© Reuters. FILE PHOTO: A sign bearing the logo for communications and security tech giant Cisco Systems Inc is seen outside one of its offices in San Jose, California, U.S. August 11, 2022. REUTERS/Paresh Dave/File Photo
By Foo Yun Chee and Sudip Kar-Gupta
BRUSSELS (Reuters) – Cisco Systems (NASDAQ:) won unconditional EU antitrust approval for its $28 billion bid for cybersecurity firm Splunk (NASDAQ:) on Wednesday after EU regulators said they did not see any competition issues.
The deal announced last year is Cisco’s biggest-ever and aims to boost its software business amid a boom in artificial intelligence while also helping to offset a post-pandemic slowdown in demand.
“The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active, as there is a sufficient number of alternative players,” the European Commission said in a statement.
The EU competition enforcer also said the merged entity would not have the ability to shut out rivals.
Reuters reported on March 5 that the deal would be cleared without conditions by the EU competition enforcer.
