The boards of directors of both companies have unanimously approved the transaction, expected to close in the second half of 2024, subject to Altium shareholder approval, Australian court approval, regulatory approvals, and other customary closing conditions. The Altium Board unanimously recommends that its shareholders vote in favour of the Scheme, contingent upon the independent expert's assessment that the Scheme is in the best interests of Altium shareholders. Subject to these conditions, each Altium director intends to vote all shares they hold or control in favour of the Scheme. Following the acquisition, Altium will operate as a wholly-owned subsidiary of Renesas, led by CEO Aram Mirkazemi.