A Qualcomm sign
A Qualcomm sign in front of one of its many buildings in San Diego. REUTERS/Mike Blake

Qualcomm announced Thursday it has received approval from the European Commission to proceed with a $38 billion acquisition of Holland’s NXP Semiconductors.

The Korea Fair Trade Commission also gave its approval, bringing international approvals to eight of the nine needed. Only China’s decision remains.

Qualcomm said it cooperated with the European and Korean agencies and agreed to all conditions required to obtain their authorization.

“We are pleased that both the European Commission and the Korean Fair Trade Commission have granted authorization of the NXP acquisition, and we are optimistic that China will expeditiously grant its clearance,” said Steve Mollenkopf, chief executive officer of Qualcomm.

Qualcomm is proceeding with acquisition of the Dutch automotive semiconductor company amid a proxy battle with Broadcom.

Broadcom has made an unsolicited $130 billion offer for the San Diego wireless pioneer, and has said the offer stands whether acquisition of NXP Semiconductors is completed or terminated.

Chris Jennewein is Editor & Publisher of Times of San Diego.