Transactions
Jun. 25, 2002
HITACHI PAYS $2 BILLION FOR IBM'S HARD DRIVES
Hitachi has agreed to acquire the hard disk drive business of International Business Machines Corp. The deal is worth $2 billion. Hitachi will pay 70 percent of that price at closing and the remaining 30 percent over the next three years. The deal was announced June 3.
Tokyo's Hitachi produces and sells electronic and industrial equipment. Its products include semiconductors, elevators, escalators, audio and video equipment, refrigerators and washing machines.
Armonk, N.Y.'s IBM produces and sells computers, software and semiconductors. Its hardware includes personal computers, notebooks and hard drives. Its signature software is the Lotus program, which includes the Lotus Notes messaging system.
San Francisco's Morrison & Foerster represented Hitachi. Partner Kenneth Siegel led the deal from Tokyo. Partners Stephen DeCosse and Wayne Pittaway assisted. Associates Samoa Watanabe, Lynn Hashimoto, Stuart Beraha, Richard Mathurin and Matthew Sikes assisted.
Partners Michael O'Bryan, Peter Aitelli, Nancy Hayes, Paul Jahn and Stuart Offer worked on the deal from the San Francisco office. Associates Masato Hayakawa and Jeffrey Schrepfer assisted. Partner Ellen Marshall chipped in from Irvine, while of-counsel Russell Weiss lent a hand from Los Angeles.
David Hershberg, vice president and assistant general counsel, led the deal team in-house for IBM. The rest of the IBM team consisted of David Walsh, Michael Cronin, Donald Westfall, Greg Bomberger, Sally Lake, Scott Martin, Alan Wolfert, Dale Crockatt, Aline Goldbach Haffner, Angela Robins, George O'Hanlon, Alexie Lee and Marc Sandy Block.
New York's Cravath Swaine & Moore served as outside counsel. Partner Allen Finkelson led the deal team. Partners Scott Barshay, Lewis Steinberg, Jeffrey Smith, Evan Chesler and Thomas Rafferty assisted. Senior attorney Martin Levine and associates Kimberly Grousset, Anne Rodgers, Asaf Reindel, Sharon Mendelson, Audra Lazarus, Lawrence Witdorchic, Lisa Bogardus and Matthew Morreale also assisted.
Stefanie Knapp
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