Integrated Device Technology agrees to Rensas $6.5B Deal

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Renesas Electronics Corporation (TSE: 6723) announced on September 11 they have signed a definitive agreement to acquire Integrated Device Technology, Inc. (Nasdaq: IDTI) for approximately $6.5 billion. Renesas will purchase all outstanding common shares Integrated Device Technology for $49.00 in cash per share. The transaction will be funded through cash reserves and about 679 billion yen in bank loans. This acquisition supports Renesas’ growth strategy by complementary product lines and will help the company deliver comprehensive solutions for the increasing demand from IoT to big data processing. Bunsei Kure, Representative Director, CEO, and President at Renesas, stated, “IDT’s products combined with our MCUs, SoCs and power management ICs will enable Renesas to widen its product offerings as well as to expand its reach into areas such as the growing data economy-related space.” JP Morgan, Bank of America Merrill Lynch, Morgan Stanley, and Mizuho Financial Group served as financial advisers for this transaction. Sullivan & Cromwell provided legal counsel to Integrated Device Technology.

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