27 Apr '17, 7am

INCJ to sell 20% stake in Renesas

INCJ currently holds 69% of Renesas after bailing out the company in 2013. At that time the company had cumulative losses of some $6 billion over the previous seven years. INCJ bought its stake for $1.86 billion. About a dozen other Japanese companies also invested around $610 million in the bail-out. The New York private equity company KKR tried to buy Renesas but was thwarted by the INCJ deal. INCJ is now partnering with KKR in a bail-out bid for Toshiba. Renesas is now in good shape having bought Intersil for $3.2 billion in February.

Full article: https://www.electronicsweekly.com/news/business/incj-sell...

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