On October 1, 2007, Flextronics International Ltd. of Singapore acquired rival company Solectron Corporation of Milpitas, California, for approximately $3.6 billion in cash and stock. Together, Flextronics and Solectron will have combined annual revenues exceeding US$30 billion, employing approximately 200,000 workers in 35 countries. The influx of new resources makes Flextronics the most diversified and premier global provider of advanced design and vertically integrated electronics manufacturing services (EMS). This puts Flextronics on top of the EMS game, shaking off the second and fifth rankings the two companies held previously.
Heenan Blaikie LLP acted as Canadian counsel to Flextronics in connection with its acquisition of Solectron, with a team consisting of Jeff Barnes (securities), Subrata Bhattacharjee and Jon Smithen (competition and Investment Canada), Noam Goodman (corporate and banking) and Malcolm Boyd (banking). Osler, Hoskin & Harcourt LLP represented Solectron in the transaction, with a team consisting of John Groenewegen and Chad Bayne (corporate and securities) and Peter Glossop and Shuli Rodal (competition and Investment Canada). Wilson Sonsini was Solectron counsel and Curtis-Mallay was Flex counsel.
Heenan Blaikie also represented Flextronics in connection with a new $2.5 billion syndicated term loan with Citigroup, which Flextronics used to fund the acquisition of Solectron