US, October 16, 2014: In a move to strengthen its efforts in Internet of Things (IoT) and connected cars market, Qualcomm has agreed to buy chip company CSR. Cambridge-based CSR develops wireless communications, audio and GPS chips for the automotive and consumer products markets. It also makes chips for indoor location services.
Qualcomm plans to use CSR's expertise to strengthen its focus on IoT applications, as well as for its in-car infotainment division. Both business areas are fast growing and in order to become an important player in those fields, Qualcomm has offered £9.00 per share. The acquisition of the entire issued and to be issued ordinary share capital of CSR is valued at approximately £1.6 billion ($2.5 billion based upon an exchange rate of USD:GBP 1.6057). This cash offer has been unanimously recommended by the CSR board of directors.
Subject to the satisfaction of the conditions in accordance with Rule 2.7 of the UK Takeover Code, the transaction is expected to close by the end of the summer of 2015.