Shearman & Sterling represented Texas Instruments Incorporated in connection with its acquisition of substantially all of the assets related to the operations of a 300-mm semiconductor factory in Lehi, Utah from Micron Technology, Inc., for a purchase price of $900 million. Closing of the transaction is expected by the end of 2021 and is subject to customary conditions and regulatory approvals.
The addition of the Lehi factory, or “fab,” will strengthen Texas Instruments’ competitive advantage in manufacturing and technology and serve as a part of their long-term capacity planning. In addition to its value as a 300-mm fab, the acquisition is a strategic move, as the Fab will start with 65-nm and 45-nm production for TI’s analog and embedded processing products and be able to go beyond those nodes as required.
The Shearman & Sterling team below included Jake Lortz and Dillon Tan.