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Qualcomm To Buy Atheros Communications For $3.1B

Wall Street Journal - Jan 5, 2011

Qualcomm Inc. (QCOM) agreed to buy fellow chip maker Atheros Communications Inc. (ATHR) for $3.1 billion in cash as it aims to address growing demand for devices that use Wi-Fi to connect to the Internet.

The deal--Qualcomm's largest-ever acquisition--fills a hole in its communication chip offerings that the company has been trying to plug for years. The importance of Wi-Fi has been growing as more devices--including smartphones, tablets and notebooks--connect to the Internet.

"We see this evolution of the industry where wireless and connectivity go into a bunch of devices around us," Qualcomm Chairman and Chief Executive Paul Jacobs said in an interview with Dow Jones Newswires. "And we want the phone to be able to interact with those devices."

The deal, which values Atheros at $45 a share, comes during a flurry of acquisitions in the tech sector and puts pressure on Qualcomm's rivals, such as Broadcom Corp. (BRCM). Chip companies, including Intel Corp. (INTC), have been using their high levels of cash to make purchases to add more features to their chips. Qualcomm has about $10 billion of cash on its books.

Read Full Article from Wall Street Journal

- Posted: 2011-01-05 12:23:26

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