Qualcomm cancels $350m Autotalks acquisition

March 24, 2024

in Business

Reading Time: 2 mins read

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The acquisition of the Israeli automobile chip firm was canceled after a far reaching probe by the UK antitrust regulator.

On Friday night, US chip large introduced the cancelation of its acquisition of Israeli automobile chip firm Autotalks. The acquisition for an estimated $350 million was canceled after a far reaching probe by the UK Competitors and Markets Authority.

The British antitrust regulator has expressed creativity and boldness in canceling merger and acquisition offers just lately. The biggest and most important of those cancelations being that of Adobe and Figma, which had been purported to merge in a $20 billion greenback deal, however as a result of stress from the authorities in Europe and the UK, the merger was cancelled final December.

Qualcomm buys Israeli automobile chip co Autotalks

It isn’t clear exactly what led to the cancellation of the deal during which Qualcomm was supposed to purchase Autotalks, a chip firm lively within the small area of interest of direct communication between autos. That is an rising discipline enabling autos to convey knowledge to one another.

The cancelation of the deal is a giant disappointment for Autotalks 126 workers. Lots of them are veteran workers who’ve been with the corporate all through the 16 years during which it has fought large corporations to advertise communications protocols for communications between autos. The acquisition by Qualcomm had appeared like a victory over the market.

Revealed by Globes, Israel enterprise information – en.globes.co.il – on March 23, 2024.