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Qualcomm to Acquire Alphawave in $2.4 Billion Deal

By  |  June 9, 2025

U.S. chipmaker Qualcomm has agreed to purchase Alphawave, a London-listed semiconductor design firm, in a $2.4 billion all-cash deal, further signaling the retreat of high-profile tech companies from the UK market, according to Financial Times.

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    The acquisition, announced Monday, will see Qualcomm pay 183p per share for Alphawave—representing a substantial 96% premium over Alphawave’s March 31 closing price. The offer, unanimously recommended by Alphawave’s board, comes just four years after the Canadian-founded company went public in London at nearly double the valuation.

    Alphawave’s shares surged 22% in early trading following the announcement, nearly reaching Qualcomm’s offer price. The company, known for its high-speed connectivity chip designs, originally listed in May 2021 at 410p per share, valuing it at £3.1 billion. Qualcomm’s bid places its current valuation at less than half that figure.

    Per Financial Times, this acquisition reflects Qualcomm’s strategic push to expand its role in AI and next-generation computing. The deal is set to bolster the American semiconductor giant’s intellectual property assets in data center and 5G infrastructure, aligning with industry-wide efforts to capitalize on the explosive demand for AI capabilities.

    Related: Qualcomm Challenges Arm’s Market Power in Antitrust Complaints Worldwide

    Cristiano Amon, CEO of Qualcomm, emphasized the strategic synergy between the two companies, noting their shared vision for advanced computing technologies. Alphawave’s CEO, Tony Pialis, stated that the deal would enhance the company’s reach and technological depth, leaving it “well-positioned to expand our product offerings, reach a broader customer base and enhance our technological capabilities.”

    According to Financial Times, the agreement comes amid a broader trend of UK tech firms migrating away from the London Stock Exchange. Just days before the Qualcomm announcement, fintech company Wise revealed plans to move its primary listing to New York. Meanwhile, other notable 2021 London IPOs like Deliveroo and Darktrace have also exited the market through acquisitions—by DoorDash and Thoma Bravo, respectively.

    Subject to shareholder and regulatory approvals, the Alphawave-Qualcomm transaction is expected to close in the first quarter of 2026. Shareholders will have the option to receive payment in cash or Qualcomm shares.

    Source: Financial Times