The European Commission, the executive arm of the European Union (EU), on Monday approved TPV Technology Ltd.'s purchase of Philips Electronics monitor business.

The 358-million-US-dollar acquired business will be incorporated into a new company solely controlled by TPV, a Hongkong-based provider of monitor display technology.

After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European market.

"TPV and Philips Monitors will continue to face strong competition post merger, from Samsung, LGE or BenQ, who are significant players," said a Commission statement.

Approval of the deal makes TPV Technology the world's largest computer monitor maker, capturing a third of the global market.

Source: Xinhua