Qualcomm has no intention of reviving plans to acquire NXP Semiconductors, despite the suggestion from the U.S. government that the regulatory roadblock the companies had been facing in China has been cleared.
According to Qualcomm, the deadline for any transaction has expired thus terminating any deal. One of the differences include the White House statement that Xi would consider approving the multi-billion Qualcomm-NXP deal that was previously rejected by Chinese regulators. "Qualcomm considers the matter closed".
Qualcomm itself was a takeover target for Broadcom earlier in the year, but Trump blocked the proposed $140 billion attempt on national security grounds.
Qualcomm said Monday the clock ran out on the merger, and it is ready to move on.
California-based Qualcomm (QCOM) confirmed in July it was terminating its proposed takeover of Dutch counterpart NXP (NXPI) after China failed to grant it regulatory approval. Chinese regulators declined to clear the deal, though the country later expressed regret over the transaction's collapse.
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The Chinese government's official statement released following the talks did not mention a discussion of the Qualcomm deal, however. Since Qualcomm has significant ties with Chinese OEMs, the chip maker had no choice but to agree with China's decision. Qualcomm has a large presence in China so they were not left with any real options except to cancel the deal. Mellanox did not immediately respond to requests for comment.
Qualcomm moved ahead with a stock buyback of about $30 billion that it had promised shareholders should the NXP deal fall apart. The $3.4 billion (about Rs. 24,000 crores) deal, announced in March, is still awaiting Chinese regulatory approval.
"If that deal came back to him, he would most likely approve it quickly, which is a big thing", said Trump according to reports from Buenos Aires. The American chipmaker therefore had to pay a so-called "break-up fee" of 2 billion dollars to NXP.
United States lawmakers also passed reforms earlier this year that increased CFIUS' scrutiny of deals.