Qualcomm merger with NXP Semiconductors approved, per report

Posted at 4:06 PM, Jun 14, 2018
and last updated 2018-06-14 19:24:21-04

(KGTV) - Chinese regulators approved San Diego-based Qualcomm’s proposed merger with NXP Semiconductors Thursday, according to the South China Morning Post.

The $44 billion acquisition, which had been in the works for a year and a half, was held up by U.S.-China trade tensions, Reuters reported.

According to the Morning Post, antitrust regulators from nine countries had been required to sign off on the deal due to the potential impact to their economies.

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The deal awaited Chinese approval after receiving the approval of eight other countries, including the US and Japan.

Companies in China expressed their concern over the deal, saying the merger would extend Qualcomm’s patent licensing business into areas such as autonomous vehicles and mobile payments.

The announcement was made before President Trump is due to announce a decision on whether or not to impose tariffs on billions worth of Chinese imports.

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Qualcomm's shares rose Thursday after word of a deal got out.