Japan's Renesas to purchase US chip-maker in US$3.2 billion dealTOKYO -- Japan's Renesas Electronics will buy smaller U.S. chip-maker Intersil for US$3.2 billion, the companies said Tuesday, as part of a push into the lucrative auto market. Renesas, one of the world's biggest supplier of automotive microcontroller chips, said it would pay US$22.50 a share for its rival, in an all-cash deal that represents a 14-percent premium on the stock's closing price Monday. The combined firms would have annual revenue of around US$7.18 billion. Among its products, Intersil makes chips that manage battery voltage in hybrid and electric vehicles and operate on-board cameras and displays. Renesas — created through a merger of the chip units of Hitachi, Mitsubishi Electric and NEC — is finding its feet after years of losses forced a major restructuring including job cuts and factory closures.

Source: The China Post September 13, 2016 16:07 UTC