US-based chipmaker Qualcomm was tipped to soon receive approval from the Japan Fair Trade Commission (JFTC) for a proposed acquisition of NXP Semiconductors, Reuters reported.
The news comes days after Bloomberg reported Qualcomm could win European Union (EU) approval for the deal at the end of this year, following a breakthrough with regulators on patent licensing issues. The EU’s concerns were reportedly allayed after Qualcomm said it would not acquire standard-essential and system level patents owned by NXP.
Qualcomm will also make incremental changes to concessions offered to the EU authority in October, Reuters reported. A similar proposal was offered to JFTC.
Clearance from Japanese and EU antitrust authorities would take Qualcomm closer to finalising the deal, first announced in October 2016, and give it more muscle to fight an unsolicited $130 billion takeover bid from Broadcom.
Qualcomm last week dismissed Broadcom’s blockbuster takeover bid. In a statement, Qualcomm executive chairman Paul Jacobs said the board unanimously voted to reject the proposal as it “significantly undervalues Qualcomm relative to the company’s leadership position in mobile technology and our future growth prospects.”
The vendor on Friday (17 November) extended the offer period for its purchase of NXP common shares until 15 December.