Mergers and Acquisitions

Mergers and Acquisitions

Mergers and acquisitions are one of our firm’s core strengths. We have consistently represented either purchasers or targets in Israel’s largest M&A transactions, and we have been ranked as Israel’s leading M&A practice in all international and domestic publications. We have acted as lead counsel for some of the world’s largest multinational corporations and private equity funds in their Israeli acquisitions, as well as local counsel for leading international law firms in their Israeli transactions. We also act as lead counsel for Israeli and other clients in their cross-border acquisitions in the US, Europe, and the Far East. Notably, our M&A practice has been recognized as Israel’s leader by Chambers & Partners, Legal 500, PLC Which lawyer? Yearbook and others.

In the course of our M&A practice, we have created innovative and novel transaction structures for our clients. In particular, we pioneered the use of reverse triangular mergers under Israel’s Companies Law (which took effect in 2000) as a tool for foreign purchasers to acquire public Israeli companies. Our M&A transactions have included forward and reverse triangular mergers, stock acquisitions, asset purchases, leveraged buy-outs, divestitures, carve-outs, auctions, tender offers, plans of arrangement and other transactions involving a change of control. Our services include advice on structuring, negotiation of transaction documents, due diligence, preparation of disclosure documents, preparation of shareholder communications, governmental filings and various other matters required to consummate mergers and acquisitions.

We have handled a significant number of M&A transactions in various regulated industries, including the insurance, banking, asset management, pension and provident funds, telecommunications and cable television industries.

Representative experience

2021

  • Representation of Lumenis in the acquisition of its surgical division by Boston Scientific for $1.1 billion.
  • Representation of Francisco Partners, US private equity firm, in its acquisition of the genealogy platform MyHeritage, for a total of approx. $650 million.
  • Representation of Taboola in a SPAC transaction, as a result of which Taboola has become a public NYSE-listed company.
  • Representation of Innoviz in a SPAC transaction (first of its kind in Israel), as a result of which Innoviz has become a public company listed on the NASDAQ valued at $1.4 billion.
  • Representation of Ultra Clean Holdings, Inc., a Delaware corporation traded on the NASDAQ and a leading global player in the development, manufacturing and supply of semi-conductor systems, in its acquisition (merger) of Ham-Let (Israel-Canada) Ltd. for a total of about NIS 900 million.
  • Representation of OPC Energy Ltd., a public company listed on TASE and controlled by Kenon Holdings, in a multiple-phase purchase transaction of 51% of the share capital of Gnergy Ltd.
  • Representation of Nanofabrica Ltd. in its 100% share capital sale transaction of Nano Dimension, a NASDAQ-listed company for the total of approximately US$ 60 million in cash and stock.
  • Representation of Taboola in its acquisition of Connexity, an American e-commerce marketing network for $800 million.
  • Representation of both JFrog and Vdoo in one of the biggest transactions ever between two Israeli companies. JFrog, the Israeli software NASDAQ-listed company, signed a purchase agreement with the Israeli startup, Vdoo, for the total of $300 million in stock and cash.
  • Representation of ironSource, in its merger with a SPAC of Thoma Bravo. In July 2021, ironSource has completed its SPAC merger on the NYSE valued at $11.1 billion.
  • Representation of JLL, a leading professional services firm that specializes in real estate and investment management, in its acquisition of proptech company Skyline AI.
  • Representation of CrazyLabs, in the acquisition transaction by Embracer.
  • Representation of Cybereason, in its acquisition of Empow.
  • Representation of  Chemomab Ltd., in the acquisition of Chemomab Therapeutics Ltd. for the total consideration of about US$45 million from Chemomab’s shareholders and external investors.
  • Representation of Amdocs as a lead counsel in its acquisition of 100% of the share capital of Sourced Group Worldwide Inc., the Canadian parent company of a group of 8 entities in Canada, Australia, Singapore, Malaysia and the US.  The consideration was up to $92 million, including closing and complex earn-out payments.
  • Representation of ironSource in the acquisition of Tapjoy, Inc., a US mobile ad and app monetization company, for $400 million. Tapjoy will merge into and become a wholly-owned subsidiary of ironSource.
  • Representation of Amdocs in the acquisition of 100% of the share capital of DevOpsGroup Limited. The consideration in the transaction includes a payment of $ 26.1 million at the closing and earn-out payments of up to $ 4.4 million in the following two years.
  • Representation of  Guardicore Ltd., in a sale of its total outstanding equity to Akamai Technologies Inc., for a total of approximately $600 million in cash and Akamai’s stock.
  • Representation of Perion Network Ltd. in an agreement to acquire 100 percent of the share capital of Vidazoo Ltd. for a total of up to $93 million, out of which $35 million were paid at the closing of the transaction, and the balance is earn-out payments to be paid subject to achievement of EBITDA.
  • Representation of eMedgene Technologies in its acquisition by Illumina Cambridge Ltd., by way of purchase of 100% of its share capital, for an aggregate consideration of $85 million.
  • Representation of Fiverr in its acquisition of Stoke Talent for $95 million.
  • Representation of  Epsagon Ltd., in a transaction, in which 100% of the company share capital were acquired by Cisco Systems International B.V., a subsidiary of Cisco Systems, Inc., a public NASDAQ-listed company, for US$ 370,000,000.

