Renesas To Buy IDT For $6.7 Bln - Quick Facts

(RTTNews) - Renesas Electronics Corp. (RNECF) announced a definitive agreement to acquire the San Jose, California-based Integrated Device Technology, Inc. (IDTI) for $49.00 per share in an all-cash transaction representing an equity value of approximately $6.7 billion. The boards of directors of both companies have unanimously approved this transaction.

Renesas expects to close this transaction in the first half of 2019. Renesas expects this acquisition to provide it with access to a vast array of robust analog mixed-signal capabilities in embedded systems.

Renesas anticipates IDT deal to be accretive to its non-GAAP gross margin and non-GAAP earnings per share immediately after closing.

Renesas plans to finance this transaction with cash reserves and approximately 679.0 billion yen of bank loans.