Overview

• Qualcomm's $2.4 billion bid for Alphawave offers shareholders 183p per share, representing a nearly 96% premium over its pre-offer price.
• The agreement follows a spate of departures from London’s market by technology companies, from IonQ’s acquisition of Oxford Ionics to fintech firms relocating their primary listings to the United States.
• Alphawave’s ‘serdes’ technology underpins high-speed data transfer in AI applications and data centres and aligns with Qualcomm’s strategic expansion into AI infrastructure.
• Alphawave completed the disposal of its stake in the WiseWave joint venture, eliminating a potential hurdle as US–China trade tensions persist.
• The deal is subject to regulatory and shareholder approval and is expected to close in the first quarter of 2026.