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Tue, Jun. 10, 4:24 PM
- Synaptics (SYNA) is acquiring Renesas' (RNECF) LCD driver IC unit in full for $475M in cash, or an enterprise value of $515M. Past reports had Synaptics only initially buying Renesas' 55% stake in the business.
- The deal is expected to close in calendar Q4, be financed with a combo of cash and $300M in debt financing, and be immediately accretive to EPS. It adds to a broader consolidation wave that has hit the semi industry over the last year.
- The Renesas unit (#1 in the mobile LCD driver market) had revenue of $650M and cash flow of $100M in the fiscal year ending in March - that means Synaptics is paying only 0.8x trailing sales. Synapitcs (current market cap of $2.4B) predicts the purchase will grow its addressable market by 1.5x, and "accelerate its product roadmap for touch-and-display driver integration."
- Separately, Synaptics is hiking its FQ4 revenue guidance to $300M-$310M, above a prior $275M-$295M and a $285.8M consensus. The touchpad/touch controller vendor says both mobile and PC demand has been better than expected.
- Synaptics is halted. Renesas rival Himax (HIMX) -2.3% AH.
- Previous: Analyst commentary on Synaptics/Renesas
Tue, May. 27, 3:54 PM
- 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.
Tue, Apr. 1, 3:58 PM
- The Nikkei reports Apple (AAPL +0.9%) is in talks with Renesas (RNECF) to buy its 55% stake in iPhone LCD driver IC supplier Renesas SP Drivers, and is looking to acquire it for ¥50B ($479M).
- Sharp (SHCAY) owns 25% of Renesas SP, and Taiwan's Powerchip 20%. Sharp is expected to sell its stake to Apple if the company asks for a a deal after buying Renesas' interest.
- Apple, which already develops its own app processors and fingerprint sensors, reportedly "wants to meld the design of core display components into overall product development."
- A deal could be a positive for Himax (HIMX +3.9%) and MagnaChip (MX -0.6%), given Renesas SP's other clients would start looking for alternative LCD driver suppliers. Renesas SP has an estimated ~33% share of the market for small and mid-sized LCD drivers/controllers. It had revenue of ¥60B ($575M) during the fiscal year ending March 31.
- Earlier: 4.7" iPhone LCD production reportedly set to start
Sep. 4, 2013, 7:19 AM
- Broadcom (BRCM) agrees to buy LTE-related assets from affiliates of Renesas Electronics (RNECF.PK, RNECY.PK) for about $164M in cash. The transaction is expected to slice about $0.12 from EPS in the December quarter and $0.10-$0.15 from EPS for FY2014. The purchase is expected to be accretive to earnings in 2015.
- Updating its outlook for the September quarter, the company expects revenue of $2.075B-$2.175B (Street consensus is $2.14B), and gross margins to be up about 50-100 basis points. R&A and SG&A expenses are expected to be "somewhat above" the high end of previous guidance.
- CC at 7:30 ET.
- Press release.
Sep. 23, 2012, 4:20 AMJapanese state-backed investment fund Innovation Network is in talks with major manufacturers - reportedly including Toyota (TM) and Panasonic (PC) - about acquiring struggling chipmaker Renesas, which is the subject of a bid of over ¥100B ($1.3B) from KKR. The Japanese government fears that KKR would "cut off the less-profitable operations" that are important for Japanese end users. | 1 Comment
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