CG Power and Industrial Solutions (CG), part of the Murugappa Group, on Saturday said it has acquired the radio frequency (RF) components business of Renesas Electronics Corporation (Renesas), a supplier of advanced semiconductor solutions for $36 million.
Towards this, an asset purchase agreement for the business was executed on October 4, 2024 between CG Power and Industrial Solutions and Renesas Electronics America, a subsidiary of Renesas, and other affiliated entities of Renesas, that have assets in the RF components business.
Through this transaction, CG will acquire Intellectual Property (IP), tangible assets and select transferring employees across various functions such as semiconductor design, marketing, applications, etc related to the RF components business.
Vellayan Subbiah, chairman of CG Power and Industrial Solutions, said, “A significant number of semiconductor designers globally are Indians. Through this acquisition, we aim to enhance India’s presence in the semiconductor design & development space, considered to be a high-growth and high-profitability sector.”
Davin Lee, senior vice president and general manager of the analog and connectivity group at Renesas, added, “This agreement with CG will provide the opportunity for our RF team to expand. We are pleased that CG will deliver outstanding RF technology and world-class support to our customers, and we will support a smooth transition to facilitate the same.
For Renesas, this move sharpens our focus on the strategic segment of our analog and connectivity business, enabling us to further scale to better serve customer demand.”
From: financialexpress
Financial News
