Integrated Device Technology scooped up by Japan’s Renesas for $6.7 billion

TOKYO—Renesas Electronics Corp. will buy California-based Integrated Device Technology Inc. for $6.7 billion, the Japanese chip maker said Tuesday.

Renesas 6723, +4.43%  isn’t planning a new share offering to finance the deal. Instead, it will use cash and new loans from its banks, worth a total of 679 billion yen ($6.1 billion). The $6.7 billion price tag translates to $49 a share, a 29.5% premium over IDT’s IDTI, -1.36% stock price as of Aug. 30.

Renesas said the IDT acquisition will help to expand its presence in the auto industry.

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