LONDON: Hitachi’s proposed €1.7bil (US$1.78bil) purchase of Thales SA’s rail-signals business wins regulatory approval from the United Kingdom’s competition watchdog after the Japanese firm offers to divest parts of its European unit.
Hitachi’s offer to sell its existing mainline signalling business in the United Kingdom, France and Germany, was sufficient in addressing previous concerns over 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 Nov 6 deadline to review Hitachi’s buyout of Thales.
The firms offered unspecified commitments to regulators at the same time as re-notifying the deal for approval on Sept 14, according to a website filing.
Hitachi Rail, is the rolling stock and railway signalling manufacturing division of Hitachi.
Thales, with its headquarters in Paris, provides systems to national, regional and international rail networks located on every continent. — Bloomberg
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