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NEW YORK (TheStreet) -- NXP Semiconductors (NXP) - Get Nuveen Select Tax-Free Income Portfolio Report stock is surging 4.13% to $87.97 in late-morning trading Friday after the company received U.S. and Chinese regulatory approval for its acquisition of Freescale Semiconductor (FSL).

NXP announced it was buying buying the Hamilton, TX-based Freescale for about $11.8 billion earlier this year.

The Ministry of Commerce of China and the Federal Trade Commission approved the acquisition this week, the Netherlands-based semiconductor company announced in separate statements.

The deal is expected to close on Dec. 7.

"We are very excited to unveil today that the close of the merger with Freescale is upon us," NXP CEO Rick Clemmer said in a statement. "The combination of NXP and Freescale creates an industry powerhouse focused on the high growth opportunities in the Smarter World, and is a transformative step on our journey to become the industry leader in high performance mixed signal solutions."

The European Commission, the Korea Fair Trade Commission and the Japan Fair Trade Commission have also approved the acquisition, the company's statement said.

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Shares of Freescale were up 3.34% to $37.11 in late morning trading on Friday.

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