Qualcomm sees prospects of acquiring NXP as being closed

Qualcomm, the biggest smartphone chipmaker, fell victim to the U.S.-China trade war after it failed to gain approval from Chinese regulators in its $44 billion deal to acquire NXP Semiconductors.

On Monday, U.S. chip maker Qualcomm Inc stated, it considers the prospects of acquiring NXP Semiconductors as closed.

“While we were grateful to learn of President Trump and President Xi’s comments about Qualcomm’s previously proposed acquisition of NXP, the deadline for that transaction has expired, which terminated the contemplated deal,” said Qualcomm’s representative.

“Qualcomm considers the matter closed.”

In a statement the White House said, China was “open to approving the previously unapproved” deal for Qualcomm to acquire NXP “should it again be presented,” following a meeting between the leadership of the U.S. and China.

In July 2018, Qualcomm, the world’s biggest smartphone-chip manufacturer, backed off from a $44 billion deal to acquire NXP after after failing to secure regulatory approval from China.

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