Qualcomm Inc.’s $43 billion acquisition of NXP Semiconductors NV has been approved by Chinese regulators, according to people familiar with the matter who asked not to be identified. The stocks rallied in extended trading.
Clearance from China would remove the final regulatory hurdle for the purchase, which has been pending for more than 18 months. The decision by Chinese regulators will allow the transaction to be completed ahead of a July deadline set by NXP, which said it would abandon the deal if it wasn’t approved by then. Qualcomm and NXP declined to comment on an earlier report about the approval by the South China Morning Post.