Seattle-based supercomputer manufacturer Cray Inc. acquired, on April 1, 2004, privately owned OctigaBay Systems Corporation of Burnaby, British Columbia in an exchangeable share and cash transaction valued at approximately US$115 million completed by way of a plan of arrangement. OctigaBay is developing an innovative high performance computing system designed to make supercomputing performance available at a reduced price.
Cray was represented by in-house counsel Ken Johnson and by Fraser Milner Casgrain in Vancouver, with a team that included Blair Horn, James Beeby and David Frost (M&A), Gordon Funt and Lori Mathison (tax), Gary Clarke (employment matters) and James Schmidt (litigation); and by US counsel Stoel Rives, with a team that included Christopher Voss and Todd Barker (M&A) and Andrew Zuccotti (tax).
OctigaBay was represented by McCarthy Tétrault in Vancouver, with a team that included Ted Koffman, Brian Vick and Dan Steiner (M&A), Brent Kerr (tax), Matthew Peters (intellectual property matters) and Warren Milman (litigation); and by US counsel Gary Kocher and Annette Elinger of Preston Gates & Ellis LLP. Craig Wright and Alex Kilgour (M&A) and Dov Begun (tax) of Osler, Hoskin & Harcourt provided advice to certain shareholders of OctigaBay.