Japan's Renesas to raise $2b to fund Dialog purchase

FILE PHOTO: Renesas Electronics Corp's logo is seen on its product at the company's conference in Tokyo, Japan, April 11, 2017. REUTERS/Toru Hanai/File Photo

TOKYO: Japan's Renesas Electronics Corp said it will raise 218.5 billion yen ($1.99 billion) through a new share issue to help the automotive semiconductors maker fund its planned $6 billion purchase of Dialog Semiconductor.

In February, Renesas announced the acquisition of the Anglo-German chip designer and Apple Inc supplier in a bid to tap the growth in assisted driving technology and the roll out of broadband 5G networks that could spur connectivity across smart devices.