LONDON: Hitachi’s proposed €1.7 billion (US$1.78 billion) purchase of Thales SA’s rail signals business wins regulatory approval from the UK’s competition watchdog after the Japanese company offered to sell parts of its European unity.
Hitachi’s offer to sell its existing core signage business in the UK, France and Germany was enough to address previous concerns about the deal, the Competition and Markets Authority said yesterday.
The merger is also being investigated by the European Union.
The European Commission has set a deadline of November 6 to review Hitachi’s purchase of Thales.
The companies offered unspecified commitments to regulators while resubmitting the deal for approval on Sept. 14, according to a website document.
Hitachi Rail is the railway rolling stock and signaling manufacturing division of Hitachi.
Thales, headquartered in Paris, provides systems to national, regional and international rail networks located on all continents. -Bloomberg
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