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Business

Qualcomm to swallow NXP in mega merger

The semiconductor industry's second- and seventh-largest companies have agreed to merge. US-based Qualcomm said it would take over NXP from the Netherlands in what was billed as the industry's largest tie-up so far.

US semiconductor maker Qualcomm announced Thursday it would buy Dutch rival NXP in a $47-billion (43 billion-euro) mega deal to extend its footprint into the Internet of Things and the automobile sector.

It added both boards had reached unanimous agreement on a $110-per-share cash deal, that's 11.5 percent above Wednesday's NXP market close on the New York Nasdaq index.

"The NXP acquisition accelerates our strategy to extend our leading mobile technology into robust new opportunities, where we will be positioned to lead by delivering integrated semiconductor solutions at scale," Qualcomm CEO Steve Mollenkopf said in a statement.

Cost-cutting synergies

The new combined company id forecast to have annual revenues topping $30 billion and serviceable markets of $138 billion in 2020. Qualcomm said the mega deal was designed to position both parties for profitable growth, "while maintaining financial and operational discipline."

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The US-based company added it would fund the takeover with cash on hand and new debt. The transaction is to be finalized by the end of next year.

Investors hailed Thursday's merger announcement, with Qualcomm shares up 2 percent and NXP shares up 2.4 percent in pre-market trading.

hg/jd (Reuters, AFP)

 

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