Renesas Electronics has reached an agreement with software company Altium to acquire all outstanding shares. This will make Altium a wholly owned subsidiary of Renesas.
The acquisition is by way of a Scheme of Arrangement (SOA) under the Australian Corporations Act to acquire 100% of the outstanding shares of an Australian listed company. The companies have entered into a Scheme Implementation Agreement (SIA) which has been unanimously approved by the boards of both companies. The acquisition is expected to be completed in the second half of 2024, subject to Altium shareholder approval, Australian court approval and regulatory approvals. Renesas will acquire the shares from at a cash price of A$68.50 per share, representing a total equity value of approximately A$9.1 billion (approximately ¥887.9 billion at an exchange rate of ¥97 per A$) (price as of February 14, 2023). The plan is to finance the transaction with bank loans and cash.
Renesas will acquire the shares from at a cash price of A$68.50 per share
The acquisition expands Renesas' product portfolio in embedded processors, analog, power and connectivity. The acquisition enables both companies to join forces and create an open 'electronics design and lifecycle management platform' for collaboration at component, subsystem and system level. The acquisition brings together Altium's cloud platform capabilities with Renesas' portfolio of embedded solutions. The combination of high-performance processors, analog, power and connectivity will also enable integration with third-party vendors to seamlessly execute all steps of electronics design in the cloud.
