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Ericsson, STM win joint venture clearance from EU

Wed Nov 26, 2008 3:49am EST

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BRUSSELS, Nov 26 (Reuters) - Mobile telecoms equipment provider Ericsson (ERICb.ST) and chipmaker STMicroelectronics (STM.PA) won permission from EU competition authorities on Wednesday to combine their wireless chip and software businesses.

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The European Commission, competition watchdog of the 27-nation European Union, said the transaction would not impede competition in the common market.

"There would be no risk that the joint venture would restrict sales of wireless semiconductors ... for wireless platforms," it said in a statement.

The joint venture, ST-NXP, will command pro-forma sales of $3.6 billion and supply four of the world's five leading handset makers such as Nokia (NOK1V.HE). (Reporting by Bate Felix, editing by Dale Hudson)

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