SiTime completes $1.5B acquisition of Renesas' timing business; expects $300M+ revenue

SITIME Corp

Acquisition closed for ~$1.5B cash and 3,558,691 shares of SiTime common stock.
Acquired business expected to generate $300M+ revenue in 12 months; ~70% gross margin; over 10,000 customers.
SiTime entered a $200M revolving credit facility with Wells Fargo to fund the acquisition and general purposes.
Renesas CEO Hidetoshi Shibata to join SiTime's Board as a Class I director.

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