Renesas gets CFIUS approval for IDT buy

Renesas and IDT have received final regulatory approval for Renesas’ proposed acquisition of IDT. The acquisition is expected to close at the end of March 2019.

Renesas Electronics Corp. has received notification by the Committee on Foreign Investment in the United States (CFIUS), that the investigation of the companies’ proposed merger transaction is complete. There are no unresolved national security concerns with respect to the transaction, a press release from Renesas states. The approval by CFIUS was the last outstanding regulatory authorisation required to complete the transaction. Antitrust clearance decisions have previously been obtained for the transaction from antitrust authorities in China, Germany, Hungary, South Korea and the United States. IDT stockholders have already voted to adopt the merger agreement and approve the transaction in January 2019. All necessary regulatory approvals for the acquisition have now been received and the transaction is expected to complete on March 29, 2019 PDT, subject to customary closing conditions.

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