TOKYO—Renesas Electronics Corp. said it would buy California-based Integrated Device Technology Inc. for $6.7 billion, a move by the Japanese chip maker to add to its portfolio of devices for smartcars.

If the deal is approved by shareholders and antitrust authorities, Renesas would pay $49 per share, a 29.5% premium over IDT’s stock price as of Aug. 30, when the Japanese company initially said it was considering the acquisition. Renesas said it would finance the deal mainly through new bank lending worth ¥679 billion ($6.1…


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