Qualcomm boosted its presence in the automotive sensors and chips market this week with its announcement that it bought NXP Semiconductors for around $38 billion.
Qualcomm confirmed it would pay $110 per share for NXP and fully expects the deal to close by the end of next year.
From an outsider’s perspective, it’s not hard to draw conclusions as to why Qualcomm would ante up $38 billion for technology encompassing automotive sensors and chips
The company wants to become a major player in the rapidly expanding industry that is self-driving vehicles, of course!
“With innovation and invention at our core, Qualcomm has played a critical role in driving the evolution of the mobile industry,” Qualcomm CEO Steve Mollenkopf said in a statement. “The NXP acquisition accelerates our strategy to extend our leading mobile technology into robust new opportunities, where we will be well positioned to lead by delivering integrated semiconductor solutions at scale.”