Renesas Electronics To Acquire Sequans Communications For ~$249M

Author: Benzinga Newsdesk | August 07, 2023 03:24am

The two companies have entered into a memorandum of understanding (the "MoU"). Pursuant to the terms of the MoU, Renesas will, following consultation of the Sequans' works council and favorable recommendation by the Sequans Board, commence a tender offer to acquire all outstanding ordinary shares, including American Depositary Shares (ADS) of Sequans for $3.03 per ADS (each ADS representing four ordinary shares) in cash. The transaction values Sequans at approximately $249 million, including net debt, and is expected to close by the first quarter of calendar year 2024, subject to confirmation of tax treatment from relevant authorities, regulatory approvals and other customary closing conditions.

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