Renesas Completes IDT Acquisition

Renesas Electronics and Integrated Device Technology (IDT) have passed the final hurdle: the Committee on Foreign Investment in the United States (CFIUS) has no national security concerns regarding the acquisition of IDT.

The approval by CFIUS was the last outstanding regulatory approval required to complete the acquisition of IDT by Renesas. Previous antitrust approvals had been granted by antitrust authorities in China, Germany, Hungary, South Korea and the USA. IDT's shareholders had previously voted in favor of the merger agreement and approval of the transaction at an extraordinary general meeting on January 15, 2019.

All necessary regulatory approvals for the acquisition have now been granted and the transaction is expected to close on March 29, 2019, subject to customary closing conditions.