European Commission clears Intel's $16.7 billion bid for Altera
Reuters
Published Oct 14, 2015 09:48AM ET
Updated Oct 14, 2015 09:59AM ET
European Commission clears Intel's $16.7 billion bid for Altera
BRUSSELS (Reuters) - World No. 1 chipmaker Intel Corp (O:INTC) gained unconditional EU antitrust approval on Wednesday for its $16.7 billion bid for Altera Corp (O:ALTR), its largest ever acquisition.
The European Commission said it did not see any competition issues from the deal, confirming a Reuters report last week.
"Our decision demonstrates that relevant deals can be swiftly approved if they raise no competition concern," European Competition Commissioner Margrethe Vestager said in a statement.
Intel wants to boost its portfolio of higher-margin chips used in data centers and focus on chips for cars, watches and other devices in a future "Internet of Things", a strategy which should be facilitated with the Altera deal.
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Written By: Reuters
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