Fenwick & West represented China Electronics Corporation (“CEC”), the largest state-owned IT company in China with integrated industry chains and strong distribution channels and technology forces in those areas such as information services, integrated circuit, and new display technology, in its joint acquisition with Shanghai Pudong Science and Technology Investment Co., Ltd. ("PDSTI") of Montage Technology Group Limited (Nasdaq:MONT), a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets. The merger values Montage's equity at approximately US$693 million, on a fully diluted basis. Montage's shareholders approved the transaction at a meeting on July 31, 2014 and all of the other conditions to the completion of the transaction have been satisfied or waived.
The acquisition is a new effort in CEC building and developing the global integrated circuits ecosystem pursuant to the company strategy. More information about CEC's joint acquisition of Montage Technology Group can be obtained from the company press release.
The Fenwick transaction team included corporate attorneys Eva Wang, David Michaels, Gordy Davidson, Bill Hughes, Ken Linhares, Ruomu Li, Ben Li, Shen Zhang, Richard Ou and corporate paralegal Summer Yin; securities litigation attorney Felix Lee; antitrust attorney Mark Ostrau and executive compensation & employee benefits attorney Blake Martell.