Qualcomm, the world’s biggest maker of chips for mobile phones, has decided to end its 20-month bid for NXP Semiconductors after failing to secure regulatory approval from China.
Analysts suggest this $44bn deal fallout is the latest sign of a growing trade row between Washington and Beijing.
“Qualcomm River Holdings has terminated its previously announced cash tender offer to acquire all of the outstanding shares of NXP,” the San Diego-based chipmaker confirmed in a statement.
“…We think moving on, reducing the amount of uncertainty in the business and increasing the focus is the right thing to do with the company,” Qualcomm Chief Executive Steve Mollenkopf later said in an interview.
The group has delivered strong third-quarter results and a positive outlook for so-called 5G technology.