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Execution of Term Loan Agreement for IDT Acquisition

TOKYO, Japan ― As announced in the press release “Regarding Acquisition of Stock of Integrated Device Technology, Inc.” issued on September 11, 2018, Renesas Electronics Corporation (“Renesas”, TSE: 6723), a premier supplier of advanced semiconductor solutions, resolved at the Meeting of Board of Directors held on September 11, 2018 to reach an agreement with Integrated Device Technology, Inc (“IDT”, NASDAQ: IDTI), whereby IDT will become a wholly-owned subsidiary of Renesas and has thus concluded a merger agreement with IDT.

In accordance with the merger agreement, Renesas expects to acquire all the shares in IDT at a price of US$6.7 billion (approximately ¥733.0 billion at an exchange rate of 110 yen to the dollar) through a merger of IDT with Renesas’ wholly-owned subsidiary registered for the purpose of the acquisition in Delaware, United States (an inverted triangle merger). To finance a portion of the funds necessary for the acquisition of IDT, Renesas today entered into a term loan agreement as described below.

For full article, please view URL : https://www.renesas.com/sg/en/about/press-center/news/2018/news20181011.html