Fenwick & West represented Adesto Technologies Corporation (NASDAQ: IOTS), a leading provider of innovative custom integrated circuits (ICs) and embedded systems for the Industrial Internet of Things (IIoT) market, in its definitive agreement for Dialog Semiconductor plc (XETRA: DLG), a leading provider of power management, charging, AC/DC power conversion, Wi-Fi and Bluetooth® low energy technology, to acquire all outstanding shares of Adesto. Dialog will acquire Adesto for $12.55 per share in cash, or for approximately $500 million enterprise value. The transaction is subject to certain regulatory approvals and customary closing conditions and is expected to close in the third quarter of 2020.
The acquisition of Adesto accelerates Dialog’s expansion into the growing IIoT market that enables smart buildings and industrial automation (Industry 4.0), seamlessly driving cloud connectivity. More information about the acquisition can be obtained from the company’s announcement.
The Fenwick transaction team included corporate partners Mark Leahy and David Michaels, counsel Nicholas Dumont, associates Victoria Lupu, Christopher Gorman, Daisy Chen, Samuel Fleuter and Joshua Fuller and law clerk Sullivan Berthier; executive compensation and employee benefits partner Scott Spector and Gerald Audant, counsel Nicholas Frey, and associates Sarah Ghulamhussain and Jonathan Stephenson; technology transactions partner Stephen Gillespie and associates Russell Wong and Albert Tawil; antitrust & trade regulation partner Mark Ostrau; and tax partner William Skinner and Julia Ushakova-Stein.