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EU clears Dolby to buy cinema technology group Doremi

Reuters

BRUSSELS (Reuters) - Dolby Laboratories (DLB.N) on Monday received EU clearance for its acquisition of digital cinema technology group Doremi, the European Commission said.

The Commission, which acts as the competition watchdog in the 28-member bloc, said that while there was overlap between the two companies in the digital cinema servers business, the merger did not distort the market.

"The proposed transaction would not lead to any anti-competitive effects because of the presence of alternative suppliers, the fast-moving nature of the market and the ease of switching for customers," the Commission said in a statement on Monday.

In February, Dolby said it had agreed to acquire Doremi for $92.5 million in cash and $20 million in contingent consideration.

(Reporting by Robert-Jan Bartunek; editing by Adrian Croft)