Renesas completes Altium acquisition
Japanese semiconductor company Renesas has completed its buyout of Australian electronics design systems specialist Altium Limited.
The deal, first announced in February, involved Renesas buying all outstanding shares of Altium for a cash price of AUD 68.50 per share, representing a total equity value of approximately AUD 9.1 billion (approximately EUR 5.5 billion).
Now, the two firms have announced that the Committee on Foreign Investment in the US (CFIUS) has cleared their proposed merger transaction, confirming no national security concerns. All required approvals in Australia, Germany and Turkey have also been secured.
The acquisition enables the two companies to establish an integrated and open electronics system design and lifecycle management platform that allows for collaboration across component, subsystem, and system-level design.
"This is a historical milestone for both Renesas and Altium as we take another important step forward in bringing enhanced user experience for electronics system designers,”said Hidetoshi Shibata, CEO of Renesas in a press release. “The integrated and open electronics system design and lifecycle management platform we aim to build together will make electronics accessible to broader market, for any enterprises regardless of their size or industry.”
Altium now becomes a wholly owned subsidiary of Renesas. Altium CEO Aram Mirkazemi keeps his role, but also assumes the role of Senior Vice President and Head of Renesas’ Software & Digitalisation.
"This is a pivotal moment for Altium and marks the beginning of an exciting future with Renesas,” said Mirkazemi. “With Renesas’ support and expertise, we are looking forward to accelerating the cloud-enablement of all industry processes associated with electronics design and development. This will make electronics accessible to a broader market and lay the foundation for software defined products.”