Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, has announced final regulatory approval for the proposed acquisition of Integrated Device Technology (IDT).
Both of the companies have announced that they received a notification by the Committee on Foreign Investment in the United States (CFIUS) on March 22, 2019 (PDT) and March 23, 2019 (JST), that the investigation of their proposed merger transaction is complete and there are no unresolved national security concerns with respect to the transaction.
The approval by the 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.
All necessary regulatory approvals for the acquisition have now been received and the transaction is expected to complete on March 29, 2019 (PDT), March 30, 2019 (JST), subject to the customary closing conditions.
In August 2018, Renesas announced that they will acquire IDT for over $6 Billion. Click here to read more about this announcement.
