Qualcomm says confident can address EU concerns about NXP deal

Qualcomm's logo is seen during Mobile World Congress in Barcelona, Spain, February 28, 2017. REUTERS/Eric Gaillard

BRUSSELS (Reuters) - U.S. smartphone chipmaker Qualcomm QCOM.O said on Friday it was confident it would addressed EU antitrust concerns about its $38-billion bid for NXP Semiconductors NXP.N, after EU regulators started an investigation into the deal.

“This acquisition is complementary,” the company said in a statement. “Qualcomm continues to expect this transaction to close by the end of 2017.”

The European Commission cited a series of worries about the combined company’s market power and ability to block rivals and hike prices.

Reporting by Foo Yun Chee, Editing by Gabriela Baczynska