Latham & Watkins Assists Semiconductor Maker IDT in Securing CFIUS Clearance

Approval by CFIUS was the last outstanding regulatory authorization required for Renesas' proposed acquisition of IDT.

March 22, 2019

Integrated Device Technology, Inc. (IDT), a leading supplier of analog mixed-signal products, including sensors, connectivity and wireless power, received on March 22, 2019, clearance from the Committee on Foreign Investment in the United States (CFIUS) in connection with its proposed acquisition by Japan-based Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions. CFIUS concluded that there are no unresolved national security issues with respect to the transaction, which was announced on September 10, 2018, and is valued at approximately US$6.7 billion. Obtaining CFIUS clearance was a key milestone for the transaction and satisfies one of the conditions to the closing of the transaction. 

Latham & Watkins LLP represents IDT in the transaction and advised the company on the CFIUS clearance process. The CFIUS team was led by Washington, D.C. partner Les Carnegie, with associates Andrew Galdes and Cooper Rekrut. The corporate deal team is led by Silicon Valley partners Mark Roeder, Josh Dubofsky, and Mark Bekheit, with associates Scott Becker and Michelle Lu. Latham is also providing advice on antitrust, tax, and securities matters in connection with the transaction.

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