Qualcomm Won’t Revive NXP Deal, After White House Flags China Concession
The ‘deadline for that transaction has expired, which terminated the contemplated deal,’ Qualcomm says
At the end of a high-stakes meeting between Donald Trump and Xi Jinping in Argentina on Saturday, China pledged to purchase more goods from the U.S. and open its market, while Washington would postpone plans to raise tariffs on Chinese goods. Photo: Reuters
Qualcomm Inc. ruled out a revival of its abandoned takeover deal for NXP Semiconductors NV, a day after the White House said China would reconsider the merger as part of the truce in their broad trade battle.
Qualcomm in July scrapped the $44 billion planned purchase of Dutch chip maker NXP—first agreed to in late 2016—after a company deadline passed for China to approve the deal. The agreement’s demise, which upended a pillar of Qualcomm’s strategy, was seen at the time as one of the more prominent consequences in spiraling...