Qualcomm to acquire CSR

SAN DIEGO, USA: Qualcomm Inc. announced that it has reached agreement with CSR plc regarding the terms of a recommended cash acquisition through which the entire issued and to be issued ordinary share capital of CSR will be acquired by Qualcomm Global Trading Pte. Ltd, an indirect wholly owned subsidiary of Qualcomm Inc.

The acquisition complements Qualcomm's current offerings by adding products, channels, and customers in the important growth categories of Internet of Everything (IoE) and automotive infotainment, accelerating Qualcomm's presence and path to leadership. This opportunity is aligned with Qualcomm's established strategic priorities in these rapidly growing business areas.

At £9.00 per share, the acquisition of the entire issued and to be issued ordinary share capital of CSR is valued at approximately £1.6 billion ($2.5 billion based upon an exchange rate of USD:GBP 1.6057). This cash offer has been unanimously recommended by the CSR board of directors.

The acquisition is subject to a number of conditions as set forth in the announcement released today in accordance with Rule 2.7 of the UK Takeover Code, including the receipt of U.S. and other regulatory approvals and the approval of CSR's shareholders.

Subject to the satisfaction of the conditions, the transaction is expected to close by the end of the summer of 2015. Qualcomm expects the acquisition to be accretive to Non-GAAP earnings per share in fiscal 2016, the first full year of combined operations.