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Business deals

Renesas seeks synergies in budding fields with IDT deal

CEOs see connected cars and wireless charging as areas for cooperation

The success of Renesas' 2017 purchase of U.S. semiconductor company Intersil was a factor in IDT's decision to accept the buyout offer.   © Reuters

PALO ALTO, U.S. -- In buying U.S.-based Integrated Device Technology for $6.7 billion, Renesas Electronics envisioned partnerships in fields that could produce synergies through complementary technologies, such as connected cars and wireless charging, the companies' chiefs told Nikkei on Thursday.

The speed with which the companies agreed to the acquisition -- after just three months of talks starting in June -- can be attributed to Renesas' clear vision for a combined entity, IDT CEO Gregory Waters said in an interview at his company's San Jose headquarters. He was joined by Renesas CEO Bunsei Kure. 

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