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Home > News > Industry News > Qualcomm-NXP deal off

Qualcomm-NXP deal off

  • Author:Ella Cai
  • Release on:2018-07-26
As expected, China’s regulatory approval for the takeover of NXP by Qualcomm had not been received by the deadline of midnight New York time yesterday and the deal has been called off.

“We obviously got caught up in something that was above us,” says Qualcomm CEO Steve Mollenkopf.

The US-China trade spat scuppered the deal.

Instead of buying NXP, Qualcomm will use $30 billion of its $40vbillion cash mountain to buy back its own shares.

The two year saga of Qualcomm’s pursuit of NXP was originally intended to provide diversification out of mobile – particularly into automotive,

Qualcomm’s CFO says thst Apple will most likely not use a Qualcomm modem in this year’s range of iPhones which means, presumably, that Intel will supply all of Apple’s iPhone modem requirement