SiTime Is Said Near $3 Billion Deal for Renesas Timing Unit (2)

Analog chipmaker SiTime Corp. is nearing an agreement to acquire Renesas Electronics Corp.’s timing unit in a deal that could be worth about $3 billion, according to people familiar with the matter.

Santa Clara, California-based SiTime is putting the final touches on a purchase of the Renesas division, which makes the clocks that synchronize signals in wireless infrastructure, the people said, asking not be identified because the discussions aren’t public.

Shares of Renesas rose as much as 7.5% in Tokyo on the news Tuesday. Shares of SiTime closed down 6.1%.

The companies could reach an agreement as soon as ...