Shearman & Sterling is advising Qatalyst Partners, financial advisor to Cypress Semiconductor Corp. on its $4 billion proposed merger with Spansion Inc. The closing of the transaction is subject to customary conditions, including approval by Cypress and Spansion stockholders and review by regulators in the US, Germany and China. The transaction has been unanimously approved by the boards of directors of both companies. Cypress and Spansion expect the deal to close in the first half of 2015.