/ Source: The Associated Press
European Union regulators Friday cleared Singapore's Flextronics International Ltd., the world's largest contract electronics manufacturer, to acquire factories from Canada's Nortel Networks Corp.
In a statement approving the deal, the European Commission said the "transaction does not give rise to any competition concern."
Nortel announced in June the sale of manufacturing operations that employ 2,500 people in a deal which could raise about $500 million and create long-term savings for the company as it wrestles with accounting investigations in the United States and Canada.
The Canadian telecommunications equipment maker said it would be turning over factories in Canada, Brazil, Northern Ireland and France to Flextronics.