EU regulators to decide on NXP, Freescale deal by September 4

Reuters News
Posted: Aug 03, 2015 6:39 AM

BRUSSELS (Reuters) - European Union competition authorities will decide by Sept. 4 whether to allow Dutch chipmaker NXP to acquire U.S. rival Freescale in a $11.8 billion deal.

NXP sought EU approval last week, according to a filing on the European Commission site on Monday.

The EU antitrust regulator can clear the deal unconditionally or demand concessions to allay competition concerns. It can also extend its review to a full-scale investigation if it has deeper worries.

NXP's security chips are used in security cards, government passports and building ID tags. It competes with Japan's Renesas and German company Infineon.

The deal values the combined company at over $40 billion and would make the business an industry leader within the auto and industrial semiconductor markets.

(Reporting by Foo Yun Chee; Editing by Pravin Char)