Qualcomm is set to acquire CSR plc for $2.5 billion to strengthen presence in Internet of Everything (IoE) and automotive infotainment businesses.
Qualcomm in a statement said the acquisition is part of its long-term strategy to focus on the rapidly growing business areas. The acquisition also complements its current offerings by adding products, channels, and customers in the growth categories of Internet of Everything (IoE) and automotive infotainment.
Steve Mollenkopf, chief executive officer of Qualcomm, said: “We look forward to working with the innovative CSR team globally and further strengthening our technology presence in Cambridge and the UK.”
CSR board of directors has approved the cash offer at £9.00 per share.
The acquisition is subject to the satisfaction of the several regulatory conditions. Qualcomm said the transaction is expected to close by the end of the summer of 2015. Qualcomm expects the acquisition to be accretive to non-GAAP earnings per share in fiscal 2016, the first full year of combined operations.
Precisely, Qualcomm will benefit from the addition of CSR’s Bluetooth, Bluetooth Smart1 and audio processing technology.
CSR technology will strengthen Qualcomm’s position in providing solutions that drive the growth of the Internet of Everything, including business areas such as portable audio, automotive and wearable devices.
Baburajan K
