TiVo and Xperi to Combine in All-Stock Merger
Palo Alto – December 30, 2019 – Cooley advised TiVo on its agreement to combine with Xperi Corporation in an all-stock transaction, representing approximately $3 billion of combined enterprise value. Expected to close in Q2 2020, the merger creates a leading consumer and entertainment technology business and one of the industry’s largest intellectual property licensing platforms. Jon Gavenman, Steve Tonsfeldt and Ian Nussbaum led the Cooley team advising TiVo.
“TiVo has always been the company that brings entertainment together. Now, we can significantly expand our mission,” TiVo CEO David Shull said in a statement. “With Xperi’s annual licensing of more than 100 million connected TV units, and complementary relationships with major content providers, consumer electronics manufacturers and automotive OEMs, our combined company will transform the home, car and mobile entertainment experience for the consumer.”
Upon completion of the merger, Xperi stockholders will own approximately 46.5% and TiVo stockholders will own approximately 53.5% shares of the new parent company on a fully diluted basis. In connection with the transaction, each company’s debt will be refinanced on a combined basis with $1.1 billion of committed capital from Bank of America and Royal Bank of Canada.
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