Recently acquired by Apple, forming one of its biggest ever acquisitions, Israeli flash memory maker Anobit has been sued by an investment banker that claims he is entitled to a 1% finder’s fee for facilitating the buyout.
According to Globes, Greg Wolf, managing partner for Widebridge Group Ltd, filed a lawsuit against both Apple-owned Anobit and investor Battery Ventures partner Scott Tobin. It is alleged that Tobin approached Wolf to arrange a meeting between Apple’s VP of Corporate Development Adrian Perica and arranged a finders fee via email.
Apple was familiar with Anobit, which was part of Apple’s supply chain. Wolf says that on the basis of this understanding, he sent Tobin an e-mail, which stated, “In the event that there is an investment in Anobit, we will reach agreement on the finders fee.”
Wolf states that he demanded 1% of the acquisition price, or NIS 17.2 million ($4.5 million).
The investment banker claims that he then came to learn about Apple’s acquisition via the press following his ‘involvement’. Apple is said to have purchased Anobit for $390 million, so Wolf would be looking to be compensated for between $3.9 million and $4.5 million, depending on currency conversions.
Anobit says that Wolf’s involvement should be treated separately from the acquisition talks, with the company adding that Apple had no intention of investing in a deal that Tobin and Wolf had discussed.
The Israeli company states: “Apple decided to acquire Anobit for reasons that had nothing to do with Mr. Wolf’s one February 28, 2011 email to Mssrs. Tobin and Perica.”
Now it’s up to the courts to determine whether Wolf has a case or not.
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