Taiwanese regulators have approved Qualcomm Inc.’s proposed acquisition of NXP Semiconductors N.V. The news means Qualcomm’s $38 billion acquisition has cleared one more hurdle — though it is by no means the last.
According to a June 15 statement from Qualcomm, the Taiwan Fair Trade Commission’s approval includes a finding that the main competitors and peers of Qualcomm and NXP “all compete globally with their own global supply chains and have no difficulty in providing their products/technology on a worldwide basis,” and that “after the closing of the proposed transaction, the impact on the market structure is limited while there are still many strong suppliers to compete with each other.”
“We are making good progress in obtaining the needed clearance from regulatory authorities in the relevant jurisdictions, and believe that we continue to be on track to conclude the acquisition by the end of 2017,” said Steve Mollenkopf, Qualcomm’s CEO, in a prepared statement.
U.S. authorities have already given their OK. The European Commission, however, opened an antitrust investigation that is expected to last until the fall. Other jurisdictions must also approve the deal.