Global law firms Herbert Smith Freehills and Davis Polk & Wardwell and Irish firms William Fry and Arthur Cox have advised on Japanese giant SoftBank Corp's $514 million acquisition of a 51 percent equity stake in Dublin-based connected-vehicle technology provider Cubic Telecom.
The deal is expected to give Cubic greater access to Asian automakers. "SoftBank and Cubic Telecom will form a strategic global partnership to pioneer the future of software-defined connected vehicles and other high-value Internet-of-Things assets by harnessing the power of global connectivity platforms," the companies said in a joint statement.
According to a McKinsey report, 95 percent of new vehicles sold globally will be connected by 2030. This could deliver as much as $400 billion in annual incremental value for the ecosystem, with Cubic Telecom poised to capture a leading share of this rapidly growing market.
The HSF team, which advised SoftBank on the acquisition, was led by corporate partner Joseph Fisher together with Tokyo partner Graeme Preston and Gavin Davies in London. Partner Adelaide Luke advised on regulatory and competition issues from Hong Kong.
"SoftBank is a longstanding client of the firm, and we're delighted to work on this exciting deal, creating a partnership that will provide cutting-edge connectivity solutions for smart vehicles," said Gavin Davies, HSF's global M&A head.
William Fry advised SoftBank on Irish law aspects with a cross-practice team led by corporate partner Brian Butterwick. Technology partner Leo Moore, employment and benefits partners Jeffrey Greene and Louise Harrison, and competition and regulatory partners Cormac Little and Sheila Tormey also advised on the deal.
The Davis Polk team advising Cubic Telecom was led by partner Will Pearce, and included tax partner Dominic Foulkes and antitrust partner Paul Marquardt.
Arthur Fry advised Cubic Telecom on Irish law aspects of the deal.
