September 11, 2018 / 1:24 AM / 2 months ago

Japan's Renesas says it will buy U.S. chipmaker IDT for $6.7 bln

TOKYO, Sept 11 (Reuters) - Japanese chipmaker Renesas Electronics Corp said on Tuesday it had agreed to buy U.S. peer Integrated Device Technology Inc for about $6.7 billion, as it aims to compete with Nvidia and Intel Corp in self-driving car technologies.

Renesas will pay $49.00 per share in cash for all IDT outstanding shares, compared with Monday's close at $42.08, and expects the deal to close in the first half of 2019. It will finance the acquisition with cash and 679 billion yen ($6.1 billion) of bank loans, it said in a statement. ($1 = 111.3900 yen) (Reporting by Chris Gallagher and Chang-Ran Kim; Editing by Stephen Coates)

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