Chip equipment maker Applied Materials Inc. said Thursday that federal regulators have given the green light to its acquisition of Semitool Inc.
Applied Materials said the Federal Trade Commission and the Justice Department granted early termination of the waiting period under the Hart-Scott Rodino Act, an antitrust law governing mergers and alliances between competitors.
Applied Materials is buying Semitool, based in Kalispell, Mont., for $11 per share in a deal worth around $360 million.
Applied Materials CEO Mike Splinter has said the acquisition will help his company tap the growing market for semiconductors that go into mobile gadgets including "smart" phones and notebook computers.
Shares of Applied Materials, based in Santa Clara, fell 24 cents to close Thursday at $13.35. Semitool added a penny to close at $11.00.