Mergers and Acquistions News
Categories: Telecoms
November 28th 2011, 15:37PM
Regulatory approval is being sought by Google for its proposed takeover of mobile phone handset manufacturer Motorola, it has emerged.
The European Commission (EC) announced today (November 28th) it has received notification from the internet-based giant that it wishes to receive clearance from the European Union to complete this deal.
Earlier this year, the company - which was founded in 1998 and now has more than 20,000 employees across the globe - revealed it had finalised an arrangement to acquire Motorola Mobility Holdings for a sum of $12.5 billion (£7.7 billion).
This raised some concerns that Google could become a rival to licensees of Android services, but the organisation's executive chairman Eric Schmidt insisted this would not be the case.
However, issues were also raised regarding the possibly negative impact this would have on competition and, consequently, the deal now needs to be ratified by the relevant regulator.
The EC has stated a provisional deadline for its decision will be January 10th 2012. 
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