In a stunning shake-up that ripples across the global tech and financial landscapes, Qualcomm Inc. announced Monday it will acquire Alphawave IP Group PLC for $2.4 billion, a strategic move that not only accelerates Qualcomm’s data center dominance but also delivers another blow to London’s tech credibility.
A Cash Offer That Sends Shockwaves
The all-cash offer, valued at $2.48 per share, represents a 96% premium over Alphawave’s closing price of 94 pence on March 31—just before takeover whispers began swirling. Qualcomm, the San Diego-based semiconductor powerhouse, is making the offer through a specially formed subsidiary, Aqua Acquisition Sub LLC.
With shares soaring more than 23% in Monday morning trading to over 149 pence, Alphawave’s investors are now watching the LSE curtain close on a local tech champion. If approved, the deal will de-list Alphawave from London’s main market and re-register the company as private, pulling yet another crown jewel from the embattled exchange.
The Legal and Financial Cast
The high-stakes transaction is being steered by elite legal teams. Paul Weiss Rifkind Wharton & Garrison LLP is advising Qualcomm, with a crew led by partners Kyle T. Seifried, Dan Schuster-Woldan, Matthew Hearn, and Scott A. Barshay. On the Alphawave side, Linklaters LLP is guiding the process, with partners James Wootton, Richard Spedding, and Rupert Cheyne at the helm.
In the financial trenches, Evercore Partners International LLP is advising Qualcomm, while Goldman Sachs International and Barclays Bank PLC are backing Alphawave.
