London – K&L Gates has advised CML Microsystems PLC (CML) on the sale of the company’s Hyperstone storage division to Swissbit, a producer of industrial-grade data-storage, for $49 million. The disposal reflects the CML board’s strategic decision to refocus exclusively on global communications, a high growth market opportunity for CML. It will enable CML to direct all its efforts on capturing the opportunities that exist and leverage its standing as a key supplier to many of the world’s tier one original equipment manufacturers, as well as allow a return of cash to shareholders.
The cross-border K&L Gates team that advised CML was led by partners Howard Kleiman and James Green in London, and included associate Vicki Cormack and trainee Alex Woolley (London), partner Wilhelm Hartung and associate Gabriella Piras (Berlin), associate Stefan Riedl (Munich), and partner Billy Chen and associate Richard Hsu (Taipei).
Nigel Clark, Group Chairman and Financial Director of CML, commented: “Howard Kleiman and his team were very thorough, yet pragmatic and responsive, whilst working with us on what was a multifaceted transaction across three continents. Their collaborative teamwork has been outstanding and the team’s deep commercial capabilities are particularly noteworthy.”
Kleiman stated: “We are delighted to have assisted CML with this strategic and transformational cross-border sale. Our global team collaborated quickly and effectively to complete this deal in a demanding time-frame and to deliver a great result for our client.”