Qualcomm to Acquire Alphawave in $2.4B Deal

Qualcomm has agreed to acquire British chipmaker Alphawave for approximately $2.4 billion, offering a 96% premium per share over Alphawave's pre-announcement price. The acquisition aims to strengthen Qualcomm's presence in data center and AI connectivity technologies as the company seeks to diversify beyond smartphones. While Arm showed interest in Alphawave, only Qualcomm proceeded with a formal offer. The deal, unanimously recommended by Alphawave's board, is subject to shareholder and regulatory approvals and is expected to close in early 2026. Key Alphawave executives have chosen exchangeable securities instead of cash, and about 50% of shareholders have pledged support, with 75% approval required for the deal to proceed. This acquisition continues the trend of U.S. firms buying British tech companies, affecting the London Stock Exchange's tech listings.