Japanese chipmaker Renesas Electronics has cleared a major hurdle in its plans to acquire U.S.-based company Intersil.

The two companies announced that they have received notification from the Committee on Foreign Investment in the United States (CFIUS) last Tuesday, informing them "that the investigation of the merger transaction under which Renesas will acquire Intersil is complete and that there are no unresolved national security concerns with respect to the transaction."

All necessary regulatory approvals for the acquisition have now been received and the merger is expected to close on February 24, subject to customary closing deliveries, according to Renesas. Intersil stockholders have previously voted to adopt the merger agreement and approve the transaction.

Renesas announced it will buy Intersil for an estimated $3.2 billion in September. Under the deal, Renesas hopes to boost its served product lines, particularly for analog devices, where the market is expected to increase by approximately $3.9 billion by 2020.