Japan's TDK Corp. agreed to buy InvenSense Inc., a producer of motion sensors for Apple Inc. and Samsung Electronics Co. Ltd., in an all-cash deal worth $1.3 billion.
The Japanese electronics company said Dec. 21 that it will pay $13 per share to buy all of InvenSense. The buyout will be completed through the merger of a newly created unit of TDK with InvenSense, making the U.S.-based firm a wholly owned subsidiary of TDK.
The transaction is subject to shareholder and regulatory approvals and is expected to be completed in the second quarter of the fiscal year ending March 31, 2018.
BofA Merrill Lynch was the financial adviser for TDK, while Qatalyst Partners advised InvenSense.