Sidley Represents Renesas in Sale of Its Timing Business to SiTime

Sidley is representing Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductors, in the sale of certain assets related to Renesas’ timing business to SiTime Corporation (NASDAQ: SITM), the Precision Timing company, for US$1.5 billion in cash and approximately 4.13 million shares of SiTime common stock, subject to a potential adjustment and a collar determined by the 10-day volume weighted average price (“VWAP”) as of three trading days prior to the execution of the asset purchase agreement.

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