On January 11, 2024, Renesas Electronics Corporation (Renesas, TSE: 6723), a premier supplier of advanced semiconductor solutions, and Transphorm, Inc. (Transphorm, Nasdaq: TGAN), a global leader in robust gallium nitride (GaN) power semiconductors, announced that they had entered into a definitive agreement pursuant to which a subsidiary of Renesas will acquire all outstanding shares of Transphorm’s common stock for $5.10 per share in cash, for a transaction value of approximately $339 million. Wilson Sonsini Goodrich & Rosati advised Transphorm on the transaction.

The deal is expected to close in the second half of the calendar year 2024, subject to approval of Transphorm's shareholders and regulatory clearances.

The acquisition will provide Renesas with in-house GaN technology, a key next-generation material for power semiconductors, expanding its reach into fast-growing markets such as EVs, computing (data centers, AI, infrastructure), renewable energy, industrial power conversion, and fast chargers/adapters.

The Wilson Sonsini team that advised Transphorm on the transaction includes:

M&A/Corporate
Erika Muhl
Doug Schnell
Broderick Henry
Kristen Kercher
Eleanor Bleecker
Orlando Hodges
Helen Qi
Sasha Bobrowicz
Jordan Hecht

Antitrust and Competition
Ben Labow
Robin Crauthers
Kimberley Biagioli
Rose Reinacher
Michael McLaughlin

Employee Benefits and Compensation
Jaqueline Tokuda
Jason Chan

Employment Law
Rebecca Stuart
Nedim Novakovic

Environmental
Martin Sul

Privacy and Cybersecurity
Matt Staples
Michael O’Brien
Dantam Le

Regulatory
Stephen Heifetz
Anne Seymour
Seth Cowell
Jonathan Davey

Real Estate
James McCann
Matthew Parsons

Tax
Myra Sutanto Shen
Beau Brawner

Technology Transactions
Barath Chari
Allegra Sachs
Emily Chan
Barclay Oudersluys
Whitman Shaw
Kristin Bradley
Chris Murray
Graham Hendrick
Regina McLeod

For more information, please see Renesas and Transphorm’s joint news release. Additional coverage can be found on Nikkei Asia.