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The Japanese chip maker Renesas Electronics Corp. announced Tuesday it has agreed to acquire the American peer Integrated Device Technology Inc. for about $ 6.7 billion, in order to strengthen its expertise in autonomous automotive technologies.
The agreement allows Renesas, second after NXP Semiconductors NV in chips used in cars, to integrate IDT's expertise in wireless networking chips and data storage crucial for cars autonomous.
Renesas will pay $ 49.00 per share in cash for all outstanding shares of IDT, against a close of $ 42.08 on Monday, and expects a conclusion of the transaction in the first half 2019.
It will finance the acquisition with 679 billion yen ($ 6.1 billion) of bank loans and cash, the group said in a statement.
Renesas was created in 2010 following the merger of NEC Corp's chip division and Renesas Technology, which was itself created by the merger of Hitachi Ltd's chipset and Mitsubishi Electric Corp.
It was late to join a wave of consolidation in the flea industry as it struggled to recover from the damage suffered by major factories during an earthquake that hit Japan in 2011.
Last year, it bought the US chip maker Intersil Corp. for $ 3.2 billion in order to expand its portfolio of analog chips, which process signals such as sound, light and temperature before converting them to digital signals.
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