July 6, 2020 / 1:13 PM / a month ago

AMS wins unconditional EU approval for 4.6 billion euro Osram buy

The broken filament of a lightbulb by lighting manufacturer Osram is pictured in Zurich, Switzerland May 13, 2020. REUTERS/Arnd Wiegmann

BRUSSELS (Reuters) - Austrian sensor producer Ams (AMS.VI) (AMS.S) on Monday gained unconditional EU antitrust approval for its 4.6-billion-euro (4.1 billion pounds) acquisition of German lighting group Osram (OSRn.DE)

The European Commission said the deal would not significantly reduce head-to-head competition between the companies in the markets for optical semiconductors because of the companies low to moderate market share and other rivals in the industry.

The EU competition enforcer said the fast moving products and sophisticated buyers mean that the companies do not exert significant market power. Reuters had reported on June 26 that the deal would secure unconditional EU clearance.

AMS supplies Apple (AAPL.O) with sensors for its iPhones and the Osram acquisition, its largest ever, will also help it reduce its dependence on the U.S. firm, its biggest customer.

Reporting by Foo Yun Chee, Editing by Gabriela Baczynska

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