PCC approves Qualcomm acquisition of NXP Philippines parent

The Philippine Competition Commission (PCC) has approved Qualcomm River Holdings’ acquisition of shares in NXP Semiconductors, the Netherlands-based parent company of NXP Philippines Inc.

“The transaction does not result in the substantial lessening of competition in the relevant market since the parties do not appear to be operating in the same market in the Philippines,” the PCC said, citing a decision by its Mergers and Acquisitions Office.

Qualcomm intends to acquire all the issued and outstanding common shares of NXP Semiconductors N.V., a company based in The Netherlands, and the ultimate parent company of NXP Philippines Inc.

After the transaction, Qualcomm River will indirectly own 97.5 percent of NXP Philippines—a stock corporation organized in the Philippines and is in the business of handling and managing computer data, data processing, data storage, systems design and analysis, data communication and microfilming

Qualcomm River is a subsidiary of Qualcomm Inc., a leading manufacturer of chipsets and other equipment used in gadgets.

The Qualcomm River-NXP Semiconductors transaction is the 102nd mergers and acquisitions approved by the antitrust commission.

"To date, there are 127 merger filings by local and international companies, worth a combined P2.016 trillion in terms of notifications, and P1.996 trillion in terms of transaction value. Of the total number of filings, 36 involve global deals," the PCC said. — Margaret Claire Layug/VDS, GMA News