Qualcomm strengthens AI portfolio with US$2.4bil Alphawave deal
FILE PHOTO: A smartphone with a displayed Qualcomm logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
U.S. chipmaker Qualcomm on Monday agreed to acquire British semiconductor company Alphawave for about $2.4 billion as part of efforts to strengthen its artificial intelligence technology.
Alphawave shareholders will receive 183 pence per share, a nearly 96% premium to the price immediately before Qualcomm disclosed its interest in the company. The shares jumped 22% in early London trade to just below the offer price.
U.S.-based firms have been snapping up British assets, taking advantage of a market that is plagued by comparatively weaker valuations and stunted growth.
Alphawave, which designs and licenses semiconductor technology for data centers, networking and storage, had garnered takeover interest from Qualcomm and SoftBank-owned chip tech provider Arm in early April for its 'serdes' technology.
The technology underpins the speed at which data is processed by chips - crucial for AI development - and serves as the foundation for Broadcom's and Marvell Technology's multibillion-dollar bespoke chip businesses.
Arm walked away after initial discussions with Alphawave, Reuters exclusively reported in April citing sources.
Qualcomm also tabled two alternative all-share offers to Alphawave's shareholders, after receiving multiple extensions from the UK's takeover panel to table a firm offer.
The British company said it considers the terms of the cash offer to be fair and reasonable and intends to unanimously recommend it to its shareholders.
Alphawave also completed the disposal of its stake in WiseWave, its joint venture with Chinese investment firm Wise Road Capital, to existing state shareholders on Monday. - Reuters

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Barnama
40 minutes ago
- Barnama
1st Meeting Of China-US Economic, Trade Consultation Mechanism Opens In London, Attracting Global Attention
WORLD U.S. Treasury Secretary Scott Bessent and Chinese vice premier He Lifeng pose for a photo with U.S. Trade Representative Jamieson Greer, U.S. Secretary of Commerce Howard Lutnick, Chinese Commerce Minister Wang Wentao, and China's International Trade Representative and Vice Minister of Commerce Li Chenggang, in London, Britain June 9, 2025. United States Treasury/Handout via REUTERS LONDON, June 10 (Bernama-Xinhua) -- The first meeting of the China-US economic and trade consultation mechanism opened here on Monday, attracting global attention. Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, attended the meeting with US representatives, Xinhua news agency reported. Business leaders welcomed the meeting, expecting win-win outcomes. "Only through mutual respect can we achieve win-win cooperation," said Yang Ming, CEO of Westwell Holdings (Hong Kong) Ltd, a Chinese artificial intelligence (AI) technology company. Attend the ongoing London Tech Week events, Yang said she wished to see normalised economic and trade relations restored between the two nations, calling on both governments to strengthen collaboration in AI and join forces to create new frontiers in global innovation. OBE Chief Executive Officer at London & Partners Laura Citron told Xinhua that stable trade relationships between the biggest economies in the world would always be a good thing for the global economy, adding that London as a city is a very outward-facing trading economy. "We're very keen to see strong and predictable trade relationships between the U.S. and China," she said. -- BERNAMA-XINHUA


The Star
an hour ago
- The Star
Zimbabwe to ban lithium concentrate exports to boost value-added production
HARARE, June 10 (Xinhua) -- Zimbabwe, a major lithium producer in Africa, announced on Tuesday that it will ban the export of lithium concentrate from January 2027 to boost local refining and generate more revenue from the value-added mineral. Speaking at a post-cabinet media briefing, Mines and Mining Development Minister Winston Chitando said Zimbabwe is building capacity to produce battery-grade lithium through two major Chinese-invested companies Bikita Minerals and Prospect Lithium Zimbabwe. He said the value-added facilities will process lithium concentrate into lithium sulfate, which is a direct input into lithium battery manufacturing. "The two major players are in the process of establishing lithium sulfate plants. As a country, we are moving to a stage where we are upgrading our lithium production to lithium sulfate. Because of that capacity which is now in the country, the export of all lithium concentrates will be banned from January 2027," Chitando said. The minister urged lithium producers who are not investing in value-added facilities to sign tolling agreements with companies that have the processing capacity. Zimbabwe has begun exporting lithium concentrates following the 2022 ban on raw lithium ore exports. Zimbabwe has the largest lithium reserves in Africa. Due to growing global demand for the mineral, which is critical in the new energy drive, the country has witnessed huge investments in the lithium sector in recent years.


