Deals
Qualcomm to Buy U.K. Chipmaker CSR in $2.5 Billion Deal
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Qualcomm Inc. agreed to buy U.K. chipmaker CSR Plc for 1.56 billion pounds ($2.5 billion) to expand in technology for connected appliances, two months after CSR rejected a bid from Microchip Technology Inc.
Qualcomm, the biggest maker of mobile-phone chips, will pay 900 pence a share, about 37 percent more than yesterday’s close, CSR said. The shares traded at 852 pence as of 3:19 p.m. in London. The deal, recommended by CSR directors, values the Cambridge, England-based company at about 19 times projected earnings, compared with 16.7 times paid for chipmakers over the past 12 months, according to data compiled by Bloomberg.