Reuters: Synaptics beats out Apple for Renesas LCD chip unit

|About: Renesas Electronics Corp (RNECF)|By:, SA News Editor

Renesas (RNECF) plans to sell its 55% stake in iPhone LCD driver IC supplier Renesas SP Drivers to Synaptics (SYNA +2.2%), Reuters reports.

Apple (AAPL +1.9%), which already develops its own app processors and fingerprint sensors, was previously reported to be interested in buying the stake for $479M. Reuters' sources state the talks failed to make progress.

Sharp (SHCAY) is expected to sell its 25% stake in the unit after Renesas makes its move. Renesas SP's LCD drivers stand to complement Synaptics' touchscreen controller and fingerprint sensor offerings for mobile OEMs.

Renesas SP had revenue of $575M in the fiscal year ending March 31. Syanptics is expected to post FY14 (ends in June) revenue of $918M.