Renesas Receives Final Approval For Proposed Acquisition of IDT

All necessary regulatory approvals for the acquisition have now been received and the transaction is expected to complete on March 29  

Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, and Integrated Device Technology (IDT), a leading supplier of analog mixed-signal products, on Friday announced that they have received the final approval for the companies’ proposed merger transaction.

A notification was released by the Committee on Foreign Investment in the United States (CFIUS) on March 22, stating that the investigation of the companies’ proposed merger transaction is complete and that there are no unresolved national security concerns with respect to the transaction.

The approval by CFIUS was the last outstanding regulatory authorization required to complete the transaction. Antitrust clearance decisions have previously been obtained for the transaction from antitrust authorities in China, Germany, Hungary, South Korea and the United States.

IDT stockholders have previously voted to adopt the merger agreement and approve the transaction at a special meeting of stockholders held on January 15, 2019.

Acquisition to Be Completed within this Month 

All necessary regulatory approvals for the acquisition have now been received and the transaction is expected to complete on March 29, subject to customary closing conditions.

A global leader in microcontrollers, analog, power and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, home electronics, office automation and information communication technology applications.

Headquartered in San Jose, CA, IDT has design, manufacturing, sales facilities and distribution partners throughout the world. Its market-leading products in RF, high-performance timing, memory interface, real-time interconnect, optical interconnect, wireless power and smart sensors are among the company’s broad array of complete mixed-signal solutions for the communications, computing, consumer, automotive and industrial segments.