A person familiar with the situation has revealed that U.S. chipmaker Intersil Corp. may soon be bought by Japan’s Renesas Electronics Corp. for a price of around $3 billion.
The source has said that no agreement has been reached and that a deal may not even result from the discussions.
Shares of Intersil have gained 23% this year and the company now has a market value of over $2 billion.
Earlier this year, Renesas CEO Bunsei Kure has said that he would look overseas for research and development.
The company is said to be in final negotiations to acquire California-based Intersil.
Renesas said in a statement that the acquisition of a U.S. chipmaker is among several options the company is considering to expand, though it hasn’t made any final decisions.
Disclaimer: We have no position in Intersil Corp (NASDAQ: ISIL) and have not been compensated for this article.