Cleary Gottlieb represented Standard Microsystems (“SMSC”), a leading semiconductor company, in the acquisition of Symwave, a supplier of “USB 3.0,” next generation high-speed storage and transfer technology. SMSC had previously made an equity investment in Symwave and recently provided bridge financing to Symwave. Under the terms of the Merger Agreement, SMSC agreed to make cash payments to Symwave shareholders as part of an earnout provision upon achievement of certain financial goals during calendar year 2011.
Headquartered in Laguna Niguel, CA, with design centers in San Diego, CA and Shenzhen, China, Symwave has approximately 90 employees, of which over 60 are in Asia. The acquisition closed on November 12.