Qualcomm drops bid to buy Autotalks
Qualcomm has terminated its deal to acquire Israeli V2X communications company Autotalks.
It was back in May 2023 that Qualcomm announced that the company had entered into a definitive agreement to acquire the Israeli auto-chip maker.
However, back in February this year UK's antitrust regulator said that it was opening a probe into the deal. Now, Reuters reports that the US company has terminated the deal.
"Qualcomm has terminated the transaction to acquire Autotalks due to lack of regulatory approvals in a timely manner," Qualcomm said in a statement, Reuters reports. "Automotive is a very important vertical for Qualcomm and we remain fully committed to our product roadmap, our customers and our partners."
The US Federal Trade Commission Bureau of Competition Director Henry Liu issued the following statement in response to Qualcomm Inc.’s decision to abandon its acquisition of Autotalks.
“The termination of this proposed transaction will preserve vigorous innovation and price competition in the market for vehicle-to-everything (V2X) chipsets and related products used in automotive safety systems. This is a win for car buyers seeking quality, affordable cars with V2X communication capabilities that promise to make driving easier and safer.”
Based on its probe into this proposed merger, FTC staff was concerned that the deal might harm competition in markets for V2X chipsets and related products.
