Deals
Qualcomm Scraps NXP Deal Amid U.S.-China Trade Tensions
- Chipmaker to buy back $30 billion in stock if purchase dies
- ‘Bigger forces at play here than just us,’ CEO Mollenkopf says
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Qualcomm Inc. scrapped its $44 billion bid for rival chipmaker NXP Semiconductors NV after Chinese regulators failed to approve the largest-ever deal in the chip industry.
The aborted takeover may be the highest-profile victim yet of the trade spat between China and the U.S., with every other relevant jurisdiction in the world clearing the bid months ago. While China denied its decision had anything to do with trade tensions, Qualcomm Chief Executive Officer Steve Mollenkopf said "there were probably bigger forces at play here than just us."