December 14, 2007
Paul Hastings Advises Iomega Corporation in Agreement to Acquire ExcelStor Group
Agreement marks one of first stock swap agreements in China and rare ownership of public US company by Chinese entities
New York, NY (December 14, 2007) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm advised Iomega Corporation, a supplier of portable computer storage devices, in its definitive share purchase agreement to acquire ExcelStor Great Wall Technology Limited, a Cayman Islands company, and Shenzhen ExcelStor Technology Limited, a PRC company.
Under the terms of the agreement, Iomega will issue approximately 84 million shares of common stock in Iomega in exchange for all outstanding ExcelStor equity interests, representing in the aggregate 60% of the fully diluted capitalization of Iomega, to be measured as of the closing date.
Partner Deyan Spiridonov led the Paul Hastings team in the United States, which included partners Carl Sanchez and Scott Flicker and associates Scott Oross and Elizabeth Razzano. Partners David Wang, Mitch Dudek and Alex Wang led the Paul Hastings team in China, which included associate Stancy Qian.
With more than 165 attorneys in China, and an established global M&A practice, Paul Hastings is well positioned to provide a comprehensive range of legal services for firms exploring international and cross-border joint ventures in the region. Paul Hastings has built its reputation in China by working on the regions most ground breaking and high profile transactions, said Deyan Spiridonov, partner in the global M&A practice. This deal showcases the depth of our global M&A practice and our broad capabilities in handling increasingly complex and innovative transactions.
About Iomega Corporation: Headquartered in San Diego, Iomega is a worldwide leader in innovative storage and network solutions for small and mid-sized businesses, consumers and others.
Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 17 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit our website at www.paulhastings.com.