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giftedviz.com December 10, 2018


China open to authorize Qualcomm-NXP deal, Qualcomm declines approval

04 December 2018, 09:06 | Austin Hogan

Qualcomm insists $44bn takeover of NXP is dead despite easing of China-US trade tensions

U.S. and China Talk Up Qualcomm-NXP Merger. There’s Just One Problem: The Deal Is Dead

United States chipmaker Qualcomm Inc rejected a suggestion by the White House that its collapsed US$44 billion (RM184.1 billion) acquisition of Dutch peer NXP Semiconductors could be revived, saying the deal had been terminated as the deadline had expired.

US chipmaker Qualcomm Inc. has ruled out any possibility of a renewed bid for rival NXP Semiconductors after President Xi reopened the doors for a new bid during his meeting with President Trump over the weekend. Yesterday, China's president said the Chinese government would let the deal go through after all, but a Qualcomm official insists that the deal is is still dead.

The saga started back in October 2016 when Qualcomm made a successful $38 billion bid for the semiconductor maker. The email declared that though the company is grateful for the reconsideration and the comments, the deadline for the transaction has expired and hence the contemplated deal has been terminated.

"Qualcomm considers the matter closed and is fully focused on continuing to execute on its 5G road map", it added. NXP declined to comment.

After the meeting, Trump said they had reached an "incredible deal".

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Qualcomm had to pay NXP a $2 billion (approximately Rs. 14,100 crores) fee to terminate the deal.

Qualcomm has already embarked on a plan to return the money it would have used to fund the NXP purchase through a $30 billion stock repurchase plan and more than $20 billion in share buybacks.

In July, Qualcomm scrapped plans for a $44bn (£34bn) takeover of NXP after Chinese regulators signalled that they would block the takeover. The $3.4 billion (about Rs. 24,000 crores) deal, announced in March, is still awaiting Chinese regulatory approval.

NXP is the world's largest chip supplier to the automotive industry and unlike smartphone markets - which have become mostly saturated in the US, China, and western Europe - autonomous driving remains an area of rapid growth with bags of future potential as AI technologies are rolled out.



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