China clears Microchip's SMSC acquisition

SAN FRANCISCO—China's antitrust regulatory body rubber stamped Microchip Technology Inc.'s $939 million acquisition of Standard Microsystems Corp. (SMSC), clearing the way for the deal to close this week, Microchip said Tuesday (July 31).

Microchip (Chandler, Ariz.) said China's Anti-Monopoly Bureau of the Ministry of Commerce notified the company that the acquisition had cleared review. Microchip said it expects the deal to close Thursday.

Microchip previously said in June that the acquisition was cleared by the U.S. The company also got clearance for the acquisition from Germany, South Korea and Turkey.

"We are pleased that receiving the confirmation from MOFCOM completes all of the regulatory approvals for the transaction to acquire SMSC," said Steve Sanghi, Microchip's president and CEO, in a statement. "We anticipate the closing of the transaction to take place on August 2, 2012, and moving forward in achieving business goals of the combined companies."