Deals
Qualcomm Gets New Deadline for NXP as China Seeks Remedies
- Chinese authorities say concessions offered were insufficient
- Approval process happening amid trade dispute standoff
China Said to Push Qualcomm for More Remedies
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Qualcomm Inc. reapplied for approval from China’s Ministry of Commerce for its acquisition of NXP Semiconductors NV, which demanded a July deadline for closing the deal as regulators required additional concessions to give it approval.
The two companies have extended their agreement until July 25 at 11:59 p.m. New York time, Qualcomm said in a statement early Thursday. If they haven’t obtained Chinese sign-off by then, Qualcomm will pay NXP the previously agreed termination fee of $2 billion, scrapping the more than $40 billion deal, which has been pending for almost 18 months.