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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Related Contacts
Jon Gavenman  Partner Palo Alto
Steve Tonsfeldt  Partner Palo Alto
Ian A. Nussbaum  Partner New York
Mischi a Marca  Partner San Francisco
Charlie Kim  Partner San Diego, Los Angeles
Wendy Brenner  Partner Palo Alto, Los Angeles
Megan Browdie  Partner Washington, DC
Patrick Flanagan  Partner New York
Rishab Kumar  Partner Palo Alto
Kristin Leavy  Special Counsel Washington, DC
Buff Miller  Senior Counsel Palo Alto
Barbara Mirza  Partner Los Angeles, Palo Alto
Howard Morse  Partner Washington, DC
Sepideh Mousakhani  Partner Palo Alto
Amanda Pacheco  Associate Palo Alto
Greg Reith  Associate Washington, DC
Marina Remennik  Special Counsel Palo Alto
Rebecca Ross  Special Counsel Washington, DC
Kealan Santistevan   Associate Palo Alto
Patrick M. Stewart  Associate Colorado
Sarah Swain  Associate Washington, DC
Dionne A. Thomas  Associate San Diego