SiTime acquires Renesas timing unit for $2.9B in cash-and-stock deal; $1.5B cash funded by Wells Fargo debt, transaction expected to close by year-end

SiTime Agrees to Buy Renesas Timing Unit in $2.9 Billion Deal

The companies said that Renesas CEO Hidetoshi Shibata will join SiTime’s board after the transaction closes, which is expected by the end of the year. Photographer: Akio Kon/BloombergAnalog chipmaker SiTime Corp. has agreed to acquire Renesas Electronics Corp.’s timing unit in a cash-and-stock transaction valued at about $2.9 billion.SiTime said in a joint statementBloomberg Terminal with Renesas that it’s buying the business for $1.5 billion in cash and 4.13 million of its shares, which closed ...