Synaptics leaps on Renesas deal as sector M&A heats up
The $475 million purchase of Renesas SP Drivers by Synaptics is just the latest in a flurry of mergers and acquisitions in the chip industry as companies hone their focus on key markets. Touch-screen chipmaker Synaptics (SYNA) late Tuesday announced plans to buy the Japan-based maker of display driver chips for mobile devices. Synaptics hopes the Renesas deal will lead to an integrated touch-and-display driver product for smartphones and tablets. Wall Street was enthused by the deal. Synaptics (SYNA) stock was up 27% in afternoon trading on the stock market today, at an all-time high near 84.50. The Synaptics deal is one of several recently in the semiconductor field. On Monday, Analog Devices (ADI) announced its intent to buy Hittite Microwave (HITT) for about $2 billion. Analog Devices expects the deal to close at the end of its fiscal third quarter, the company said in a news release. Analog Devices…