Business & Tech
Qualcomm to Acquire NXP in Biggest Semiconductor Deal Ever
The San Diego-based company known for designing smartphone chips is buying a leader in automotive chips.
SAN DIEGO - Wireless chip maker Qualcomm announced Thursday it will buy NXP Semiconductors for $47 billion, or $10 per share.
The deal will push San Diego based company deeper into the process of making chips and expanding its product line beyond mobile devices. NXP is a leader supplier of automotive chips.
"The NXP acquisition accelerates our strategy to extend our leading mobile technology into robust new opportunities, where we will be well positioned to lead by delivering integrated semiconductor solutions at scale,” Qualcomm CEO Steve Mollenkopf said in a news release.
Find out what's happening in San Diegofor free with the latest updates from Patch.
The combined company is expected to have annual revenue of more than $30 billion. The transaction is expected to close by the end of 2017, Qualcomm said.
- Image via Coolcaesar/WikiCommons
Find out what's happening in San Diegofor free with the latest updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
