Maples and Calder has advised Singapore-based Avago Technologies
Limited ("Avago") on the Cayman Islands
aspects of its US$37 billion acquisition of Broadcom Corporation
("Broadcom"), which closed on 1 February
Under the agreed terms of the deal the transaction included a
scheme of arrangement implemented by Avago under Singapore law and
the merger of certain indirect subsidiaries, including Cayman
entities, with Broadcom. As a result, all issued shares in
Avago were exchanged for shares in a newly formed Singaporean
company named Broadcom Limited
("Holdco") and Broadcom stockholders
elected to receive cash, shares in Holdco or limited partnership
interests in a newly formed Cayman Islands partnership.
A consortium of banks provided over US$15 billion in secured
financing to Avago for the acquisition.
The transaction is the largest semiconductor acquisition in
history and the combined company forms the third-largest US
semiconductor maker by revenue after Intel Corp. and Qualcomm
Alasdair Robertson, Global Managing Partner at Maples and
Calder, commented: "This high-profile transaction
exhibits and further deepens Maples and Calder's unrivalled
experience in the technology sector. We are very pleased to
have been able to assist our long-standing client, Avago, with this
Maples and Calder's Cayman Islands team on the corporate
restructuring side comprised partner Alasdair Robertson, counsel
Nicola Bashforth and associate Amanda Lazier, and on the secured
financing side partner Tina Meigh and associate Lucy Sleep.
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