Qualcomm agrees $2.5bn CSR takeover

Written By Unknown on Rabu, 15 Oktober 2014 | 23.58

15 October 2014 Last updated at 11:33

US chipmaker Qualcomm has agreed a cash deal to buy UK counterpart CSR for $2.5bn (£1.6bn).

This equates to 900 pence a share. CSR shares rose 30% to 855p after the deal was announced.

Analysts said the news may encourage other chipmakers to make a bid for the British company.

CSR, formerly known as Cambridge Silicon Radio, rejected a takeover approach from US firm Microchip Technology in August.

The Qualcomm deal was announced on the same day the UK Takeover Panel had set as a deadline for any agreement between CSR and Microchip Technology.

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Qualcomm is the world's largest chipmaker, and is keen to get its hands on CSR's expertise in Bluetooth wireless technologies.

"Combining CSR's highly advanced offering of connectivity technologies with a strong track record of success in these areas will unlock new opportunities for growth," said Qualcomm boss Steven Mollenkopf.

CSR chairman Ron Mackintosh said the deal represented a "very attractive outcome for shareholders, customers and employees".


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