Qualcomm Closes $2.4B CSR Buy

SAN DIEGO -- Qualcomm Incorporated (NASDAQ: QCOM) today announced that its indirect, wholly-owned subsidiary, Qualcomm Global Trading Pte. Ltd, has completed its acquisition of CSR plc (CSR), a leading fabless provider of end-to-end semiconductor and software solutions for the Internet of Everything (IoE) and automotive segments. The acquisition, which was completed at an enterprise value of approximately $2.2 billion ($2.4 billion equity value), complements Qualcomm Technologies, Inc.'s (Qualcomm Technologies) current offerings by adding a compelling portfolio of new products, sales channels and a large number of customers in the areas of IoE and automotive – both key growth priorities for Qualcomm Technologies.

Cambridge Silicon Radio Limited is currently an indirect, wholly-owned subsidiary of CSR that operates, along with its affiliates, substantially all of CSR's engineering, research and development functions, along with substantially all of the CSR products and services businesses. Cambridge Silicon Radio Limited will be renamed Qualcomm Technologies International, Ltd., which will become a subsidiary of Qualcomm Technologies.

"As we strive to connect billions more devices, automobiles and people within the Internet of Everything, we are enthusiastic about the growth that this combination will foster," said Steve Mollenkopf, chief executive officer, Qualcomm Incorporated. "CSR's complementary strengths in connectivity, audio technologies and systems-on-chips will help strengthen Qualcomm Technologies' position in the IoE and automotive industries, and add to a broad and highly advanced portfolio."

Qualcomm Inc. (Nasdaq: QCOM)