2020

  • Representation of Armis Security Ltd., in its acquisition Insight Partners, a U.S. investment fund and CapitalG, Google investment fund for $1.1 billion. This is the largest acquisition ever of a private cyber security company in Israel.
  • Representation of Perion Network Ltd., in its acquisition of CIQ for up to $73 million.
  • Representation of Flywire in its acquisition of Simplee for a purchase price of approximately US$100 million.
  • Representation of Cellebrite Mobile Synchronization Ltd and Cellebrite Inc., in the acquisition of BlackBag Technologies, Inc., for an aggregate consideration of $33 million.
  • Representation of Optimal Plus Ltd. in its acquisition by National Instruments in the amount of approximately 365 million dollars.
  • Representation of Perion, in the acquisition of Pub Ocean Limited for up to $22 million.
  • Representation of Sapiens in its acquisition Delphi Technology Inc., a software vendor focused on the medical professional liability insurance carrier markets.
  • Representation of  the Rimoni family in its sale of half of its controlling block in the company to the private equity fund FIMI 6, and in the shareholders agreement, which regulates the joint control of the parties over the company.
  • Representation of CyberX in its acquisition by Microsoft for US$165 million.
  • Representation of  Amdocs in the acquisition of 100% of the shares of Openet Telecom Limited, an Irish-based company, a world-leading provider of 5G charging, policy and cloud technologies for a consideration of US$ 180 million.
  • Representation of Bezeq in the sale of Walla communication Ltd., to the Jerusalem Post Ltd., for an aggregate consideration of NIS 65 million.
  • Representation of OPC Energy in partnering with Migdal Insurance, Clal Insurance and Poalim Capital Markets in its’ acquisition of the US energy company CPV for $630 million.
  • Representation of Portshift Software Technologies Ltd., in its acquisition by Cisco Systems.
  • Representation of Fleetonomy Ltd., an Israeli company in the field of autonomous vehicles, in its acquisition by Via Transportation, Inc.
  • Representation of Artlist Inc, in the acquisition of the assets of Motion Array for $65 million.
  • Representation of Stratasys Ltd., in its acquisition of an Origin Laboratories, Inc.
  • Representation of Ultra Clean Holdings, Inc. in the merger deal with Ham-Let (Israel-Canada) Ltd.
  • Representation of Sapiens International Corporation in its acquisition of Tia Technology A/S, a Danish leading developer and provider of standardized insurance software solutions in Europe and South Africa, for a purchase price of $80 million.
  • Representation of Chemomab Ltd., in signing a binding agreement for the consummation of a reverse triangle merger unto Anchiano Theraputics Israel Ltd.’s wholly owned subsidiary, an Israeli shell company traded in NASDAQ. Companies are valued at $150 million.
  • Representation of Moon Active Ltd., an Israeli company that develops mobile games, in its acquisition of Melsoft Games.
  • Representation of Acro Real Estate in a transaction for the sale of all its rights (50%) in “Canada Acro in City” partnership to Israel Canada and other investors.
  • Representation of the Israeli startup company, Polyrize, in its acquisition by the US-based data security company, Varonis.

