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Investing.com -- Shares of Alphawave IP Group (LON:AWE) surged more than 23% on Monday after the company confirmed a takeover agreement with Qualcomm (NASDAQ:QCOM).
The two firms have agreed to a cash offer from Qualcomm valuing Alphawave at $2.48 billion. Under the terms of the deal, Alphawave shareholders will receive 183 pence per share, or alternatively, 0.01662 Qualcomm shares for each Alphawave share.
The acquisition will be implemented through a court-approved scheme and is expected to complete in the first quarter of 2026.
The deal is subject to regulatory approvals in the United States, Germany, South Korea, and Canada, as well as foreign direct investment clearance from the United Kingdom (TADAWUL:4280).
Alphawave’s board believes the Qualcomm offer "provides an opportunity to realise compelling value for its shares."
In a move seen as paving the way for the deal, Alphawave also confirmed the full disposal of its stake in its Chinese joint venture, WiseWave, selling it to existing shareholders.
Jefferies analysts pointed out that they "do not expect any material regulatory obstacles" following this divestment.
Jefferies had upgraded Alphawave to a Buy rating on April 3, shortly after Qualcomm confirmed it was considering a bid.
At the time, analysts stated that they believed an eventual deal was "likely." Jefferies said that the takeover represents an opportunity to unlock "compelling value" for Alphawave’s shareholders.