AMD gets approval from China for Xilinx takeover

Chinese regulators have given their approval to Advanced Micro Devices (AMD) to acquire smaller semiconductor rival Xilinx.

China’s State Administration for Market Regulation said in a statement on Thursday that it “decided to approve the concentration of undertakings with additional restrictive conditions.”

Those conditions, the regulator said, include continuing the “existing cooperation with Chinese domestic enterprises.”

AMD’s acquisition of Xilinx has also been approved in the United States, the European Union and the U.K.

The $35 billion all-stock deal of purchasing Xilinx (XLNX) by AMD was expected to close in 2021. It was announced in October 2020 and in late December, the companies said they expected to close the deal in the first quarter of 2022. The regulatory approval from Beijing brings the purchase closer to completion.

“Our conversations with regulators continue to progress productively, and we expect to secure all required approvals,” AMD and Xilinx said at the time.

AMD shares rose slightly in trading on Thursday to $110.82. Xilinx jumped 7.1% to $187.76 after reporting third-quarter adjusted earnings that topped analysts’ forecasts.