Chip company Nvidia has received permission from the European Union to complete its acquisition of Run:ai.
The EU reached a unanimous decision today that allows Nvidia to proceed with its acquisition of Israeli GPU orchestration platform Run:ai, Bloomberg reports. The European Commission has determined that this business combination will not create a monopoly, as other hardware options compatible with Nvidia will continue to be available on the market even if the merger takes place.
However, despite the EU's approval, the deal is still being held up by the US Department of Justice, and it is unclear when or if it will be approved.
Still, this is likely to be welcome news for other AI startups looking to buy or acquire, as it shows that consolidation is welcome in the AI market, at least for now.
Terms of the deal were not disclosed, but the deal is estimated to be worth about $700 million, according to a Bloomberg report citing local Israeli media. The deal was originally announced in April.