European Union antitrust regulators approved on Thursday NXP Semiconductors’ proposed takeover of U.S. peer Freescale Semiconductor Ltd after the Dutch chip maker agreed to sell its radio frequency power business.

The European Commission said the buyer of the unit would provide the competition lost as a result of the NXP deal.

The deal, which values the merged company at over $40 billion, will create the biggest player in the automotive and industrial semiconductor markets.

(Reporting by Foo Yun Chee; Editing by Greg Mahlich)

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