Qualcomm insists $44bn takeover of NXP is dead despite easing of China-US trade tensions
05 December, 2018, 01:25
Had it have gone through, it would have been the biggest semiconductor deal globally and its collapse helped exacerbate growing trade tensions between the U.S. and China.
Qualcomm first announced plans to acquire NXP, based in the Netherlands, in October 2016.
Steve Mollenkopf, CEO, Qualcomm, was quoted by sources to say that the failure of the deal was a side effect of the mounting tensions due to trade imbalance between the US and China.
However, Reutersreports that Qualcomm representatives made it clear through an email, that the company considers the matter closed. During the months that followed it proved to be hard to get shareholder backing so Qualcomm was forced to increase their bid to $128 per share for NXP, for a total value of $44 billion pending regulatory approval.
In addition, Qualcomm has already moved ahead with a $30 billion stock buyback in the wake of the original acquisition failure, with $21 billion already spent, "making it significantly more hard to re-engage on a deal", said Rasgon.
After the meeting, Trump said they had reached an "incredible deal". Mellanox did not immediately respond to requests for comment. It has spent more than US$20 billion in share buybacks in the last 12 months. The massive merger between Qualcomm and NXP have been approving in eight other jurisdictions. According to Bloomberg, China's Ministry of Commerce was concerned about Qualcomm's plans for patent licensing - but it is commonly supposed that the USA's threatened trade war with the country, in part down to a sales ban on ZTE products in the United States, was a major factor.
According to reliable sources, Qualcomm has already paid a $2 billion to NXP as a fee to terminate the deal and has launched a stock repurchase program worth $30 billion.
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