Qualcomm Inc. has agreed to pay 1.56 billion pounds (US$2.48 billion) for British connectivity chip specialist CSR Plc. as the US wireless technology group seeks to expand in the fast-growing segment of internet-connected devices, the Wall Street Journal reported on Wednesday.
CSR board has accepted a cash offer of 900 pence a share, representing a nearly 57 percent premium to the British company’s share price on Aug. 27, Qualcomm said. CSR rejected a takeover offer from Microchip Technology Inc. that month, according to the newspaper.
CSR has suffered from exposure to declining areas such as digital cameras, but its specialization in Bluetooth technology will enable the company to benefit from growth in the Internet of Things, or the interconnection of household and other devices to the internet, the report said.
“The addition of CSR’s technology leadership in Bluetooth, Bluetooth Smart and audio processing will strengthen Qualcomm’s position in providing critical solutions that drive the rapid growth of the Internet of Everything, including business areas such as portable audio, automotive and wearable devices,” Qualcomm chief executive Steven Mollenkopf was quoted as saying.
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