Acquisition enhances IoE & infotainment portfolio

15th October 2014

Qualcomm

Nat Bowers

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An agreement has been reached for Qualcomm to acquire the entire issued and to be issued ordinary share capital of CSR. Complementing Qualcomm’s current offerings, the acquisition adds products, channels and customers in the growth categories of IoE (Internet of Everything) and automotive infotainment.

Steve Mollenkopf, Chief Executive Officer, Qualcomm, comments: “The addition of CSR’s technology leadership in Bluetooth, Bluetooth Smart and audio processing will strengthen Qualcomm’s position in providing critical solutions that drive the rapid growth of the IoE, including business areas such as portable audio, automotive and wearable devices. 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."

Valued at approximately £1.6bn, the entire ordinary share capital of CSR is set to be acquired for £9.00 per share. The CSR board of directors has unanimously recommended this cash offer. Subject to the satisfaction of a number of conditions, Qualcomm expects the acquisition to close by the end of the summer of 2015 and be accretive to Non-GAAP earnings per share in the first full year of combined operations.

"We look forward to working with the innovative CSR team globally and further strengthening our technology presence in Cambridge and the UK,” adds Mollenkopf.