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Apple's Shazam bid gets EU approval

Apple's bid to buy Shazam has been approved by the European Union.

The tech giant's buyout of the music recognition app has been given the nod of approval after it was ruled that the move would not result in reduced competition in the market.

In a statement Margethe Vestager, the EU's competition commissioner, said: "After thoroughly analyzing Shazam's user and music data, we found that their acquisition by Apple would not reduce competition in the digital music streaming market."

Regulators initially launched an investigation of the aquisation back in April over concerns it could give Apple Music an unfair advantage over other streaming services like Pandora, Spotify and Tidal.

The company first announced its plans to buy Shazam in December 2017 as a means of adding to its music service.

Although Apple didn't disclose financial details regarding the deal, the December purchase price for London-based Shazam was reported to be around $400 million.

The move comes four years after Apple continues its expansion with the acquisition of Beats, which is both a headphones maker and subscription streaming music service.

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