Fenwick & West represented Cisco Systems, Inc. (NASDAQ: CSCO), in its pending acquisition of Duo Security, Inc., a leading provider of unified access security and multi-factor authentication delivered through the cloud. Under the terms of the agreement, Cisco will pay $2.35 billion in cash and assumed equity awards for Duo Security’s outstanding shares, warrants and equity incentives on a fully-diluted basis. The acquisition is expected to close during the first quarter of Cisco’s fiscal year 2019, subject to customary closing conditions and required regulatory approvals.
With the acquisition, Cisco will integrate Duo’s zero-trust authentication and access products with its own network, device and cloud security platforms. The integration will enable Cisco customers to easily and more securely connect users to any application on any networked device.
The Fenwick transaction team included corporate lawyers Doug Cogen, Ken Myers, Steve Fisher, Victoria Wong and Nikhil Sharma; intellectual property and technology transactions lawyers Stephen Gillespie, Jonathan Millard, Chris Joslyn, Julia Arruda, Emily Bullis and Matthew Slevin; privacy and cybersecurity lawyer Alexander Ip; antitrust lawyer Mark Ostrau; executive compensation and employee benefits lawyers Gerald Audant, Matt Cantor, Laura McIntyre, Hans Andersson and Liza Morgan; and tax lawyers Andrew Kim and Ora Grinberg.