Penningtons acts for u-blox on acquisition of 4M Wireless

Posted: 11/10/2012

Penningtons Solicitors LLP has advised u-blox AG, a leading fabless provider of positioning and wireless semiconductors, on its acquisition of 4M Wireless Limited, a private company headquartered in the UK, which completed on 3 October 2012. U-blox is a subsidiary of Swiss-listed company, u-blox Holding AG.

The US$9 million deal involved a split exchange and completion pending regulatory approval in Pakistan where 4M Wireless has operations. The company designs and develops leading software and test solutions crucial for developing fourth generation (4G) mobile wireless devices based on the latest Long Term Evolution (LTE) standards.

The Penningtons team, which included partners Joanne Vengadesan and Anna Frankum, provided commercial due diligence on 4M Wireless and the preparation of corporate acquisition documentation to effect the purchase. Working as a cross-office multi-disciplinary team, Penningtons’ technology specialists were able to meet the needs of a transaction dealing with technology at the very cutting edge. The deal’s international aspects– a UK target, a buyer in Switzerland and an operations centre in Lahore, Pakistan – added further complexity, making use of Penningtons’ expertise in cross-border solutions.

The acquisition will give u-blox leading edge know-how in next-generation wireless technology that will operate over 4G networks worldwide, as well as a customer list that will bring the company immediate new licensing revenues in Europe, Asia and America.

The deal is further evidence of Penningtons’ growing strength in the technology sector and its ability to work on international acquisitions for clients who need a full range of commercial, intellectual property and corporate support, together with employment, property and corporate tax expertise.

Jan Schnitzer, General Counsel of u-blox said: "I have been impressed by Penningtons’ professionalism and attention to detail. Their work has been prompt and delivered on budget, but without sacrificing quality of service. They were able to provide the full range of services that we needed for this complex transaction which demanded not only an ability to work with lawyers in two other jurisdictions, but also to meet the intellectual property challenges of working in the cutting edge area of LTE wireless technology."

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