Davis Polk advised FormFactor, Inc. in connection with its acquisition of Cascade Microtech, Inc. pursuant to a merger agreement signed February 3, 2016. The former stockholders of Cascade Microtech will receive $16.00 in cash and 0.6534 shares of FormFactor stock per share. The transaction closed on June 24, 2016.

Davis Polk also advised FormFactor in connection with its $150 million senior secured credit facility between FormFactor and HSBC Bank USA, National Association, as administrative agent, the proceeds of which were used to finance a portion of the cash consideration for the merger.

FormFactor helps semiconductor manufacturers test the integrated circuits that power consumer mobile devices, as well as computing, automotive and other applications. Headquartered in Livermore, California, FormFactor is one of the world’s leading providers of essential wafer test technologies and expertise, with an extensive portfolio of high-performance probe cards for DRAM, Flash and SoC devices. Cascade Microtech is a leader in precision contact, electrical measurement and test of integrated circuits, optical devices and other small structures.

The Davis Polk corporate team included partner Sarah K. Solum and associates Jeffrey C. Lau and Donald K. Lang. The credit team included partner Lawrence E. Wieman and associates Vivian Y. Wong and A. McLean Crichton. Partner Rachel D. Kleinberg provided tax advice. Counsel Cynthia Akard provided executive compensation advice. Partner Arthur J. Burke and counsel Mary K. Marks provided antitrust and competition advice. Tracy Tsu and Theresa Volano were the legal assistants on the transaction. Members of the Davis Polk team are based in the Northern California and New York offices.

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