Renesas Electronics announces $249 million acquisition of cellular IoT chip maker Sequans
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Update time : 2023-08-15 10:59:17
Japanese semiconductor maker Renesas Electronics has agreed to acquire French cellular IoT chip maker Sequans Electronics for $249 million in a deal that is expected to close in the first quarter of 2024, subject to formal approval by France's Commission des travaux des entreprises (CTE), and subsequent approval by local tax and regulatory authorities. Approvals. The $249 million valuation covers all stock held by all shareholders, including U.S. stock, and also includes net debt.
Renesas Electronics will integrate Sequans' cellular IoT products and IP into its microcontroller, microprocessor, analog and mixed-signal front-end products. A statement from the companies said, "This acquisition will enable Renesas Electronics to immediately expand its footprint into the wide area network (WAN) market covering a broad range of data rates. It will also strengthen Renesas Electronics' already extensive portfolio of personal area (PAN) and local area network (LAN) connectivity products." The acquisition is the latest in Renesas Electronics' acquisition spree, which follows the acquisitions of Dialog, a UK-based power management and industrial IoT specialist (August 2021); Celeno, an Israeli provider of enterprise Wi-Fi chipsets and software (December 2021); and Panthronics, an Austrian manufacturer of near-field communication (NFC) chips ( June 2023).Founded in 2003, Sequans specializes in cellular-based low-power wide-area network (LPWAN) solutions, specifically NB-IoT and LTE-M solutions, as well as higher-power LTE-4G and 5G-based IoT hardware. The two companies have been working together since 2020 to combine Renesas Electronics' embedded processors and analog front-end products with Sequans' wireless chipsets for large-scale IoT and broadband IoT applications. The market for cellular IoT devices is set to grow at more than 10 percent per year, Renesas said, "driven by demand for smart meters, asset tracking systems, smart homes, smart cities, connected cars, fixed wireless access networks and mobile computing devices." Renesas is offering $249 million for Sequans, which is 42.3% above its closing price last week, and 32.6% and 7.7% above its weighted average price over the past 6 and 12 months, respectively.Sequans will be re-registered ("structurally, but not operationally") in Germany by the end of 2024 (before the deal closes). ") and subject to an eventual shareholder vote. The deal will make Sequans a privately held company, and its American Depositary Shares (ADSs) will be transferred to Renesas Electronics in accordance with German regulations and will no longer be listed on any public market. We are pleased to take our relationship with Sequans to the next level," said Hidetoshi Shibata, President and CEO of Renesas Electronics, "Sequans is a leader in the fast-growing cellular IoT market with extensive cellular IoT network coverage. The company's technology provides Renesas Electronics with a pathway to deliver a wide range of connectivity features in IoT applications to meet evolving customer needs." Georges Karam, chairman and CEO of Sequans, said, "We have been working closely with Renesas Electronics to meet the growing market demand from massive IoT and broadband IoT customers. As many telecom operators around the world continue to invest in 5G infrastructure and expand their deployment of IoT applications, the combination with Renesas Electronics will open up tremendous opportunities to usher in a new era of seamless connectivity and digital mobility that will transform numerous industries."
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