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Qualcomm's $47 Billion Acquisition Clears Key Hurdle

Qualcomm CEO Expects Out of Court Settlement With Apple

Smartphone chipmaker Qualcomm has received approval from U.S. antitrust regulators for its proposed $47 billion acquisition of NXP Semiconductors, Qualcomm said in a statement on Tuesday.

The waiting period required for companies under the Hart-Scott-Rodino Antitrust Improvements Act has expired, the company said.

Additionally, Qualcomm said it is extending its cash tender offer for all outstanding shares of NXP. The tender offer is now scheduled to expire at 5:00 p.m. EDT on May 2, 2017.

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Qualcom’s acquisition of NXP will be the biggest-ever in the semiconductor industry. The acquisition is also expected to help Qualcomm, which provides chips to Android smartphone makers and Apple, reduce its dependence on a cooling smartphone market

This article was originally published on FORTUNE.com