In September 2018, Renesas Electronics announced that it has signed a definitive agreement with Integrated Device Technology, Inc. (IDT) and will acquire IDT for $6.7 billion in cash. Recently, the acquisition has made further progress.
On the 23rd, Renesas Electronics and IDT jointly announced that they have received a notice from the Committee on Foreign Investment in the United States (CFIUS) that the proposed M&A transaction survey of the two companies has been Complete and approve the transaction.
CFIUS approval is the last unfinished regulatory authorization required to complete the transaction. Prior to this, antitrust authorities have been approved by antitrust agencies in China, Germany, Hungary, South Korea and the United States. Currently, all necessary regulatory approvals for acquisitions have now been received. According to customary closing conditions, transactions are expected to be officially completed on March 29, 2019 Pacific Time.
