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The Korea Fair Trade Commission also gave its approval, Qualcomm said in a statement. With that, Qualcomm (Nasdaq: QCOM) has eight of nine regulatory approvals it ne, with China yet to decide on the matter.
Qualcomm has offered to buy NXP (Nasdaq: NXPI) for $110 per share, though some shareholders say the offer undervalues the company. Qualcomm sees an acquisition of Netherlands-based NXP as a way to improve revenue and profitability, since NXP offers electronics for promising markets such as automotive.
Qualcomm said it will continue to offer licenses to NXP’s smart card chips (offered under the name Mifare) on the same terms currently offered by NXP. Smart cards are credit cards that communicate data via radio waves at very short range. The technology is common in mass transit in Europe.
In a statement, Qualcomm also said it committed not to assert the near-field communication patents it will acquire from NXP and maintain interoperability between Qualcomm’s baseband chipsets and NXP’s NFC chips and rivals’ baseband chipsets and NFC chips.
The European Commission said it had several concerns. They included a concern that a merged entity would hold strong market positions within both baseband chipsets and NFC chips, and would have the ability and incentive to exclude rival suppliers from those markets through practices such as bundling or tying.
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