Japanese chipmaker Renesas announced plans to boost its expertise in the autonomous vehicle sector with the acquisition of US-based Integrated Device Technology (IDT) for about $6.7 billion.
Bunsei Kure, president and CEO of Renesas, said: “This acquisition will bring us complementary, market-leading analogue mixed-signal assets and an incredibly talented group of professionals to help us boost our embedded solution capabilities.”
IDT’s know-how in memory interconnect and specialised power management will enable Renesas “to create growth…and to further strengthen its presence in the industrial and automotive segments”, it said in a statement.
The auto sector accounts for more than half of Renesas’ total revenue. It is the second-largest supplier of chips used in cars after NXP Semiconductors, Bloomberg said.
Renesas said it will finance the purchase with JPY679 billion ($6.1 billion) of bank loans and cash, and expects the transaction to close in the first half of 2019 following approvals by IDT shareholders and the relevant regulatory authorities.Subscribe to our daily newsletter Back