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7 months ago
Japan's TDK to buy U.S. chip maker InvenSense for $1.3 billion
December 21, 2016 / 8:32 AM / 7 months ago

Japan's TDK to buy U.S. chip maker InvenSense for $1.3 billion

1 Min Read

TOKYO (Reuters) - Japanese electronic parts maker TDK Corp (6762.T) said it had agreed to buy InvenSense Inc INVN.N, a U.S. chip maker that produces motion sensors for Apple Inc (AAPL.O) and Samsung Electronics Co (005930.KS), for $1.33 billion.

The logo of TDK Corp. is displayed at the entrance of the company headquarters building in Tokyo, Japan, July 6, 2016.Issei Kato

In a statement on Wednesday, TDK said it will pay $13 per share to buy all of InvenSense, representing a 19.9 percent premium to the U.S. company's closing price on Tuesday.

Earlier this month, Reuters reported TDK was in talks to buy InvenSense.

The deal would allow TDK, already a major smartphone components supplier, to boost its sensor technology offerings. InvenSense designs gyroscopes which help smartphones calculate motion, enabling augmented reality games such as Pokemon Go.

BofA Merrill Lynch was the financial adviser for TDK, while Qatalyst Partners advised InvenSense.

Reporting by Taiga Uranaka; Editing by Himani Sarkar

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