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Synaptics Agrees to Acquire Renesas SP Drivers
Synaptics Inc. signed a deal to acquire Renesas SP Drivers Inc. for roughly Yen48.5 billion Japanese ($475 million), a move that will expand its capabilities as a touch screen controller supplier to the mobile display market.

Synpatics shares rose 17% to $78 in recent after-hours trading as the company also raised its fiscal fourth-quarter revenue outlook.

The company now expects revenue of $300 million to $310 million, up from its previous projection of $275 million to $295 million. Synpatics expects to provide more details when it reports its fiscal fourth-quarter financial results on July 31.

Renesas SP Drivers is a joint venture established by Renesas Electronics, Sharp Corp. and Powerchip Group in April 2008. Renesas SP Drivers generated revenue of about $650 million for the fiscal year ended in March.

The deal, expected to close in the fourth quarter of 2014, is expected to immediately add to Synaptics's adjusted per-share earnings.
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