9th Jun 2025 08:33
(Alliance News) - Alphawave IP Group PLC on Monday said it has agreed to a USD2.4 billion takeover from US semiconductor firm Qualcomm Inc.
The cash deal values the London-listed high-speed connectivity solutions firm's shares at USD2.48 each, or around 183 pence.
This is a 96% premium to its undisturbed closing price of 94p at the end of March, before San Diego, California-based communications technology company Qualcomm said it was considering a bid for Alphawave.
Shares in Alphawave jumped 23% to 183.39 pence in London on Monday morning.
Alphawave's directors unanimously recommended the offer. The bid has the support of just over half of Alphawave shareholders. Shareholders representing 34.5% of share capital agreed to receive new Qualcomm exchangeable securities.
"Qualcomm's acquisition of Alphawave represents a significant milestone for us and an opportunity for our business to join forces with a respected industry leader and drive value to our customers," said Alphawave Chief Executive Officer Tony Pialis.
"By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities."
Qualcomm Chief Executive Officer Cristiano Amon said: "Qualcomm's advanced custom processors are a natural fit for data centre workloads. The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data centre infrastructure."
The acquisition is expected to complete during the first quarter of 2026.
Separately on Monday, Alphawave said it has completed the disposal of its interest in Chinese joint venture WiseWave Technology Co Ltd to a consortium of the joint venture's existing shareholders.
Qualcomm shares closed up 1.1% at USD149.24 in New York on Friday.
By Michael Hennessey, Alliance News reporter
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