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NXP Semiconductors sells China JV stake

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BEIJING: US chipmaker NXP Semiconductors NV, the target of a $44 billion takeover by Qualcomm Inc that is awaiting approval by Chinese anti-monopoly regulators, has sold its stake in a Chinese chip-design joint venture.


NXP sold its 40 per cent of Suzhou ASEN Semiconductors Co Ltd to Taiwanese venture partner Advanced Semiconductor Engineering Inc for $127 million, according to a stock exchange filing on Tuesday.


The sale could potentially help ease competition concerns by lowering NXP’s exposure to the Chinese market as the country’s commerce ministry considers Qualcomm’s takeover bid.


Qualcomm has received approval from the other eight of nine required regulators to finalise its acquisition.


In January, NXP announced the end date for the transaction was extended to April 25, following multiple prior extensions.


A spokesman for NXP said the transaction was “part of the usual pruning of NXP’s asset portfolio,” and not related to the acquisition.


Qualcomm and the commerce ministry did not immediately respond to requests for comment on Wednesday. — Reuters


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