Flextronics buy of Solectron gets US antitrust nod
WASHINGTON, July 17 (Reuters) - U.S. antitrust authorities said on Tuesday they approved plans by Flextronics International Ltd. (FLEX.O) to buy rival Solectron Corp. SLR.N.
Officials have completed their investigation of the deal without taking action to block it, the Federal Trade Commission said in a notice.
The transaction between the biggest U.S. companies in the contract electronics industry would create a company with more than $30 billion in annual revenue and a work force of about 200,000 people, they said.
The deal was valued at $3.6 billion in cash and stock when it was announced on June 4.
Flextronics, the No. 1 U.S. contract electronics maker, makes products ranging from mobile phones for Sony Ericsson to Xbox game consoles for Microsoft Corp. (MSFT.O) to printers for Hewlett-Packard Co. (HPQ.N).
Solectron's customers include Alcatel-Lucent ALU.PA and IBM (IBM.N). Mutual customers include Cisco (CSCO.O), Motorola (MOT.N), Ericsson (ERICb.ST) and Nortel Networks Corp. NT.TO NT.N.
(Reporting by Peter Kaplan)
