September 17, 2015 / 4:48 PM / 2 years ago

EU conditionally clears NXP Seminconductors' takeover of Freescale

BRUSSELS (Reuters) - European Union antitrust regulators approved on Thursday NXP Semiconductors’ proposed takeover of U.S. peer Freescale Semiconductor Ltd after the Dutch chip maker agreed to sell its radio frequency power business.

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

The European Commission said the buyer of the unit would provide the competition lost as a result of the NXP deal.

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

Reporting by Foo Yun Chee; Editing by Greg Mahlich

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