By Colin KellaherAmerican depositary shares of Sequans Communications jumped more than 30% in premarket trading Monday after the provider of 5G/4G cellular IoT chips and modules agreed to be acquired by chip maker Renesas Electronics in a deal valued at about $249 million, including debt. Tokyo-based Renesas will pay $3.03 in cash for ADSs of Sequans, a more than 42% premium to Friday's closing price of $2.13 for the French company. The transaction is slated to close by the first quarter of 2024. Sequans ADSs were recently up nearly 34% to $2.85 in premarket trading. Write to Colin Kellaher at colin.kellaher@wsj.com(END) Dow Jones NewswiresAugust 07, 2023 09:09 ET (13:09 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal August 07, 2023 13:20 UTC