The Star
an hour ago
- The Star
Feature: Chinese-built plant helps upgrade cocoa industry in Cote d'Ivoire
ABIDJAN, June 10 (Xinhua) -- As the rainy season brings a welcome hint of cool relief to Cote d'Ivoire, a hive of activity is unfolding at the PK24 Industrial Park on the northwestern outskirts of Abidjan, the country's economic capital, marked by long queues of cocoa-laden trucks and the bustling movement of workers. Amid the park stands a sleek silver-gray structure -- a newly built cocoa processing complex, where the rich aroma of roasted beans wafts through the air. Inside, Chinese engineers work with their Ivorian counterparts, fine-tuning conveyor systems in preparation for the factory's full-scale operation. Constructed by China Light Industry Nanning Design Engineering Co., Ltd., the complex is scheduled for official handover this month. As Cote d'Ivoire's first state-owned modern cocoa processing facility, it marks a major milestone in the country's drive to upgrade its cocoa industry and move higher up the global value chain. "We're finally processing cocoa on our own land," said Ettien Kouakou Camille, his face glowing with pride. At 32, Camille cultivates more than 10 hectares of cocoa farmland and has spent more than a decade growing the Forastero variety. With the new facility in place, he hopes the premium beans from his hometown can now be transformed into high-value products. "In the past, cocoa was exported without being processed. Now, Chinese companies are helping us change that," Camille said, emphasizing the importance of this project born from China-Cote d'Ivoire cooperation. Covering about 21 hectares, the complex is designed to process 50,000 tonnes of cocoa annually, with a storage capacity of 140,000 tonnes. Tang Chong, project manager of the processing plant, said the facility was built to Chinese technological and quality standards and will serve as a key training base for local cocoa industry professionals upon completion. In the cocoa pre-treatment workshop, 38-year-old operator N'guessan Kouassi wiped the sweat from his brow while monitoring equipment data with his team. "This is the largest state-owned cocoa processing plant in the country. It's giving more young people access to employment and a chance to contribute to society," he said, adding that he hopes more Chinese companies will invest in Cote d'Ivoire to expand opportunities for both agricultural growth and youth employment. For Ogbonin Emmanuel, a translator on the project with a background in construction, the experience has been eye-opening. "I've witnessed the whole transformation process from cocoa to chocolate. Africa needs this kind of advanced production capacity," he said. In the electrical installation section, technician Joel Niamien led his team through final adjustments. "There were some language barriers in the beginning, but now we work in close coordination," he said. "The equipment is more modern, and the processes are more streamlined." "China's agricultural development experience is a vital reference for African countries," said Kobenan Kouassi Adjoumani, minister of state and minister of agriculture and rural development of the country, at the recently concluded seventh edition of the International Exhibition of Agriculture and Animal Resources. He noted that Cote d'Ivoire is currently at a key stage of agricultural modernization. "Chinese companies are not just building factories -- they are bringing integrated solutions to help us upgrade our agricultural value chains," Adjoumani said. As the world's largest producer and exporter of cocoa, Cote d'Ivoire accounts for roughly 40 percent of global supply. In 2024, national cocoa output reached around 2 million tonnes, of which over 1.4 million tonnes were exported as raw beans. Yet only about 30 percent of the crop is currently processed domestically. Currently, the country hosts around 15 large-scale cocoa processing plants, most of them foreign-owned. Cote d'Ivoire is now accelerating its efforts to achieve 100 percent local processing by 2030. As part of the push, the government is planning reforms to the cocoa purchasing system, including the introduction of traceable farmer ID cards to better protect the rights of cocoa growers. Back at the PK24 Industrial Park, Chinese and Ivorian technicians were refining the production systems as the facility nears full operational readiness. The facility, a symbol of bilateral cooperation, is poised to help shift Cote d'Ivoire's role from a raw cocoa exporter to a significant player in cocoa processing. At the Port of Abidjan, shipping containers filled with cocoa products stand neatly arranged, ready for export. Gazing out over the sea, Camille said with quiet determination, "Next, we want the world to fall in love with chocolate made in Cote d'Ivoire."