China’s chip designer Goodix Technology has been approved by the country’s antitrust regulator to acquire NXP Semiconductor’s Voice and Audio Solutions for $165 million in cash, the Chinese company announced on the website of the Shanghai Stock Exchange on Thursday.
The deal will enable Goodix to acquire an industry-leading NXP engineering team, employees based in Europe and Asia as well as relevant intellectual properties. The move should help the Chinese firm to increase its position in the mobile and internet of things (IoT) industries and boost its research and development capabilities in audio applications.
Goodix announced an agreement with Eindhoven-headquartered NXP in an August statement, in which the former company’s CEO David Zhang hailed the pending acquisition as “a strategic move in Goodix’s growth plan". He added that thanks to the deal, Goodix will be able to provide its customers with a more comprehensive portfolio and will have stronger innovation abilities.
Goodix’s Shanghai-listed shares dropped 0.74% to 197.4 yuan as of 1:00 p.m. Thursday.
Contact reporter Ding Yi (email@example.com)