Qualcomm has announced that it has acquired CSR, a chip maker which specialises in Bluetooth technology.
There was other interest in the company, but Qualcomm secured CSR in a cash acquisition, with the rate set at £9 per share for a total value of £1.6 billion.
For that considerable outlay, CSR brings its expertise in the burgeoning fields of the Internet of Everything, and in-car technology, areas where Qualcomm has "strategic priorities" that will be furthered by this acquisition.
While the cash offer has been unanimously approved by the CSR board, the takeover will be subject to the usual regulatory approval process. However, the deal is expected to be finalised before summer 2015 is out.
Steve Mollenkopf, CEO of Qualcomm Incorporated, commented: "The addition of CSR's technology leadership in Bluetooth, Bluetooth Smart1 and audio processing will strengthen Qualcomm's position in providing critical solutions that drive the rapid growth of the Internet of Everything, including business areas such as portable audio, automotive and wearable devices."
"Combining CSR's highly advanced offering of connectivity technologies with a strong track record of success in these areas will unlock new opportunities for growth. We look forward to working with the innovative CSR team globally and further strengthening our technology presence in Cambridge and the UK."
Shares in CSR are unsurprisingly buoyant with the news, and are up 30 per cent as of the time of writing.