Qualcomm and NXP Agree, at Mofcom Request, to Withdraw and Refile Application for Chinese Regulatory Approval

Qualcomm Incorporated (NASDAQ: QCOM) (“Qualcomm”) today announced that Qualcomm and NXP Semiconductors N.V. (NASDAQ: NXPI) (“NXP”) at the request of the Ministry of Commerce in China (MOFCOM) have withdrawn and refiled the notice of acquisition regarding the companies’ planned combination.

In conjunction with the refiling, NXP and Qualcomm River Holdings B.V., an indirect wholly owned subsidiary of Qualcomm, have agreed, among other things, to extend the end date of their purchase agreement from April 25, 2018 to July 25, 2018.  Qualcomm River Holdings B.V. also agreed that if the parties have not received all required regulatory approvals, including from MOFCOM, by 11:59 p.m. New York City time on July 25, 2018, it will pay the previously agreed termination fee to NXP no later than 9:00 a.m. New York City time on July 26, 2018. 

In conjunction with the amendment to the purchase agreement, the currently pending tender offer of Qualcomm River Holdings B.V. to acquire all of the issued and outstanding shares of NXP is being extended to expire at 5:00 p.m., New York City time, on April 27, 2018, unless extended or earlier terminated, in either case pursuant to the terms of the purchase agreement.