2019

  • Representation of Clicksoftware and Francisco Partners in the sale of Clicksoftware to Salesforce for $1.35 billion.
  • Representation of Outbrain and Taboola in their merger deal.
  • Representation of Habana Labs in its acquisition by Intel for $2 billion.
  • Representation of Lumenis in its acquisition by Baring Private Equity Asia Ltd. for $1.2 billion.
  • Representation of Adler Real Estate in its acquisition of ADO Group Ltd. for €708 million.
  • Representation of Twistlock in its $400 million acquisition by Palo Alto Networks.
  • Representation of Qlik Technologies Inc., a Thoma Bravo company, together with Kirkland & Ellis, in the acquisition of Attunity Ltd. by way of reverse triangular merger, for $560 million.
  • Representation of Ms. Liora Ofer and the Ofer Investment Group in the sale of a controlling stake in Bank Mizrahi and related transactions amounting to billions of shekels, in order to comply with the provisions of Israel’s Anti-Concentration Law.
  • Representation of Proofpoint in the acquisition of Observe IT Ltd. for $225 million.
  • Representation of SAManage Ltd. in its acquisition by SolarWinds Holdings Inc. for $350 million.
  • Representation of fast food giant McDonald’s in the acquisition of Dynamic Yield Ltd.
  • Representation of a group of investors in an investment agreement to acquire 40% of the issued share capital of Dan Public Transportation Co. Ltd., at a company value of approximately NIS 1.2 billion.
  • Representation of Baxter Healthcare Corporation in the acquisition of Cheetah Medical, Inc. for $190 million.
  • Representation of Proofpoint Inc. in the acquisition of Meta Networks for $125 million.
  • Representation of Gazit Globe Ltd. in acquiring 40% of the public’s shares in Atrium European Real Estate Ltd.
  • Representation of the American investment fund Searchlight in the acquisition of a controlling stake in Bezeq, by acquiring control of B Communications and debt settlements with bondholders.
  • Representation of Foamix Pharmaceuticals Ltd. in a “merger of equals” with Menlo Therapeutics.
  • Representation of Vimeo Inc. in the acquisition of Magisto.

2018

  • Representation of Medtronic in the acquisition of Mazor Robotics.
  • Representation of Sodastream in its acquisition by Pepsico for $3.2 billion
  • Representation of Redkix, an email startup that combines email, messaging and calendar features into one app, since its establishment and in its acquisition by Facebook.
  • Representation of Datorama, a leading cloud-based AI-powered marketing intelligence and analytics platform, in its acquisition by Salesforce.
  • Representation of KLA –Tencor (NASDAQ: KLAC), a global capital equipment company, in the acquisition of Orbotech for the amount of $3.4 billion.
  • Representation of Velostrata, a leader in enterprise cloud migration technology, in its acquisition by Google.
  • Representation of Palo Alto Networks (NYSE: PANW) in the acquisition of Cyber Secdo Ltd.
  • Representation of Amdocs (NASDAQ: DOX) in the acquisition of Vubiquity, a leading provider of premium digital content services and technology solutions.
  • Representation of Uster Technologies AG, in the acquisition of Elbit Vision Systems Ltd., an Israeli company listed on the OTCQB Market.
  • Representation of Ten in a transaction for the acquisition of control in “Tidlukim Mobile Fueling Services Ltd.

