Renesas is to buy the Australian software company Altium for $5.9 billion.

The price is 33% more than Altium’s market cap before the offer.

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Altium’s software tools enable the design of PCBs and the acquisition is seen as adding a broader electronics industry capability to the Renesas product portfolio

“Addition of Altium will enable us to deliver an integrated and open development platform, making it easier for businesses of all sizes and industries to build and scale their systems,” says Renesas CEO Hidetoshi Shibata.

The deal has been approved by the board of both companies.

Last month Renesas agreed to buy GaN IC specialist Transphorm for $339 million.