Intersil Deal: Renesas' Survival Bid

By Junko Yoshida, EETimes, Sept. 13, 2016 – 

Renesas Electronics Corp. has signed a definitive agreement to acquire Intersil Corp. for about $3.2 billion in cash.

In an exclusive telephone interview with EE Times, Bunsei Kure, Renesas CEO, and Intersil CEO Necip Sayiner stressed that the merger is aimed at the combined company's top-line business growth. Unlike other M&As, this isn't designed to cut the operational expenses of the two companies, they said.

Today, Renesas has a workforce of about 20,000. Intersil has 1,000 employees. Asked about potential layoffs after the merger, Kure said, "It won't be zero but it will be a very modest amount."

Sayiner will stay with the new company in a senior management position, and will run a Renesas business unit. His responsibilities will go beyond looking after Intersil's business, said Kure, but their scope has not been determined.

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