Japanese semiconductor firm Renesas Electronics said Thursday that it would acquire Sydney-listed software company Altium for 9.1 billion Australian dollars ($5.89 billion) in cash, as it seeks to streamline its electronics design process.
Renesas said it would pay AU$68.50 per share, representing a 33.6% premium to Altium's closing price of AU$51.26 on Wednesday.
Australia-listed shares of Altium jumped nearly 30% to near AU$66, while Tokyo-listed Renesas fell 3.2%.
The deal has been unanimously approved by the board of both companies but its completion is subject to approvals from Altium shareholders, Australian court and regulators, Renesas said.
The deal comes a month after Renesas agreed to buy Nasdaq-listed Transphorm for $5.10 per share in an all-cash deal worth $339 million.
Persons:
Renesas, Altium, Jesper Koll, Koll, Aram Mirkazemi
Organizations:
Renesas Electronics, Sydney, Monex Group, CNBC, Japan Inc, Nasdaq
Locations:
Australia, Tokyo, Japan