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Renesas to buy Transphorm to expand power portfolio with GaN technology (OTCMKTS:RNECY)
- Renesas Electronics (OTCPK:RNECY) to acquire all outstanding shares of Transphorm’s (NASDAQ:TGAN) common stock for $5.10 per share in cash, representing a premium of about 35% to Transphorm’s closing price on January 10.
- The transaction values Transphorm at approximately $339 million.
- The acquisition will provide Renesas with in-house GaN technology, a key next-generation material for power semiconductors, expanding its reach into fast-growing markets such as EVs, computing, renewable energy, industrial power conversion.
- Concurrently with the execution of the definitive agreement, KKR Phorm Investors L.P., which holds approximately 38.6% of Transphorm’s outstanding common stock, has entered into a customary voting agreement with Renesas to vote in favor of the transaction.
- The transaction is expected to close in the second half of calendar year 2024.
- Source: Press Release
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