The complete conclusion of Renesas Electronics’ acquisition of Altium was announced by both parties. The announcement of the final acquisition deal for Altium was made on February 15, 2024.
Renesas and Altium will be able to build an inventive electronics system design and lifecycle management platform thanks to this partnership. The platform will provide smooth digital iteration of design processes to boost overall productivity, as well as the integration and standardization of disparate electronic design data and functionalities and improved component lifecycle management.
By lowering barriers to entry for system designers and decreasing development resources and inefficiencies, this leads to noticeably quicker innovation.
“This is a historical milestone for both Renesas and Altium as we take another important step forward in bringing enhanced user experience for electronics system designers,” said Hidetoshi Shibata, CEO of Renesas. “The integrated and open electronics system design and lifecycle management platform we aim to build together will make electronics accessible to broader market, for any enterprises regardless of their size or industry. I want to reaffirm that our commitment to upholding data security and compliance of the Altium customers will continue to be our top priority. With the addition of Altium’s design software and cloud platform capabilities, we are excited to change the future of electronics system design with Aram and his industry-leading, talented software engineering team”
Having completed the deal, Altium is now a fully owned subsidiary of Renesas. Aram Mirkazemi, the CEO of Altium, has been appointed Senior Vice President and Head of Renesas’ Software & Digitalization division. In addition, he is the CEO of Altium.
“This is a pivotal moment for Altium and marks the beginning of an exciting future with Renesas,” said Aram Mirkazemi, CEO of Altium. “With Renesas’ support and expertise, we are looking forward to accelerating the cloud-enablement of all industry processes associated with electronics design and development. This will make electronics accessible to a broader market and lay the foundation for software defined products.”
Effecte tpoday, Renesas acquired Altium under an Australian law-mandated Scheme of Arrangement (the “Scheme”). Renesas Electronics NSW Pty Ltd, an indirect wholly owned subsidiary of Renesas, purchased all of the outstanding shares of Altium under the terms of the Scheme for A$68.50 in cash per share, for a total equity value of roughly A$9.1 billion (or 887.9 billion yen, assuming a 97 yen exchange rate to the Australian dollar). Renesas used bank loans to finance the purchase.
The ordinary shares of Altium were placed on hold as part of the Scheme’s implementation on July 19, 2024, at the close of trading. On August 2, 2024, at the close of trading, Altium will be taken off the Australian Securities Exchange’s Official List.
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