Qualcomm (NASDAQ: QCOM) announced a deal to acquire Alphawave IP Group (LON: AWE) on Monday, valuing the UK semiconductor firm at approximately $2.4 billion.
Under the terms of the acquisition, Alphawave shareholders will receive $2.48 in cash for each share, representing a significant premium of 96% to Alphawave's closing price on the unaffected date.
Shareholders also have alternative options, including receiving new Qualcomm shares or a combination of Qualcomm exchangeable securities.
Alphawave's board has stated that it intends to unanimously recommend the cash offer, deeming its terms fair and reasonable.
Tony Pialis, CEO of Alphawave, stated the acquisition represents a “significant milestone” and an opportunity to “unlock new opportunities for growth, drive innovation, and create a leading player in AI compute and connectivity solutions.”
Cristiano Amon, CEO of Qualcomm, highlighted Alphawave's “leading high-speed wired connectivity and compute technologies” as complementary to Qualcomm's existing strengths, particularly in data centre infrastructure.
The acquisition is anticipated to be completed during the first calendar quarter of 2026, subject to shareholder and regulatory approvals, including antitrust clearances in the US, Germany, South Korea, and Canada, as well as foreign direct investment approval in the UK.
Following the news, Alphawave IP shares are up more than 21% at around 181p a share.
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