SILICON VALLEY, NEW YORK, November 3, 2023: Morgan Lewis is representing GCT Semiconductor Inc. in a definitive business combination agreement with Concord Acquisition Corp III. Upon closing, GCT will become a publicly traded company operating as GCT Semiconductor Holding, Inc. The proposed transaction values GCT at an initial enterprise value of approximately $461 million, with a total pro forma enterprise value of $661 million.
GCT is a designer and supplier of advanced 5G and 4G LTE semiconductor solutions that enable connectivity to numerous commercial devices such as CPEs, mobile hotspots, routers, M2M applications and smartphones, etc. for global wireless carriers.
Concord is a special purpose acquisition company (SPAC) focused on merger, capital stock exchange, asset acquisition, stock purchase, reorganization, and other business combinations in the financial services and financial technology industries.
The Morgan Lewis team advising GCT includes partners John Park, Albert Lung, and Karen Abesamis, and associates Chris Ronne, Lixin Lin, David Bionghi, Jack Zhu, Gjelina Gjini, Matt Lewis, Esther Phu, Jessie Li, and Nicholas Howe.
For more, read GCT’s announcement.
Update: Morgan Lewis advised GCT on the closing of the business combination with Concord which was announced on March 26, 2024.