Hexagon AB Acquires NovAtel Inc.

Swedish conglomerate Hexagon AB acquired NovAtel Inc., a Calgary-based provider of global navigation satellite technology, in a US $390 million cross-border tender offer and take-over bid. More than 90 per cent of the shares were tendered before the expiry of the bid on November 28, 2007.

NovAtel was publicly listed on Nasdaq prior to the acquisition.

Hexagon AB received legal advice from General Counsel Fred London, and from a Stikeman Elliott LLP team based in New York and Calgary led by corporate partners Ken Ottenbreit (New York) and Chris Nixon (Calgary) and including Craig Story, Gordon Cameron, Martin Mix, Brad Squibb, Shashi Malik (tax) and Paul Collins (regulatory). US counsel to Hexagon was Paul, Weiss, Rifkind, Wharton & Garrison LLP led by Edwin “Ted” Maynard and Ariel Deckelbaum, James Calkins, Zhiping Liu, James McClary and Ramy Wahbeh (corporate), David Mayo (tax), Moses Silverman, Didier Malaquin, Danielle Clark (HSR Advice) and Richard Elliott (Exon Florio Advice).

NovAtel Inc. was represented by Canadian counsel McCarthy Tétrault LLP led by Richard Shaw and including Andrew Grasby and Anthony Wilson and US counsel Orrick, Herrington & Sutcliffe led by Alan Talkington and including Brett Cooper and Julie Hwang.