning – Wilson Sonsini Goodrich & Rosati; James McCann – Wilson Sonsini Goodrich & Rosati; Matthew McDonald – Wilson Sonsini Goodrich & Rosati; Rich Mullen – Wilson Sonsini Goodrich & Rosati; Michael O’Brien – Wilson Sonsini Goodrich & Rosati; Manja Sachet – Wilson Sonsini Goodrich & Rosati; Emma Sarkisyan – Wilson Sonsini Goodrich & Rosati; Anne Seymour – Wilson Sonsini Goodrich & Rosati; Yue Shi – Wilson Sonsini Goodrich & Rosati; Matt Staples – Wilson Sonsini Goodrich & Rosati; Kristen Stidham – Wilson Sonsini Goodrich & Rosati; Martin Sul – Wilson Sonsini Goodrich & Rosati; Chi-Fei Wang – Wilson Sonsini Goodrich & Rosati; Robert Wernli – Wilson Sonsini Goodrich & Rosati; Jonathan Zhu – Wilson Sonsini Goodrich & Rosati;

Law Firms: K&L Gates; Latham & Watkins; Wilson Sonsini Goodrich & Rosati;

Clients: Silicon Motion Technology Corporation;