IBM’s Acquisition of Texas Memory Systems
August 20, 2012
On August 16, 2012, IBM announced that it has entered into an agreement to acquire privately held Texas Memory Systems (TMS), a Houston, Texas-based leading developer of high-performance flash memory solutions. Financial terms were not disclosed. Cravath represented IBM in this transaction, which is expected to close later in 2012.
Founded in 1978, TMS designs and sells high-performance solid state storage solutions. Unlike hard disk drives, solid state systems are high-speed data storage solutions based on Flash or RAM memory that can provide significantly faster throughput and data access while consuming less power. Following the close of the acquisition, IBM plans to invest in and support the TMS product portfolio, and will look to integrate TMS technologies over time in a variety of solutions including storage, servers, software and PureSystems offerings.
The Cravath team included partner George F. Schoen and associates Stephanie L. Alexis and Bud W. Jerke on corporate matters; associates Jarrett R. Hoffman and Michelle M. Garrett on executive compensation and benefits matters; partner Andrew W. Needham and associates J. Leonard Teti II and Matthew O. Williams on tax matters; practice area attorney Gary R. Eisenman on real estate matters; and partner Matthew Morreale on environmental matters. Summer associates Christopher Adams and John Love also worked on corporate matters and summer associates Michael Lucien and Julia Onorato also worked on executive compensation and benefits matters.
Related Practices & Industries
People
- Photo
-
-
J.D., 1998, University of Chicago Law Schoolwith Honors
-
B.A., 1994, Cornell University
- New York
Education
Admitted In
- Photo
-
-
J.D., 1997, Columbia Law SchoolHarlan Fiske Stone Scholar
-
M.S., 1994, University of Pennsylvania
-
B.A., 1990, University of Pennsylvania
-
B.A.S., 1990, University of Pennsylvania
- New York
Education
Admitted In
- Photo
-
-
J.D., 2005, University of Virginia School of LawOrder of the Coif
-
A.B., 1999, Princeton Universitywith Honors
- New York
Education
Admitted In
- Photo
-
-
M.B.A., 1992, The Wharton School of the University of Pennsylvania
-
LL.M., 1990, Georgetown University Law Center
-
J.D., 1986, Georgetown University Law Center
-
B.A., 1982, University of Arizona College of Law
Education
Related News & Insights
Deals & Cases
February 18, 2026
Tenax’s Merger with Air
On February 17, 2026, Tenax Aerospace Acquisition, LLC (“Tenax”) and Air Industries Group (“Air”) jointly announced that they have entered into an Agreement and Plan of Merger to combine Tenax’s special mission aviation business with Air’s precision aerospace manufacturing business. At the time of the merger, Air will issue shares of its common stock to holders of Tenax membership units. After the closing, Tenax shareholders are expected to own approximately 95% of Air’s outstanding shares while existing Air shareholders are expected to own approximately 5%, and the combined company expects to remain listed on the NYSE American under the symbol AIRI. Cravath is representing Tenax in connection with the transaction.
Deals & Cases
February 17, 2026
Kennedy Wilson’s Acquisition by Consortium Led by William McMorrow and Fairfax
On February 17, 2026, Kennedy‑Wilson Holdings, Inc. (“Kennedy Wilson”) and Fairfax Financial Holdings Limited (“Fairfax”) jointly announced that Kennedy Wilson has entered into a definitive agreement to be acquired, in an all cash‑transaction, by an entity affiliated with a consortium led by William McMorrow, Chairman and Chief Executive Officer of Kennedy Wilson, and certain other senior executives of Kennedy Wilson (collectively, the “KW Management Group”), together with Fairfax (collectively, the “Consortium”).
Deals & Cases
February 17, 2026
MTN’s Proposed $6.2 Billion Acquisition of IHS
On February 17, 2026, MTN Group Limited (“MTN”), Africa’s largest mobile network operator, announced that it has entered into an agreement with IHS Holding Limited (“IHS”), one of the largest independent owners, operators and developers of shared communications infrastructure in the world, to acquire the remaining shares of IHS not already owned by MTN in an all‑cash transaction at an offer price of $8.50 per IHS share, which implies an enterprise value of $6.2 billion. The structure of the transaction is intended such that, upon completion of IHS’ announced disposals of its Latin American businesses, MTN will acquire 100% of IHS’ African tower portfolio. Following the completion of the transaction, IHS will be de‑listed from the New York Stock Exchange. Cravath is representing MTN in connection with the transaction.
Deals & Cases
February 16, 2026
Hapag-Lloyd’s Over $4 Billion Acquisition of ZIM
On February 16, 2026, Hapag‑Lloyd signed an agreement with Zim Integrated Shipping Services Ltd. (“ZIM”), the world’s 10th largest container shipping line, under which Hapag‑Lloyd will acquire 100% of ZIM’s shares for a consideration of $35 per share in cash. The total transaction value amounts to over $4 billion. As part of the transaction, FIMI Opportunity Funds will take ownership of a carved‑out Israeli container liner business. Cravath is representing Hapag‑Lloyd in connection with the transaction.
