Morrison & Foerster, Covington & Burling, and Latham & Watkins have landed lead roles on Japanese chip maker Renesas Electronics Corp.’s $6.7 billion proposal to acquire California-based chip design firm Integrated Device Technology Inc.

Renesas is the world’s second-largest supplier of semiconductors to the automotive sector. The acquisition of IDT will expand Renesas’ semiconductor portfolio to other areas, such as data centers and communications devices.

Tokyo-listed Renesa will pay $49 per share in cash for Nasdaq-listed IDT’s shares, a 29.5 percent premium over its closing price on Aug. 30 when talks of the deal were first disclosed. Renesas said it would finance the deal with cash reserves and about $6 billion of bank loans.

The boards of directors of both companies have unanimously approved the transaction, Renesas said in a statement. The deal is expected to close in the first half of next year, subject to approvals by IDT’s shareholders and regulatory authorities, including the Committee on Foreign Investment in the United States, better known as CFIUS—which reviews transactions for national security threats.

Renesas turned to Morrison & Foerster for the transactional aspect of the deal and Covington for CFIUS and export control matters. Morrison & Foerster’s team includes Tokyo partners Gary Smith, Jeff Schrepfer and Masato Hayakawa and New York partner Jeff Bell. Covington’s team includes Washington, D.C. partners Mark Plotkin and David Fagan.*

Both Morrison & Foerster and Covington were also involved in Renesas’ purchase of U.S. chip maker Intersil Corp. for $3.2 billion last year: MoFo’s Smith, Schrepfer, Hayakawa and Bell represented Renesas while Covington’s Plotkin and Fagan advised on CFIUS and regulatory matters as Intersil’s counsel.*

Japan’s Nagashima Ohno & Tsunematsu is serving as Japanese counsel for Renesas.

Latham & Watkins is representing IDT and the team is led by corporate partners Mark Roeder and Josh Dubofsky in Menlo Park.*

*Updated 9/13: This story has been updated with lead partners at Covington and Latham that are working on the deal.

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