Qualcomm buys CSR for £1.6bn

Qualcomm has agreed to buy Cambridge-based wireless technology pioneer CSR for £1.6billion.

The cash deal is expected to close by the end of next summer. It comes just weeks after Microchip Technology's bid for the company was rejected. Commenting on the acquistion, Qualcomm's CEO Steve Mollenkopf, pictured, said the move would complement and strengthen the company's existing expertise in the areas of automotive infotainment, portable audio, wearable devices and the Internet of Everything (IoE). He continued: "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."