Japanese semiconductor firm Renesas on Tuesday announced a deal to buy California-based IDT in a cash deal valued at $6.7 billion. The deal is expected to be closed in the first half of next year, following approval by IDT shareholders and the relevant regulatory authorities, Renesas said in a statement. Renesas Electronics, the world’s biggest supplier of automotive microcontroller chips, was created through a merger of the chip units of Hitachi, Mitsubishi Electric and NEC.
