Paul Hastings Advises the sale of FCI in Korea
Rare part cash, part stock deal in Korea
Hong Kong (May 2, 2007) - Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, represented FCI Inc., (FCI) a leading designer of radio frequency integrated circuits (RF ICs) for mobile television and wireless communications based in Korea, in its sale to Silicon Motion Technology Corporation, a Nasdaq-listed semiconductor company.
Jong Han Kim, a partner who led the Paul Hastings' team, commented, "The sale of FCI is one of very few completed cross-border part cash, part stock deals, using shares as consideration, in Korea. We are proud to have been involved in this unique, innovative transaction."
Under the terms of the transaction, Silicon Motion will acquire substantially all of the outstanding common shares of FCI for a total purchase price of US$90 million, which will include a combination of cash, Silicon Motion ordinary shares and options to purchase Silicon Motion's ordinary shares, subject to an adjustment in certain circumstances. In addition, Silicon Motion has agreed to pay former FCI shareholders up to an additional US$12 million in cash upon the achievement of certain operating and financial milestones in 2007.
The Paul Hastings team was led by Jong Han Kim and Daniel Kim who were assisted by Dongho Lee, Joseph Suh and Jane Song from the Hong Kong and San Diego offices.
Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,100 attorneys in 18 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 Banking and Finance, Capital Markets, Corporate/M&A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.