NASDAQ-listed Qualcomm Incorporated has reached an agreement to acquire Alphawave IP Group plc for around £1.8bn.
The acquisition of Alphawave Semi, which is headquartered in London and Toronto, aims to further accelerate, and provide key assets for, Qualcomm’s expansion into data centres.
Alphawave Semi is a global leader in high-speed wired connectivity and compute technologies delivering IP, custom silicon, connectivity products and chiplets that drive faster, more reliable data transfer with higher performance and lower power consumption.
Its products form a part of the core infrastructure enabling next generation services in high growth applications like data centers, AI, data networking and data storage.
The deal marks another blow to the London Stock Exchange, as it will see Alphawave leave the market after four years.
The firm listed in London in May 2021 after selling £856m of shares in an IPO, which valued it at £3.1bn.
“Under Tony Pialis’ leadership Alphawave Semi has developed leading high-speed wired connectivity and compute technologies that are complementary to our power-efficient CPU and NPU cores,” said Cristiano Amon, president and CEO of Qualcomm Incorporated.
“Qualcomm’s advanced custom processors are a natural fit for data center workloads. The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data center infrastructure.”
Pialis, president and CEO of Alphawave Semi, added: “Qualcomm’s acquisition of Alphawave Semi represents a significant milestone for us and an opportunity for our business to join forces with a respected industry leader and drive value to our customers.
“By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities.
“Together, we will unlock new opportunities for growth, drive innovation, and create a leading player in AI compute and connectivity solutions.”
The deal is expected to complete during the first calendar quarter of 2026, subject to conditions.
Alphawave has a market cap of £1.41bn. Its share price has spiked since the news, rising from 148.7p on Friday 6th June to 185.1p at 12:30pm on Monday 9th June.
It now sits just a fraction away from its 12 month high, which is 187.9p.