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Renesas Electronics Agrees to Buy Chipmaker Intersil for $3.2 Billion
Japan’s Renesas Electronics Corp. has reached an agreement to acquire Intersil Corp., a U.S. chipmaker in an all-cash deal worth 325 billion yen ($3.2 billion), Reuters reports.
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Japan’s Renesas Electronics Corp. has reached an agreement to acquire Intersil Corp., a U.S. chipmaker in an all-cash deal worth 325 billion yen ($3.2 billion), Reuters reports. The plan was revealed in August.
Renesas supplies microprocessors to the auto and consumer electronics industries. The company specializes in infotainment system chips. Intersil, which once made chips for digital watches, now produces power control chips used to manage battery systems, including those in electric cars.
The Japanese government bailed out Renesas in 2012, a year after crippling earthquakes incapacitated five of the company’s factories and disrupted auto production worldwide. Since then the business has successfully restructured, amassed a sizable cash reserve and is focusing its business on automotive chips. But it faces increasing challenges from rivals Infineon and NXP Semiconductor.
Renesas CEO Bunsei Kure predicts the merged companies will hike their combined income by 17.3 billion yen ($170 million) per year.
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