Sequans Communications

Renesas has terminated its memorandum of understanding to acquire Sequans Communications after receiving an adverse Japanese tax ruling. The deal was originally announced in August 2023.

Renesas Electronics has extended its tender offer to acquire Sequans Communications until November 21, 2023, and has received clearance from the UK Secretary of State under the National Security and Investment Act. The offer is $0.7575 per ordinary share and $3.03 per ADS.

Renesas Electronics agreed to acquire Sequans Communications, a cellular IoT chip leader, for approximately $249 million through a tender offer at $3.03 per ADS. The deal is expected to close by Q1 2024.

Renesas Electronics and Sequans Communications entered a memorandum of understanding for Renesas to acquire all outstanding shares of Sequans for approximately $249 million, including net debt. The transaction is expected to close by Q1 2024.