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Japanese semiconductor firm Renesas on Tuesday announced a deal to buy California-based IDT in a cash deal valued at $6.7 billion.
Shares in Renesas spiked 5.54 percent on the news, before dropping back slightly in the late morning.
Deal - Half - Year - Approval - IDT
The deal is expected to be closed in the first half of next year, following approval by IDT shareholders and the relevant regulatory authorities, Renesas said in a statement.
Renesas said it planned to finance the deal using bank loans worth 679 billion yen ($6.1 billion) as well as some cash reserves.
Firm - Deal - IDT - Semiconductor - Manufacturer
The Japanese firm said the deal with IDT, also a semiconductor manufacturer, should "strengthen its presence in the industrial and automotive segments."
Renesas Electronics, the world's biggest supplier of automotive microcontroller chips, was...
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