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Magnachip to be Acquired by Wise Road Capital in $1.4 Billion Buyout
- Client News
- March 26, 2021
Paul, Weiss is advising South Korea-based Magnachip Semiconductor Corporation in its $1.4 billion take-private sale to investment vehicles established by Wise Road Capital LTD and certain of its limited partners. Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, Internet of Things (“IoT”), consumer, industrial and automotive applications.
Under the terms of the deal, which is fully backed by equity commitments, Magnachip shareholders will receive $29.00 in cash for each share of Magnachip's common stock. The transaction is expected to close during the second half of 2021, subject to customary closing conditions and regulatory approvals.
Paul, Weiss previously advised Magnachip in the sale of its Foundry Services Group and the fabrication plant in Cheongju, Korea, which was announced on March 30, 2020 and closed on September 1, 2020.
The Paul, Weiss team includes, among others, M&A partners Ross Fieldston and Jeffrey Marell and counsel Andrea Quek; corporate partner Greg Liu and counsel Ellen Mao; securities partner David Huntington; financing partner Caith Kushner and counsel Sophia Gui; intellectual property partner Jonathan Ashtor; executive compensation partner Lawrence Witdorchic and counsel Uri Horowitz; litigation partners Jacqueline Rubin and counsel Steven Herzog; tax partner David Mayo; real estate partner Peter Fisch; international trade counsel Richard Elliott; antitrust counsel Yuni Sobel; and environmental counsel William O'Brien.