Chinese authorities are reportedly set to approve Qualcomm‘s planned $44 billion acquisition of NXP Semiconductors, removing a major obstacle to the San Diego firm’s long-term strategy.
The Wall Street Journal reported Saturday that the approval will come in the next few days.
In April Qualcomm was forced to withdraw and refile its application after China’s Commerce Ministry said a preliminary review of the planned acquisition found “issues that are hard to resolve.”
The deal had earlier been approved by eight of the nine required global regulators.
Netherlands-based NXP is a major producer of semiconductor chips for automotive applications, a sector that is key to Qualcomm’s future growth as cars transition to electric power and autonomous control.
The Journal described the expected approval as a “significant step toward easing frayed U.S.-China trade relations.”
