Shareholders Face a Fork in the Road
Alphawave shareholders have multiple choices: cash payouts in pounds sterling, new Qualcomm shares, or unlisted exchangeable securities that convert into Qualcomm stock after four years. While Alphawave’s board called the cash offer “fair and reasonable,” it stopped short of endorsing the alternative stock options, citing a lack of valuation clarity.
Still, with 34.5% of Alphawave’s shareholders—directors included—already pledging support, the odds are stacking in Qualcomm’s favor.
The Road Ahead: Regulatory Crossfire
This won’t be a simple handshake and handover. The deal must clear competition and foreign investment reviews in a quartet of jurisdictions: the U.S., Germany, South Korea, and Canada, along with national security clearance in the U.K.
Completion is targeted for March 2026, pending shareholder votes at a general and court meeting, required under the U.K. Companies Act 2006.
