Renesas to Buy U.S. Chipmaker IDT
Tokyo, Sept. 11 (Jiji Press)--Major Japanese chipmaker Renesas Electronics Corp. <6723> said Tuesday that it will acquire U.S. industry peer Integrated Device Technology Inc. for 6.7 billion dollars.
Renesas plans to complete the acquisition by June 2019, after necessary procedures, including approval from shareholders of San Jose, California-based IDT.
"The acquisition is estimated to push up Renesas' operating profit by 250 million dollars in the long term," Bunsei Kure, president and chief executive officer at the Japanese company, said at a press conference in Tokyo.
"We want to achieve further growth" by combining Renesas' products with IDT's unique products, he said.
Renesas has been aiming to strengthen its operations for in-vehicle semiconductor products, whose demand is expected to grow for use in autonomous driving and electric vehicles.
[Copyright The Jiji Press, Ltd.]