A&O Shearman represents Sanmina in USD3 billion acquisition of ZT Systems’ data center business

Under the terms of the agreement, Sanmina (NASDAQ: SANM) has agreed to acquire ZT Systems' manufacturing operations for USD2.25bn cash, USD300 million premium consisting of 50% cash/50% equity, and a USD450m contingent consideration based on financial performance of the business over the next three years, for up to USD3bn total.

AMD (NASDAQ: AMD) will retain ZT Systems' AI systems design businesses and work with Sanmina as a U.S.-based new product introduction manufacturing partner of choice. The transaction is expected to close near the end of the 2025 calendar year. The transaction was announced on May 18, 2025 in a press release.

“Representing Sanmina in this significant acquisition underscores A&O Shearman’s ability to seamlessly execute complex, technology-focused transactions,” said M&A partner Daniel Mitz. “This ambitious deal is a testament to our firm’s depth of experience, collaborative approach and commitment to achieving exceptional outcomes for our clients as they navigate today’s dynamic business environment."

The A&O Shearman team that represented Sanmina was led by M&A partner Daniel Mitz, Corporate partner Christopher Forrester, Tech Transactions partner Daren Orzechowski, M&A counsel Robert Bucella, Corporate associate Haley Schwab, Tech Transactions associate Eva Wang, and M&A associate Michael Alvarez. The A&O Shearman team also included Debt Finance partner Michael Steinberg, Antitrust partners Ben Gris and Matthew Readings, Compensation, Employment, Pensions and Governance partner Jai Garg, Data Privacy partner Helen Christakos, Environmental and Sanctions partner Jason Pratt, Litigation partner Daniel Laguardia, M&A partner Kyle Park, Real Estate partner Lisa Brill, Tax partner Larry Crouch, counsel Eliana Paredis and Kuang Chiang, associates Hannah Burdette, Shahab Uddin, Hayde Faria, Bertrand Nzabandora, Becky Hval, Penelope Yan, Florence Duong, Quinn Hendricks, Nick Ognibene, Efren Lemus, Sarah Bray, Anna Armao, law clerk Stephen Ponticiello, and trainee solicitor Rejmonda Gashi.