Google Inc. (GOOG:US) won approval from Chinese regulators for its $12.5 billion purchase of Motorola Mobility Holdings Inc. (MMI:US), clearing a final hurdle for a deal that boosts its patents portfolio and steps up competition with Apple Inc. (AAPL:US)
“We are pleased the deal has received approval in all jurisdictions,” Motorola Mobility said in an e-mailed statement, confirming that the deal has been approved in China. “We expect to close imminently.”
The acquisition, announced last year, has already received approvals in Europe, the U.S. and other jurisdictions worldwide. Motorola Mobility had said in a regulatory filing (MMI:US) in February that it needed approval in China.
Google, facing legal disputes over its Android smartphone software, will be able to draw on more than 17,000 patents from Libertyville, Illinois-based Motorola Mobility. The acquisition is the largest wireless-equipment deal in at least a decade, according to data compiled by Bloomberg.
“Our stance since we agreed to acquire Motorola has not changed and we look forward to closing the deal,” Mountain View, California-based Google said in an e-mailed statement. The company also confirmed it had received word from Chinese authorities of the purchase being approved.
Google fell 3.6 percent to $600.40 yesterday in New York trading. The shares have fallen 7 percent this year. Motorola Mobility closed unchanged at $39.20. The stock is up 1 percent year to date.
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