Maxim Jumps as Deal With Analog Devices Wins China Approval (1)

Maxim Integrated Products Inc. shares jumped Monday after China approved its acquisition by Analog Devices Inc..

The $21 billion transaction has now received all required regulatory clearances, and the two companies anticipate the deal will close on or around Aug. 26, they said in a statement.

Maxim gained 5.8% as the market opened in New York while Analog Devices was up 2.9%.

Analog Devices agreed to acquire rival Maxim in July 2020, creating a larger rival for Texas Instruments Inc. in the market for analog and embedded processor chips, crucial components in the spread of computing and intelligence ...