Qualcomm has agreed to buy chipmaker CSR for $2.5 billion, pushing out its rival Microchip Technology to win the British Bluetooth specialist.
Qualcomm Trumps Microchip With $2.5 Billion Deal for Britain’s CSR
CSR specializes in Bluetooth connectivity.
Reuters / Albert Gea
Qualcomm, the world’s top mobile chipmaker, has agreed to pay 900 pence a share in cash for CSR, representing a 56.5 percent premium on the share price before the start of the offer period, the British company said on Wednesday.
Qualcomm CEO Steve Mollenkopf said the addition of CSR’s technology leadership in Bluetooth, Bluetooth Smart and audio processing would strengthen Qualcomm’s offerings in areas like portable audio, automotive and wearable devices.
“We look forward to working with the innovative CSR team globally and further strengthening our technology presence in Cambridge and the U.K.,” he said.
The British company in August rebuffed an approach from Microchip, saying the undisclosed price on offer was not enough. The two sides had been in talks over the deal, however, with a deadline imposed by British regulators for Wednesday.
CSR, short for Cambridge Silicon Radio, specializes in connectivity, with its chips used in products such as speaker docks and Apple-owned Beats headphones.
(Reporting by Paul Sandle; editing by Kate Holton)
This article originally appeared on Recode.net.
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