KKR to take stake in Renesas: source

US private equity fund KKR & Co LP plans to invest around 100 billion yen (US$1.27 billion) in struggling Japanese chipmaker Renesas Electronics Corp, sources familiar with the matter told Reuters on Wednesday.

KKR presented the plan to Renesas’ main banks and its three major shareholders, NEC, Hitachi and Mitsubishi Electric on Tuesday, one of the sources said.

The US fund will buy new shares of Renesas, the world’s fifth-largest chipmaker, through a private placement, the sources said.