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Qualcomm, NXP stocks spike after report that China has cleared acquisition

Chinese regulators have authorized Qualcomm Inc.'s QCOM, +zero.41% acquisition of NXP Semiconductors NV NXPI, +1.40% in keeping with a report from the South China Morning Post, which might knock over the final hurdle to approval for the $44 billion deal. Qualcomm inventory gained greater than 2% in after-hours buying and selling Thursday after the report was launched, while NXP shares rocketed nearly 10% higher. The deal has been within the works for nearly two years, however was hampered by way of Broadcom Inc.'s AVGO, +1.85% hostile takeover bid for Qualcomm and became hung up amid trade tensions between the U.S. and China. Qualcomm increased its bid for the chipmaker from $39 billion to $44 billion as Broadcom was making its push to shop for Qualcomm. China is the ultimate of nine nations that had to approve the deal, however a regulator in the past mentioned that the deal had "issues that are hard to resolve."