NXP Semiconductors Gets China Commerce Ministry's Approval For Freescale Deal

(RTTNews) - NXP Semiconductors N.V. (NXPI) said it has received final regulatory approval from the Ministry of Commerce of China to complete its merger with Freescale Semiconductor, Ltd (FSL).

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.

The company said it has now received all necessary regulatory approvals for the merger with Freescale, and the sale of its RF Power business to Jianguang Asset Management Co. Ltd. for which divestment is a condition for the Freescale merger.

NXP Semiconductors expects to close the merger transaction and the divestment of its RF Power business on December 7, 2015.