Qualcomm Abandons Bid to Buy of Autotalks, FTC Welcomes Decision
By Sabela Ojea
Qualcomm said it has ended its proposed acquisition of Autotalks, citing a lack of regulatory approvals in a timely manner.
The U.S. mobile-phone chip maker had signed the deal in May 2023 to strengthen its portfolio of Snapdragon chips for auto makers, but the proposed takeover faced competition probes from the U.S. Federal Trade Commission and U.K. regulators.
"Automotive is a very important vertical for Qualcomm and we remain fully committed to our product roadmap, our customers and our partners," the company said Monday.
Qualcomm's decision is a win for car buyers seeking quality and affordable cars with vehicle-to-everything communication capabilities, the FTC said in a statement.
The FTC was concerned that the deal could have harmed innovation and pricing competition in the market, said Henry Liu, director of the FTC's bureau of competition.
Qualcomm and Autotalks hadn't disclosed financial details of the agreement.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 25, 2024 11:26 ET (15:26 GMT)
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