NXP wins U.S. antitrust approval to buy Freescale Semiconductor

By Diane Bartz
A man works on a tent for NXP Semiconductors in preparation for the 2015 International Consumer Electronics Show (CES) at Las Vegas Convention Center in Las Vegas, Nevada January 4, 2015. REUTERS/Steve Marcus

By Diane Bartz

WASHINGTON (Reuters) - NXP Semiconductors N.V. has won U.S. antitrust approval to buy Freescale Semiconductor Ltd, a deal worth $11.8 billion, on condition that it sell its radio frequency power business, the Federal Trade Commission said on Wednesday.

European Union antitrust regulators approved the deal in September with the same condition. Shareholders of both companies approved the merger in July.

The FTC said that the sale of power amplifier assets will restore competition that would have been lost because of the deal. The Chinese private equity firm Jianguang Asset Management Co. Ltd will buy the assets.

The deal values the merged company at over $40 billion and will create the biggest player in the automotive and industrial semiconductor markets.

(Reporting by Diane Bartz; Editing by Alan Crosby)