Qualcomm meeting with Chinese regulators for NXP acquisition approval
Qualcomm is meeting with Chinese regulators this week to seek clearance for the company’s proposed acquisition of Dutch NXP Semiconductors.
The deal, valued at $44 billion, has already received the green light from eight of the nine required global regulators – the company only needs to receive approval from Chinese regulators for the deal to go ahead.
The acquisition plan has been stuck for months amid U.S.-China trade tensions.
According to report by the Wall Street Journal, Chinese authorities are set to approve Qualcomm’s proposed takeover of NXP in the next few days.
The “likely” approval comes after US President Trump’s administration called for lawmakers to approve a deal that will roll back penalties on Chinese telecommunications giant ZTE Corp and put the company back in business after it pays a $1.3 billion fine and makes changes to its management.
In April the Chinese company was banned from buying U.S. technology components for seven years after breaking an agreement it reached for violating US sanctions against Iran and North Korea.
San-Diego based Qualcomm will reportedly meet with China’s antitrust regulators before U.S. Commerce Secretary Wilbur Ross arrives in China on Saturday.
A source told Reuters that the firm is now “cautiously optimistic” that the deal will go forward.