Renesas Electronics has completed its purchase of Integrated Device Technology (IDT) following approvals by IDT shareholders and regulators.
The merger combines IDT's RF, timing, memory interface, real time interconnect, optical interconnect, wireless power and smart sensors with Renesas microcontrollers, system-on-chips and power management ICs.
The pair have already developed 15 'winning combinations' such as IDT automotive timing plus Renesas R-Car processor for automotive infotainment, an IDT gas sensor plus Renesas MCU for IoT building automation air quality control and other products for base station, wireline and server applications.
IDT is now a wholly owned Renesas subsidiary and Sailesh Chittipeddi as a Renesas executive vice president and president and CEO of IDT.
Renesas anticipates near- and long-term revenue growth from expanded opportunities, access to fast-growing industries, as well as cost savings from a larger business platform, which will bring innovation and improvements along with an expected positive financial impact of about US$250m of operating income per year.
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Renesas spent US$6.3bn on the purchase using a combination of cash and debt financing.
