Renesas Electronics Corporation entered into an agreement to acquire Celeno Communications Ltd. from a group of sellers for approximately $320 million.

Renesas Electronics Corporation (TSE:6723) entered into an agreement to acquire Celeno Communications (Israel) Ltd. from a group of sellers for approximately $320 million on October 28, 2021. The Acquisition will take effect following approval by Celeno shareholders and the fulfilment of the customary closing conditions pertaining to the merger agreements. The transaction has been unanimously approved by the boards of Directors of both companies and is expected to close by the end of calendar year 2021, subject to customary closing conditions.

J.P. Morgan acted as an exclusive financial adviser to Renesas Electronics Corporation. Barclays Capital Inc acted as exclusive financial advisor to Celeno Communications. Jon Olsen of DLA Piper LLP (US) acted as legal advisor to Renesas Electronics Corporation.