Japan's Renesas Electronics to buy U.S. chipmaker Intersil for $3.2 billion

Reuters News
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Posted: Sep 12, 2016 7:23 PM

TOKYO (Reuters) - Japan's Renesas Electronics Corp <6723.T> said on Tuesday that it would buy U.S. chipmaker Intersil Corp <ISIL.O> for $3.219 billion amid a wave of consolidation in the global semiconductor industry.

Renesas, which controls nearly 40 percent of the global market for microcontroller chips used in automobiles, aims to complete the cash transaction by June 2017 to fully control the Milpitas, California-based company, it said.

Slowing growth in computers and smartphones - the traditional mainstays of the industry - has fueled a wave of mergers globally for scale, with chipmakers turning to areas such as auto electronics for sales growth.

(Reporting by Makiko Yamazaki; Editing by William Mallard)