Japanese chipmaker Renesas Electronics said Thursday that it has agreed to buy Australia-listed electronics design firm Altium for 9.1 billion Australian dollars ($5.9 billion; ¥886 billion) in an all-cash deal.
Renesas will pay AU$68.50 a share, a 34% premium to Altium's Wednesday closing price, and will finance the purchase with bank loans and cash on hand. This will be the biggest acquisition yet of an Australian-listed company by a Japanese buyer.
Altium offers tools for designing circuit boards. Through the deal, Renesas intends to streamline the process of electronics design for customers.