Japan's Renesas Electronics To Buy Altium For $5.9 Billion
By Ben Glickman
Japanese chipmaker Renesas Electronics will acquire design-software company Altium for 9.1 billion Australian dollars ($5.91 billion) in cash.
Renesas plans to fund its purchase of all shares of Altium for A$68.50 each with bank loans and cash on hand.
The companies said the deal would help create an "integrated and open electronics system design and lifecycle management platform."
Renesas's acquisition is still subject to approval by Altium shareholders, an Australian court and regulators. The deal is expected to close in the second half of the year.
Renesas said that Altium brings $263 million in revenue to the company, about three-quarters of which is recurring revenue.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
February 14, 2024 18:11 ET (23:11 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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