2017

  • Representation of Verizon in all Israeli aspects of its acquisition of Yahoo for $4.5 billion.
  • Representation of Neuroderm Ltd. in its acquisition by Mitsubishi Tanabe Pharma Corp for $1.1 billion.
  • Representation of Apax Partners in its acquisition of Syneron Medical for approximately $500 million.
  • Representation of Degania Silicone and its shareholders, in the sale of the company to Q Holdings.
  • Representation of Enzymotec (NASDAQ: ENZY), a nutritional ingredients and medical foods manufacturer, in its acquisition by Frutarom (TASE: FRUT), at a value of $290 million.
  • Representation of EMK Capital, a London based Investment Company, in its acquisition of Luminati, the enterprise proxy network division of Hola Networks.
  • Representation of SAP (ETR: SAP), a German multinational software corporation, in the acquisition of Gigya, an Israeli customer identity and access management platform.
  • Representation of SK Capital in its acquisition of Perrigo API.
  • Representation of Sun D’or International Airlines Ltd. and El Al Israel Airlines Ltd. in in the proposed purchase of Israir Airlines & Tourism Ltd.
  • Representation of Palo Alto Networks in its acquisition of LightCyber.
  • Representation of Hexadite in its acquisition by Microsoft.
  • Representation of Cigol Digital Systems Ltd. in its acquisition by Mellanox.
  • Representation of Arcturus Therapeutics, Inc, (Nasdaq:ARCT), a leading RNA medicines company, in an agreement to merge with Alcobra Ltd. (NASDAQ:ADHD).

2016

  • Representation of China National Agrochemical Corporation in its purchase of 40% of the share capital of Adama Agricultural Solutions Ltd. for $200 million.
  • Representation of Leaba Semiconductor in its acquisition by Cisco for $320 million.
  • Representation of BC Partners in the acquisition of a majority stake in Keter Plastic.
  • Representation of Francisco Partners, a private equity fund, in the acquisition of Sintec Media.
  • Representation of Reply Technologies in its acquisition by Intel.
  • Representation of RR Media Ltd in its acquisition by SES S.A for $242 million.
  • Representation of Oracle in the acquisition of Israeli Ravello Systems.
  • Representation of Altair Semiconductor in its acquisition by Sony.
  • Representation of RNTS Media N.V, a German company, in its acquisition of Inneractive Ltd.
  • Representation of both Taboola and ConvertMedia in the acquisition of ConvertMedia by Taboola.
  • Representation of eBay in the acquisition of SalesPredict.
  • Representation of Salesforce.com in the acquisition of Implisit Inc.
  • Representation of Amdocs in its acquisition of Brite:Bill.
  • Representation of Amdocs in the acquisition of Pontis Inc.
  • Representation of Amdocs in the acquisition of Vindicia Inc.

2015

  • Representation of Lumenis in its acquisition by XIO Group for approximately $510 million.
  • Representation of Playtech Plc in its acquisition of Plus500 Ltd., an Israeli public company listed on the London Stock Exchange (AIM), for approximately £460 million.
  • Representation of Shanghai Jiuchuan Investment Group in its acquisition of Israeli company SHL Telemedicine Ltd.
  • Representation of Amdocs in its acquisition of the BSS business of Comverse Inc. through an asset purchase transaction.
  • Representation of CyberArk in its acquisition of Cybertinel Ltd.
  • Representation of DVTEL Inc. in its $92 million acquisition by FLIR Systems Inc.
  • Representation of Emerson Electric in the acquisition of Spectronix.
  • Representation of Orad Hi-Tech Systems in its acquisition by Avid Technology, Ltd.
  • Representation of Facebook in its acquisition of Pebbles.
  • Representation of eXelate, Inc. in its acquisition by Nielsen.
  • Representation of Red Bend in its acquisition by Harman International Industries Inc.
  • Representation of Dropbox in its acquisition of CloudOn Inc.
  • Representation of Equivio in its acquisition by Microsoft.

2014

  • Representation of Conduit in its spin off and merger with Perion.
  • Representation of Cyvera in the acquisition by Palo Alto Networks.
  • Representation of Andromeda in its acquisition by Hyperion Therapeutics.
  • Representation of Stratasys in the acquisition of Harvest Technologies.
  • Representation of Stratasys in the acquisition of Solid Concepts for approximately $300 million.
  • Representation of Bezeq-subsidiary Walla, in its NIS 800 million cash sale of the Yad2 website to Axel Springer.
  • Representation of Bally Technologies Inc. in its acquisition of Dragonplay.
  • Representation of Stratasys in the acquisition of GrabCAD, a 3D CAD Collaboration Platform.
  • Representation of Kenshoo in the acquisition of Adquant.
  • Representation of Ericsson in its acquisition of Fabrix Systems for $95 million.

