EU Clears Proposed Acquisition Of Altera By Intel

(RTTNews) - The European Commission has cleared the proposed acquisition of electronic component supplier Altera (ALTR) by Intel (INTC). The Commission concluded that the merged entity would continue to face effective competition in Europe.

Commissioner Margrethe Vestager, in charge of competition policy, said, "I am glad that we can approve this transaction, which shows that multibillion euro deals in complex industries can be cleared unconditionally after an initial investigation. Our decision demonstrates that relevant deals can be swiftly approved if they raise no competition concern".

In June, Intel said it would buy programmable chip maker Altera Corp. for about $16.7 billion in cash.