The week starts with a deal in the tech sector, between the Japanese Renesas Electronics Corp, one of the largest suppliers of semiconductors used in cars, and the UK-based Dialog Semiconductor Plc.
According to the agreed terms, Dialog will be bought by Renesas for $5.9 billion in an all-cash transaction.
For both, the acquisition seemed to be the next natural step, as they worked together for the past decade. In 2020, Dialog announced that is working along with the Japan-based company on car computing platforms. Moreover, both are a supplier to Apple.
Dialog stock price went up 17% after the news, while Renesas dropped 6.9% during the Tokyo trading hours.