CMS is advising Wells Fargo Bank N.A. on its funding of the £291 million acquisition by Cirrus Logic, of Wolfson Microelectronics Plc, which was announced yesterday.
Cirrus, which is listed on NASDAQ, is a premier supplier of high-precision analogue and digital signal processing components for audio and energy markets and is a close partner of Apple. Wolfson is a leading UK audio chip designer that supplies audio components in Samsung’s phones and tablets. The recommended cash offer values Wolfson at around £291 million (of which US$225 million is being funded by Wells Fargo), and will be implemented by way of a scheme of arrangement under the UK Companies Act.
The CMS deal team was led by finance partner, Mark Moseling, supported by senior associate, Sean Galvin, and included corporate partner, James Parkes, in relation to the UK takeover aspects. Finance partner, Callie Parker, of Texas based firm, Andrews Kurth, advised Wells Fargo Bank, N.A. in the US.Cirrus Logic instructed Slaughter and May, Vinson & Elkins and Burness Paull on the transaction.
Goldman Sachs International was retained as Cirrus' financial adviser, and instructed Sullivan & Cromwell partner, Ben Parry.
