Tokyo-based Renesas Electronics, a semiconductor solutions provider, announced on Monday that it has entered into a memorandum of understanding (MoU) with Paris-based Sequans Communications, a company that claims to be a leader in 5G/4G cellular IoT chips and modules.
Renesas intends to acquire Sequans through a tender offer of $3.03 per ADS in cash, subject to approval from the Sequans Board and works council.
The deal values Sequans at around $249M, including net debt, and is expected to be finalised in the first quarter of 2024.
Aim of this acquisition
Renesas plans to integrate Sequans’ wide range of cellular connection devices and intellectual property (IP) in its product lineup. This will include microcontrollers, microprocessors, analogue and mixed-signal front ends, and microcontrollers.