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US foreign investment authority clears Renesas-IDT merger

The Committee on Foreign Investment in the U.S. approved Japan-based Renesas Electronics Corp.'s pending merger with Integrated Device Technology Inc., saying the proposed deal does not pose any threats to the U.S. national security.

The deal's review was previously on hold due to the U.S. government shutdown. The companies now expect the transaction to close March 29, subject to customary closing conditions.

Following completion, IDT's chief technology officer and executive vice president of global operations, Sailesh Chittipeddi, will be president and CEO of IDT and executive vice president of Renesas, effective March 30.

Separately, Renesas' board authorized the company to repurchase up to 20 million of its shares for a total value to up to ¥10 billion from March 26, 2019, to March 25, 2020.

As of March 22, US$1 was equivalent to ¥109.84.