DLA Piper guides $9bn cross-border acquisition

The deal acknowledges the interest in semi-conductor related assets in the current environment

DLA Piper guides $9bn cross-border acquisition

DLA Piper has guided Tokyo-headquartered Renesas Electronics Corporation on its $9bn cross-border acquisition of ASX lister Altium Limited.

According to co-lead partner David Ryan, the deal “demonstrates ongoing interest in the Australian tech sector” and “recognises the deep strategic interest in semi-conductor related assets in the current geo-political environment”.

Ryan headed up the firm’s team alongside fellow corporate partner James Stewart. They were supported by a team comprising special counsel Roger Hawkins; senior associates Madison Smith and Rohan Shukla; and solicitors Abdul Ali, Julia Krapeshlis and Lachlan Ferris.

Renesas is a manufacturer of semiconductors. Altium is an American-Australian software company established in 1985 and headquartered in San Diego.

$236m Ansarada sale

Ryan, Smith, Shukla and Krapeshlis also assisted on all aspects of the proposed $236m sale of ASX-listed deal management solutions provider Ansarada to Datasite.

The proposal involves Datasite obtaining all of Ansarada's shares for $2.50 cash per share via scheme of arrangement. The scheme hinges on the divestment of Ansarada's non-core ESG, GRC, and board products to Ansarada CEO and co-founder Sam Riley, which will “enable Datasite to only acquire Ansarada’s complementary deals and procure products under the scheme and a logical fit with Datasite’s footprint”.

Moelis served as the financial advisor to Ansarada on the deal.

“This significant take-private transaction demonstrates private equity demand for disruptive technologies remains strong. The secured price is a great outcome for the founders in the current environment”, Ryan said.

Ryan headed up DLA Piper’s team on the transaction alongside fellow corporate partner Elliott Cheung.

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