The European Commission on Tuesday approved the acquisition of the sale and distribution activities of branded color TVs in China of the Dutch company Koninklijke Philips Electronics by TPV Technology, a Bermuda-based manufacturer of monitor displays and color TVs.

"After examining the operation, the commission concluded that the transaction would not significantly impede effective competition," the European Union (EU)'s antitrust watchdog said in a statement.

TPV is active in the design and manufacture of a range of TV and monitor display technology for distribution in Asia, Europe and the U.S.. Under an agreement signed in September, TPV proposed to acquire the branding and distribution business of Philip's color TVs in China.

The commission found the merged entity would only have a small market share and would continue to face numerous strong competitors after the proposed transaction.

The electronic giant Philips has sealed similar deals in North America, Mexico and India in a move to shed off its TV business.

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