Aspire Biopharma faces potential Nasdaq delisting after compliance shortfall
Investing.com-- Shares of Renesas Electronics Corp (TYO:6723) climbed on Wednesday after a Reuters report said the Japanese chipmaker is exploring the sale of its timing-unit business in a deal that could be worth around $2 billion.
Renesas is working with JPMorgan on the potential divestment, which is still in its early stages, Reuters reported on Tuesday, citing people familiar with the matter.
Tokyo-listed Renesas shares jumped over 5% on Wednesday to 1,801.5 yen as of 05:07 GMT.
The timing unit designs integrated circuits used to manage clock, timing, and synchronization functions that are critical for data centers, telecommunications infrastructure, and 5G networks.
The sale could draw interest from major global semiconductor companies, including Texas Instruments (NASDAQ:TXN) and Infineon Technologies (ETR:IFXGn) (IFXGn.DE), the Reuters report said.
The move comes as semiconductor firms globally seek to streamline operations and focus on high-growth areas such as automotive chips and AI-related technologies.