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Fenwick Represents Adesto in Acquisition of Echelon

June 29, 2018

Fenwick & West represented Adesto Technologies (NASDAQ: IOTS), a leading provider of innovative application-specific semiconductors for the IoT era, in its pending acquisition of Echelon Corporation (NASDAQ: ELON), a pioneer in the development of open-standard networking platforms for connecting, monitoring and controlling devices in commercial and industrial applications. Under the agreement, Adesto will acquire Echelon for $8.50 per share, representing a total equity value of approximately $45 million and a total enterprise value of about $30 million, after accounting for Echelon’s cash and investments on its balance sheet as of March 31, 2018 as well as expected transaction expenses.

As Adesto enters its next phase of the growth, the acquisition will further extend the company’s leadership in semiconductor-based solutions for the industrial IoT sector and allow the company to provide both semiconductors and powerful software systems and solutions expertise for industrial systems and enterprise automation. More information about Adesto’s acquisition of Echelon can be obtained from the company announcement.

The Fenwick transaction team included corporate lawyers David Michaels, Mark Leahy, Bomi Lee, Ryan McRobert and Lisa Richards; technology transactions lawyers Michael Farn, Chris Joslyn and Vanessa Katz; executive compensation and employee benefits lawyers Blake Martell, Elizabeth Gartland and Hans Andersson; and tax lawyer Will Skinner.​​​​