TechQualcomm

Qualcomm’s $47 Billion Acquisition Clears Key Hurdle

By Reuters
Inside The 2016 Consumer Electronics Show
Steven Mollenkopf, chief executive officer of Qualcomm Inc., unveils the Letv Max Pro smartphone during an event at the 2016 Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S., on Tuesday, Jan. 5, 2016. CES is expected to bring a range of announcements from major names in tech showcasing new developments in virtual reality, self-driving cars, drones, wearables, and the Internet of Things. Photographer: Patrick T. Fallon/Bloomberg via Getty Images
Photograph by Patrick T. Fallon — Bloomberg/Getty Images

Smartphone chipmaker Qualcomm has received approval from U.S. antitrust regulators for its proposed $47 billion acquisition of NXP Semiconductors, Qualcomm said in a statement on Tuesday.

The waiting period required for companies under the Hart-Scott-Rodino Antitrust Improvements Act has expired, the company said.

Additionally, Qualcomm said it is extending its cash tender offer for all outstanding shares of NXP. The tender offer is now scheduled to expire at 5:00 p.m. EDT on May 2, 2017.

For more about Qualcomm, watch:

Qualcom’s acquisition of NXP will be the biggest-ever in the semiconductor industry. The acquisition is also expected to help Qualcomm, which provides chips to Android smartphone makers and Apple, reduce its dependence on a cooling smartphone market