2013

  • Representation of PrimeSense in its acquisition by a multinational corporation.
  • Representation of Covidien in its acquisition of Given Imaging for approximately $1 billion.
  • Representation of Amdocs in its acquisition of Actix International Limited for approximately $120 million.
  • Representation of Facebook in its acquisition of Onavo Mobile.
  • Representation of a consortium of purchasers from China and Hong Kong in the pending acquisition of a controlling interest in Clal Insurance Enterprises Holdings Ltd. for approximately $700 million.
  • Representation of EMC in its acquisition of Scale IO.
  • Representation of Stratasys in its acquisition of MakerBot for approximately $400 million.
  • Representation of Retalix in its acquisition by NCR Corporation for $800 million.
  • Representation of the shareholders of DesignArt in its acquisition by Qualcomm.
  • Advising Cisco in its acquisition of Intucell.
  • Representation of Nolio in its acquisition by CA Technologies.
  • Representation of Rhone Capital in its acquisition of the operations of Eden Springs for approximately $90 million.

2012

  • Representation of Anobit in its acquisition by a multinational corporation.
  • Representation of Surpass Medical in its acquisition by Stryker for $135 million.
  • Representation of Broadlight in its acquisition by Broadcom for approximately $220 million.
  • Representation of Facebook in its acquisition of Face.com.
  • Representation of Covidien in its acquisition of Israeli medical device manufacturer Oridion Systems Ltd. for approximately $346 million in cash.
  • Representation of Objet in its $3 billion merger with Stratasys.
  • Advising Cisco in intended acquisition of NDS Group for approximately $5 billion.
  • Representation of Singapore Telecom in its acquisition of Amobee for approximately $320 million in cash.
  • Representation of Covidien in its acquisition of Israeli medical device manufacturer SuperDimension for approximately $300 million in cash, with future earn out payments possible.
  • Representation of Avaya in its acquisition of Radvision for approximately $230 million in cash.

2011

  • Representation of Zoran in its acquisition by CSR for approximately $680 million.
  • Representation of Fundtech in its acquisition by GTCR for approximately $390 million.
  • Representation of Broadcom Corporation in its acquisition of Provigent Inc for approximately $335 million.
  • Representation of Amdocs in its $215 million acquisition of Bridgewater Systems Corporation.
  • Representation of MobileAccess in its acquisition by Corning Inc. for $175 million.
  • Representation of Altice in the sale of Mirs Communication to Hot Communication.
  • Representation of Cool Holding in the acquisition of Hot Communication shares from Yedioth Communications.
  • Representation of Answer Corporation in its acquisition by AFCV Holdings for approximately $127 million
  • Representation of Conduit in its acquisition of Modular Patterns.
  • Representation of Sapiens International Corporation, a Nasdaq and TASE listed company, in its acquisition of IDIT Technologies and FIS Software for approximately $75 million in total.
  • Representation of PicScout Inc. in its acquisition by Getty Images Inc.
  • Representation of Magento Inc. in its acquisition by eBay.

2010

  • Representation of Attenti Holdings SA in its acquisition by 3M Co. for $230 million.
  • Representation of VocalTec Communications Ltd. in its $200 million stock merger with YMax Corporation.
  • Representation of the shareholders of Wintegra Inc. in its acquisition by PMC-Sierra Inc. for $300 million.
  • Representation of Altice Group in its acquisition of Israeli cellular operator Mirs from Motorola Inc.
  • Representation of Emblaze in its sale of Formula Systems to Asseco for $140 million.
  • Representation of Amdocs in its $104 million cash acquisition of UK-based MX Telecom.
  • Representation of Amdocs in its acquisition of French company Streamezzo SA for $41 million.
  • Representation of TEOCO in its acquisition of TTI Team Telecommunication for $58 million.
  • Representation of NICE Systems in its acquisition of e-Glue for $29 million.
  • Representation of Red Bend Software in its acquisition of VirtualLogix.

Practice area's Partners: