August 17, 2010 5:50 PM
Debevoise, Wilson Sonsini Sign On for Dell-3PAR Tie-Up
Posted by Charlie Mead
Dell Inc. will shell out $1.15 billion in cash for California-based data storage company 3PAR Inc., The New York Times's DealBook reported Monday.
Debevoise & Plimpton advised Round Rock, Texas-based Dell on the acquisition, with partners Jeffrey Rosen and Kevin Rinker leading the way. (Rosen has had a busy few weeks, we imagine; he led his firm's team on client Reynolds Group's acquisition of Pactiv, announced on Tuesday.) The Debevoise team included partners Jeffrey Cunard, Peter Furci, Jonathan Lewis, Daniel Abuhoff, and counsel Stuart Hammer, Kyra Bromley, and Carl Micarelli.
Wilson Sonsini Goodrich & Rosati represented 3PAR with a team headed by partner Michael Ringler. Partners Robert Latta, Robert Kornegay, and Ralph Barry worked on the deal with Ringler. Ringler was unavailable for comment. According to a firm spokeswoman, the firm has represented 3PAR since its incorporation as a startup in 1999, and handled all its corporate legal work since then.
Dell will pay a premium of more than 80 percent for 3PAR shares in an effort to expand beyond its core PC-making business, DealBook reports. The company expects the transaction to close before the end of the year, and says the deal should add to Dell’s earnings in fiscal year 2012.
DealBook reports that Dell’s bid to diversify from its low-margin computer manufacturing business with new data storage services follows major competitors like I.B.M. and Hewlett-Packard, which already have ventured into the sector.Make a comment