Status:  Clearance

Acquirer:  Renesas Electronics Corp. (Japan)

Acquired:  Integrated Device Technology, Inc. (US)

Value:  Approx. US$6.7 Billion

Industry:  Semiconductors

UPDATE:  On March 22, 2019, Integrated Device Technology, Inc., announced that, in connection with the pending acquisition by Renesas Electronics Corporation, “the parties were notified by the Committee on Foreign Investment in the United States (“CFIUS”) that it had concluded its review of the transaction and determined that there are no unresolved national security concerns with respect to the transaction.”  (Integrated Device Technology, Inc., Form 8-K, Mar. 25, 2019, SEC Filing.)  The “initial 45-day review period [was to] conclude by January 2, 2019,” and the subsequent investigation period would have concluded on February 16, 2019;however, “due to the U.S. government shutdown that commenced in December 2018 and ended January 25, 2019, the review period was tolled …” (Integrated Device Technology, Inc., Form 8-K, Jan. 29, 2019, SEC Filing.)

Posted on November 13, 2018

Status: Upcoming/New Filing

On September 10, 2018, Integrated Device Technology, Inc., a Delaware corporation that produces semiconductor devices for communications, computing, and consumer electronic markets, entered into a merger agreement with Renesas Electronics Corporation, a Japanese supplier of advanced semiconductor solutions.  (See Integrated Device Technology, Inc., Form 8-K, Sept. 11, 2018, SEC Filing.)  Integrated Device Technology produces “analog mixed-signal products including sensors, high performance interconnect, RF & optical and wireless power,” that will “enable Renesas to create growth in expanding data economy fields and to further strengthen its presence in the industrial and automotive segments.”  (Press Release, Integrated Device Technology, Inc., Form 8-K, Ex.-99.1, Sept. 11, 2018, SEC Filing.)  Filing a Notice and obtaining CFIUS approval is a condition for closing the merger.  (See Section 7.1(d), Agreement and Plan of Merger, Integrated Device Technology, Inc., Form 8-K, Ex.-2.1, Sept. 11, 2018, SEC Filing.)  Renesas recently completed the CFIUS process for its acquisition of Intersil Corp., another US based semiconductor company.  (See Trade Practitioner blog post on this transaction here.)