German industrial robot manufacturer Kuka Group announced that the Committee on Foreign Investment in the United States and Directorate of Defense Trade Controls recently approved China's Midea Group to acquire Kuka.
The deal has gained all approvals of related regulatory authorities and the two parties expect to close this deal in early January 2017.
In August 2015, Midea Group held 1.938 million shares of Kuka Group, which accounted for 5.43% of total shares of Kuka, and it made Midea the fourth largest shareholder of the German company. In May 2016, Midea announced plans to increase its shares of Kuka to over 30% with an investment of USD4.99 billion, which would make Midea the largest shareholder of Kuka.
In August 2016, the Chinese company stated that they already owned a 94.55% stake in the German industrial robot giant.
In November 2016, U.S. National Security Advisory Group started reviewing the acquisition deal. With a two-month investigation, Midea's acquisition of Kuka is finally approved.