Deals
Renesas to Acquire U.S. Chipmaker IDT for $6.7 Billion
- The offer of $49 a share is a 16% premium to IDT’s close
- Renesas is looking to expand beyond automotive products
Photographer: Kiyoshi Ota/Bloomberg
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Renesas Electronics Corp., the second-biggest supplier of semiconductors used in cars, plans to acquire Integrated Device Technology Inc. for about $6.7 billion to expand beyond the automotive sector into data centers and communications devices.
The Japanese company will pay $49 a share, it said in a statement, about a 16 percent premium to the U.S. company’s Monday close and 29 percent higher than the share price when talks were first disclosed. That propelled Renesas’s stock 4.4 percent higher in Tokyo, its biggest jump in almost two months.