August 17, 2022

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Chinese regulator approves Cisco acquisition of Acacia

1 min read

FILE Photograph: A customer utilizes a mobile cellphone in entrance of the Cisco booth at the Cell Planet Congress in Barcelona, Spain, February 26, 2019. REUTERS/Rafael Marchante

SHANGHAI (Reuters) – Cisco Systems Inc’s invest in of Acacia Communications Inc has been accredited by China’s antitrust regulator on situation that the organizations guarantee fair level of competition, the watchdog reported on Tuesday.

The Condition Administration for Sector Regulation’s (SAMR) eco-friendly mild brings the $4.5 billion greenback deal to a shut soon after acceptance from other governments.

Network equipment maker Cisco initial declared its intention to obtain optical components manufacturer Acacia in 2019, on the lookout to capture much more business from telecoms firms.

China’s acceptance was the only remaining closing issue for the deal, Cisco reported in July previous year..

1 of China’s top industry regulators, SAMR has authority akin to the European Commission to approve acquisitions involving multinational businesses.

SAMR on Tuesday said the Acacia acquisition can proceed provided the firms continue to company existing contracts in China and continue on to offer clients in China “in accordance with the principles of fairness, reasonableness and non-discrimination”.

Accelerating a crackdown on anticompetitive conduct in China’s booming world-wide-web place, SAMR a short while ago introduced an antitrust probe into e-commerce large Alibaba Group Holding Ltd.

Reporting by Josh Horwitz in Shanghai and Lusha Zhang and Yingzhi Yang in Beijing Editing by David Goodman