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Japan's Renesas to acquire ASX-listed Altium in $9b deal

The deal represents one of the largest all cash cross-border transactions in ASX history.

Jack Derwin and John McDuling
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Renesas is set to acquire Australia's Altium. Shutterstock.

When Altium rejected a $5 billion takeover bid from Autodesk in 2021, the refusal to engage may have seemed foolish. Twelve months later, the Australian software company's shares were trading almost 40% lower and there were no suitors to be seen.

But management's belief in the company was well and truly vindicated on Thursday as Altium announced Japanese semiconductor business Renesas will acquire it in a deal valuing the ASX-listed software business at $9.1 billion.

Altium shares soared as Renesas confirmed it will pay $68.50 per share, a 34% premium to the Thursday closing price of $51.26 and 31% above its previous record highs.

JPMorgan advised Altium on the transaction, which represents the largest ever cash deal for an Australian software company. It carries a $410 million reverse break fee.