Japan's Renesas Electronics officially announced last Friday that it will raise 218.5 billion yen (about US$1.99 billion) through a new share issuance to finance its US$6 billion acquisition of Dialog.
The two companies have been collaborating on automotive computing platforms since August last year. "The issuance of new shares and the acquisition will enable Renesas to maintain a strong financial foundation, which will enable Renesas to execute its future growth strategy," Renesas Electronics said in a statement.
Renesas and Dialog hope to complete the transaction by the end of this year. Renesas has a 30% global market share in the automotive MCU field, while Dialog's strengths are power management chip design and low-power Bluetooth headsets.
Jiwei.com also noticed that the former largest shareholder of Renesas, the Innovation Hub Corporation of Japan (INCJ), a fund with Japanese government background, sold $167 million worth of shares, which reduced their shareholding in Renesas from 32% to 20%.
In 2013, INCJ provided timely assistance to Renesas at its most critical moment by injecting 150 billion yen. At its peak, it held two-thirds of Renesas' shares, but its shareholding ratio has gradually decreased in recent years.
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