Renesas to Buy Integrated Device Technology for $6.7 Billion

Global chip makers have lately been trying to stake out positions in next-generation vehicle technology. Last year, Intel Corp. bought Mobileye, an Israeli company known for chip-based camera systems that power automated driving features, for about $15 billion. Renesas Chief Executive Bunsei Kure said adding IDT would strengthen his company's presence as a supplier of system-on-a-chip products for vehicles equipped with advanced driver-assistance systems and autonomous driving technology. "Competition in the semiconductor industry has become like mixed martial arts," Mr. Kure said. Renesas was the second-largest semiconductor supplier to the automotive industry by revenue in 2017 with $3.5 billion, following No. 1 NXP Semiconductors NV of the Netherlands at $4.4 billion, according to data from research firm IHS Markit .