Global law firm Ashurst is advising Evercore Partners International LLP as financial adviser to Qualcomm Incorporated (Qualcomm) on the recommended cash offer for Alphawave IP Group plc (Alphawave), announced today.
The recommended acquisition of Alphawave will be made by Aqua Acquisition Sub LLC, an indirect wholly-owned subsidiary of Qualcomm and values Alphawave's entire issued and to be issued ordinary share capital at approximately US$2.4 billion.
Under the terms of the acquisition, each Alphawave shareholder will be entitled to receive US$2.48 in cash (the Cash Offer). In addition, as an alternative to the Cash Offer, eligible Alphawave Shareholders may elect in respect of all (but not part) of their holding of Alphawave Shares, to receive either (in each case in lieu of any cash consideration under the Cash Offer): (i) for each Alphawave Share: 0.01662 of a New Qualcomm Share (Alternative Offer 1) or (ii) for each Alphawave Share: 0.00964 of a New Series A Qualcomm Exchangeable Security and 0.00698 of a New Series B Qualcomm Exchangeable Security (Alternative Offer 2).
Alphawave is a global leader in high-speed wired connectivity and compute technologies delivering IP, custom silicon, connectivity products and chiplets that drive faster, more reliable data transfer with higher performance and lower power consumption. Alphawave's products form a part of the core infrastructure enabling next generation services in a wide array of high growth applications, including data centres, AI, data networking and data storage.
Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Building on its 40 years of technology leadership in creating era-defining breakthroughs, it delivers a broad portfolio of solutions built with its leading-edge AI, high-performance, low-power computing, and unrivalled connectivity.
The Ashurst team was led by partner Tom Mercer with support from Patrick Chambers and Shashtika Sundar.
