Kawasaki, Japan: NEC Electronics, Renesas Technology, NEC, Hitachi, and Mitsubishi Electric Corporation have signed a definitive agreement to integrate business operations at NEC Electronics and Renesas.
As a condition to the business integration, Renesas will issue shares of Renesas common stock to Hitachi and Mitsubishi Electric, the sole shareholders of Renesas, in exchange for a total of 78 billion yen before the effective date of the merger. The new company plans to provide products in three different product groups—MCUs, SoCs, and discrete products.