Qualcomm receives antitrust clearance by the Taiwan Fair Trade Commission for NXP Semiconductors acquisition
Jun 15, 2017
TFTC Decision Follows Similar Approval by the U.S. FTC
JUN 15, 2017 | San Diego
Qualcomm Incorporated (NASDAQ: QCOM) today announced that the Taiwan Fair Trade Commission has given regulatory clearance to the pending acquisition by Qualcomm River Holdings B.V., an indirect wholly owned subsidiary of Qualcomm, of NXP Semiconductors N.V. (NASDAQ: NXPI).
The TFTC clearance includes a finding that the main competitors and counterparties 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.” Clearance by the Taiwanese authorities follows similar antitrust clearance of the transaction by the U.S. Federal Trade Commission in April 2017.
“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, Chief Executive Officer, Qualcomm Incorporated. “This acquisition is complementary, and driven by the belief that the combined efforts of the two companies will produce even greater innovation than they would alone. This significant investment by Qualcomm will help our industry partners in the automotive, IoT and security sectors advance their transformation to the emerging hyperconnected world.”