By Colin Kellaher

American 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 Newswires

August 07, 2023 09:09 ET (13:09 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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