NXP, Freescale Shareholders Approve Merger

(RTTNews) - NXP Semiconductors N.V. (NXPI) held an Extraordinary General Meeting of Shareholders and Freescale Semiconductor, Ltd. (FSL) held a Special General Meeting Thursday on NXP's acquisition of Freescale.

Both NXP's Special Meeting and Freescale's Special General Meeting approved the merger proposal with over 99% of the votes cast in favor of the merger.

The NXP Special Meeting also appointed Gregory Summe and Peter Smitham as non-executive directors of NXP, effective as of the closing of the merger.

Completion of the merger remains subject to obtaining antitrust and other regulatory approvals in certain jurisdictions, and other customary closing conditions.

NXP and Freescale continue to expect the merger to close in the second half of calendar year 2015.

In early March, NXP Semiconductors agreed to buy Freescale Semiconductor in a cash an stock deal valued at about $16.7 billion, including Freescale's net debt of $4.9 billion.