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
Robert Anton Associate, Palo Alto
Caitlin Breitenbruck Associate, Los Angeles
Wendy Brenner Partner, Palo Alto
Megan Browdie Partner, Washington, DC
Patrick Flanagan Partner, New York
Kendra Fox Associate, Palo Alto
Katherine Huynh Associate, Palo Alto
Adit Khorana Partner, Palo Alto
Rishab Kumar Associate, Palo Alto
Kristin Leavy Special Counsel, Washington, DC
Buff Miller Senior Counsel, Palo Alto
Barbara Mirza Partner, Los Angeles
Howard Morse Partner, Washington, DC
Sepideh Mousakhani Associate, Palo Alto
Amanda Pacheco Associate, Palo Alto
Lee Redfearn 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, Washington, DC
Sarah Swain Associate, Washington, DC
Dionne A. Thomas Associate, San Diego