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Qualcomm sees no prospect for NXP acquisition

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FILE PHOTO: A sign on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake

(Reuters) – U.S. smartphone chip manufacturer Qualcomm Inc (QCOM.O) considers the prospect of an acquisition of NXP Semiconductors (NXPI.O) as closed, the company said on Monday.

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“While we were grateful to learn of President Trump and President Xi’s comments about Qualcomm’s previously proposed acquisition of NXP, the deadline for that transaction has expired, which terminated the contemplated deal,” a Qualcomm representative said via email. “Qualcomm considers the matter closed.”

China was “open to approving the previously unapproved” deal for Qualcomm to acquire NXP “should it again be presented,” the White House said in a statement over the weekend after a meeting between Chinese and U.S. leaders.

In July, Qualcomm, the world’s biggest smartphone-chip maker, walked away from a $44 billion deal to buy NXP after failing to secure Chinese regulatory approval, becoming a high-profile victim of the China-U.S. trade dispute.

Reporting by Kanishka Singh in Bengaluru; Editing by Sai Sachin Ravikumar

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