The Philippine Competition Commission said Friday it approved the acquisition of shares in NXP Semiconductors N.V. by Qualcomm River Holdings B.V.
Qualcomm River is a subsidiary of Qualcomm Inc., a leading manufacturer of chipsets and other equipment used in gadgets.
Qualcomm River will indirectly own 97.5 percent of NXP Philippines Inc. after the transaction.
Qualcomm River plans to acquire all the issued and outstanding common shares of NXP Semiconductors, a company based in the Netherlands, and the parent company of NXP Philippines Inc.
NXP Philippines is a stock corporation organized in the Philippines. It handles and manages computer data, and is into data processing, data storage, systems design and analysis, data communication and microfilming.
The commission in a decision dated October 12, 2017 said the transaction did not result in substantial lessening of competition in the relevant market.
“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 decision read.
The PCC, the country’s anti-trust body, is mandated under the Philippine Competition Act to review mergers and acquisitions to ensure these deals will not harm the interest of consumers.
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. The commission said 36 involve global deals.
The Qualcomm River-NXP Semiconductors transaction is the 102nd merger and acquisition approved by the commission.