|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||79.04 - 79.04|
|52-week range||36.89 - 81.05|
|Beta (5Y monthly)||1.30|
|PE ratio (TTM)||68.73|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Japan's Renesas Electronics Corp said it will raise 218.5 billion yen ($1.99 billion) through a new share issue to help the automotive semiconductors maker fund its planned $6 billion purchase of Dialog Semiconductor. In February, Renesas announced the acquisition of the Anglo-German chip designer and Apple Inc supplier in a bid to tap the growth in assisted driving technology and the roll out of broadband 5G networks that could spur connectivity across smart devices. "The issuance of new shares and the acquisition will enable Renesas to maintain a strong financial base that will enable Renesas to execute its future growth strategy," the company said in a statement.
(Bloomberg) -- Alphawave IP said it’s weighing a London Stock Exchange listing that could value the Canadian firm at as much as $4.5 billion, in a rare U.K. listing for a semiconductor technology company.If successful, the listing will boost London’s ambitions as a hub for tech initial public offerings. ARM Group, previously the U.K.’s flagship public semiconductor company, delisted in 2016 after a takeover from SoftBank Group Corp. Imagination Technologies and Dialog Semiconductor Plc have also been taken over by foreign investors in recent years.The previous semiconductor IPO in London was Kromek Group Plc in 2013.Alphawave has attracted BlackRock Inc. and Janus Henderson as cornerstone investors, who have agreed to subscribe to as much as $510 million in shares, the company said in a statement on Thursday.Founded in Toronto, Canada in 2017, Alphawave makes technology to improve semiconductor power efficiency and speed. The funds will let the company expand in Europe, the U.K. and Asia, invest in marketing and recruit talent, it said.The company reported $32.8 million in sales last year and operating profit was $17.5 million. Bookings in the first quarter were $82.2 million.The U.K. has been attempting to convince tech companies to choose London as a venue rather than looking to the U.S. British cybersecurity company Darktrace Plc recently announced plans for an IPO in London, marking the first major company to plan a listing on the exchange after Deliveroo Holdings Plc flopped in its market debut.The location of the IPO “was quite an animated discussion between the founders,” John Holt, chairman at Alphawave said. “Silicon IP was born in the U.K. Great companies like Arm and Imagination, were founded, funded, scaled and listed here.”Barclays Plc and JPMorgan Chase & Co. are joint global co-ordinators and joint bookrunners for Alphawave, while BMO Capital Markets is joint bookrunnerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Renesas Electronics Corp. of Japan has agreed to acquire Apple Inc. supplier Dialog Semiconductor Plc, the latest U.K.-based chipmaker being sold to Asian investors.Dialog accepted the all-cash offer of about 4.9 billion euros ($5.9 billion), at 67.50 euros per share, the companies said in statements Monday. Dialog shares rose as much as 18% in early trading in London on Monday. Renesas shares dropped as much as 6.9% in Tokyo.The offer price is a 20% premium to Dialog’s Friday close of 56.12 euros. Shares of the company -- headquartered near London but listed in Frankfurt -- have risen around 25% since the start of the year, boosted by strong demand for Apple’s 5G handsets as well as takeover speculation.The company had been working with advisers and was holding discussions with STMicroelectronics NV before the Franco-Italian company was outbid, Bloomberg News reported on Sunday.“We had multiple interested parties in the acquisition of Dialog,” Jalal Bagherli, chief executive officer of Dialog, said in a call with investors on Monday. Renesas was chosen for its culture, reputation, technology and market reach, he said.Stephane Houri, analyst at Oddo, said he doesn’t expect to see a counteroffer though the bid may need to be sweetened. The 20% premium, while acceptable given historic levels, may not represent the full value.The volume of deals involving semiconductor companies more than doubled last year to $144 billion, according to data compiled by Bloomberg. Nvidia Corp. agreed in September to buy SoftBank Group Corp.’s chip division Arm Ltd. for $40 billion, taking control of some of the most widely used chip technology in the industry’s largest-ever deal.Arm, once the U.K.’s largest listed tech company, was sold to SoftBank in 2016, while chip designer Imagination Technologies Group Plc was sold to Chinese-backed investor Canyon Bridge Capital Partners in late 2017.Key TermsDialog shareholders to receive 67.50 euros per share in cashOffer represents premium of about 20% to Dialog Friday closing priceRenesas to sell up to 270 billion yen in shares to repay Dialog debtExpected to close by the end of calendar year 2021Renesas plans to finance the transaction with bank loans of about 735.4 billion yenAny deal could draw scrutiny from U.K. regulators as countries grow more protective of strategic industries such as semiconductors. Nvidia’s deal for Arm is set to be investigated by the country’s competition watchdog. The Competition and Markets Authority has said it will apply greater scrutiny to strategic tech deals, regardless of size.The U.K. government is also planning to introduce new rules that would allow officials to look at past takeovers and mergers where concerns have been raised.Renesas, which had a market value of $20.5 billion as of Friday’s close, is one of the largest suppliers of semiconductors used in cars. It also has European offices in the U.K. and Germany. In 2019, Renesas completed its acquisition of U.S. firm Integrated Device Technology Inc., a deal valued at more than $6 billion that helped it expand beyond the automotive sector.Dialog and Renesas have been working together for over a decade. The U.K. company, which specializes in designing power management chips, said in August that it would collaborate with Renesas on car computing platforms.Both companies have found themselves part of tensions concerning the semiconductor supply chain. Apple has grappled with a shortage of vital chips that manage power consumption in iPhones and other devices, people with knowledge of the matter said in November. Within the auto industry, a semiconductor shortage is forcing carmakers to halt production lines and is straining their relationship with chip suppliers.Like Dialog, Renesas is also a supplier to Apple. The U.S. tech giant was reported to be in talks to buy Renesas SP Drivers, 55% owned by Renesas, in 2014. The unit, which managed LCD displays, was later sold to Synaptics Inc. for $475 million.Renesas’s financial adviser is Nomura International Plc while Covington & Burling and Nagashima Ohno & Tsunematsu are its legal counsel. J.P. Morgan Chase & Co. and Qatalyst Partners are Dialog’s financial advisers and Linklaters are acting as legal counsel.(Updates with CEO quote in fifth paragraph, analyst comment in sixth paragraph, advisers in last paragraph, updates shares.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.