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News & Insights

Qualcomm’s $47 Billion Acquisition of NXP

October 27, 2016

On October 27, 2016, Qualcomm Incorporated and NXP Semiconductors N.V. announced a definitive agreement, unanimously approved by the boards of directors of both companies, under which Qualcomm will acquire NXP. Pursuant to the agreement, a subsidiary of Qualcomm will commence a tender offer to acquire all of the issued and outstanding common shares of NXP for $110.00 per share in cash, representing a total enterprise value of approximately $47 billion. Cravath is representing Qualcomm on financing and antitrust matters in connection with the transaction.

The Cravath team includes partners George E. Zobitz and D. Scott Bennett on financing matters and partners Christine A. Varney and Yonatan Even on antitrust matters.

Related Practices & Industries

  • Corporate
  • Banking and Credit
  • Capital Markets
  • Antitrust
  • Antitrust
  • Technology
  • Telecommunications

People

Name
George E. Zobitz
Title
Corporate
Title
Partner
Email
jzobitz@cravath.com
Phone
+1-212-474-1996
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    Education

    • J.D., 1995, New York University School of Law
      with Honors, cum laude
    • B.A., 1991, Franklin & Marshall College

    Admitted In

    • New York
    Photo
    Name
    D. Scott Bennett
    Title
    Corporate
    Title
    Partner
    Email
    sbennett@cravath.com
    Phone
    +1-212-474-1132
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      Education

      • J.D., 2006, Emory University School of Law
      • B.A., 2002, Duke University

      Admitted In

      • New York
      Photo
      Name
      Christine A. Varney
      Title
      Litigation
      Title
      Partner
      Email
      cvarney@cravath.com
      Phone
      +1-212-474-1140
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        Education

        • J.D., 1986, Georgetown University Law Center
        • M.P.A., 1982, Syracuse University
        • B.A., 1977, State University of New York, Albany

        Admitted In

        • New York
        • District of Columbia
        Photo
        Name
        Yonatan Even
        Title
        Litigation
        Title
        Partner
        Email
        yeven@cravath.com
        Phone
        +1-212-474-1958
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          Education

          • J.S.D., 2009, Columbia Law School
          • LL.M., 2004, Columbia Law School
            James Kent Scholar
          • LL.B., 1999, Tel Aviv University
            magna cum laude

          Admitted In

          • New York

          Related News & Insights

          Deals & Cases

          August 22, 2024

          QUALCOMM Incorporated’s $4 Billion Revolving Credit Facility

          Cravath represented QUALCOMM Incorporated in connection with its $4 billion revolving credit. QUALCOMM Incorporated is a global leader in the development and commercialization of foundational technologies for the wireless industry. The transaction closed on August 8, 2024.

          Deals & Cases

          September 29, 2023

          Qualcomm Wins Summary Judgment in Putative Antitrust Class Action

          On September 26, 2023, the U.S. District Court for the Northern District of California granted summary judgment in favor of Cravath client Qualcomm Incorporated in a putative class action alleging violations of antitrust laws. Originally brought in 2017 on behalf of an alleged nationwide class of mobile device purchaser plaintiffs, the multi-district litigation consolidated numerous complaints against Qualcomm and followed a related Federal Trade Commission action against the company (FTC v. Qualcomm), which also resulted in a complete judgment for Qualcomm on appeal in 2020.

          Deals & Cases

          June 16, 2017

          Qualcomm Directors and Officers Win Dismissal of Shareholder Derivative Suit Related to Purported FCPA Violations

          On June 16, 2017, the Delaware Court of Chancery dismissed a stockholder derivative lawsuit brought against current and former directors and officers of Qualcomm Incorporated alleging, among other claims, that defendants breached their fiduciary duties by allegedly failing to prevent purported FCPA violations by the company. In granting the dismissal, Vice Chancellor Tamika R. Montgomery‑Reeves held that the complaint did not plead sufficient facts to infer that the individual defendants had acted in bad faith or that the directors faced a substantial likelihood of personal liability such that plaintiffs’ failure to make a demand on the board to bring a suit was excused.

          Deals & Cases

          September 08, 2011

          Qualcomm Granted Consolidation Order in PJC Lawsuit

          On September 6, 2011, the U.S. Judicial Panel on Multidistrict Litigation granted Cravath client Qualcomm Inc.’s request to centralize 11 lawsuits over PJC Logistics LLC’s vehicle tracking patent in Minnesota Federal Court. PJC alleged that certain mobile fleet management products manufactured by Qualcomm, and installed on hundreds of thousands of trucks and other vehicles, infringe U.S. Patent No. 5,223,844. In March 2011, PJC brought actions in nine district courts against hundreds of customers of fleet management products. In April 2011, Qualcomm filed a declaratory judgment action in the District of Minnesota alleging that the patent is invalid and not infringed by Qualcomm’s products. PJC subsequently filed additional infringement actions against Qualcomm and other suppliers of allegedly infringing fleet management systems in Texas. Qualcomm moved the Judicial Panel on Multidistrict Litigation to transfer all the actions to the District of Minnesota for coordinated pre-trial proceedings. After oral argument in July 2011, Qualcomm’s motion was granted.

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