Shares surge on both sides of the Atlantic as UK tech listings face renewed pressure
Qualcomm (NASDAQ: QCOM) has announced a definitive agreement to acquire British-Canadian semiconductor firm Alphawave Semi (LON: AWE) for approximately US$2.4bn in cash, as the US chipmaker looks to bolster its presence in the high-growth data centre and AI infrastructure space.
The deal, which is expected to close in the first quarter of 2026 pending regulatory and shareholder approvals, will see Qualcomm pay 183 pence per Alphawave share—a 96% premium to the stock’s closing price on 31 March, the last day before takeover discussions were publicly confirmed. Alphawave shares closed 22.18% higher on Monday at 182.30 pence, while Qualcomm rose 4.13% to US$155.41.
Alphawave designs high-speed wired connectivity and compute technologies used in data centres, AI inferencing, and high-performance networking. Qualcomm CEO Cristiano Amon said the acquisition “provides key assets for our expansion into data centres” and complements Qualcomm’s custom Oryon™ CPUs and Hexagon™ NPUs, which are tailored for energy-efficient AI compute.
Tony Pialis, CEO of Alphawave Semi, called the deal a “significant milestone” for the company. “By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities.”
Founded in Canada and listed in London, Alphawave debuted on the London Stock Exchange in 2021 with a valuation of £3.1bn and an IPO price of 410p per share. However, its market capitalisation has since fallen sharply—raising questions about the UK’s ability to retain growth-focused tech listings.
The takeover adds to a growing list of high-profile UK-listed tech firms being acquired by US counterparts, following similar moves involving Deliveroo, Darktrace, and Wise’s recent plans to shift its primary listing to the US.
For Qualcomm, the deal forms part of a broader diversification strategy as it looks beyond its core smartphone chip business toward AI, Internet of Things (IoT), and data infrastructure. The acquisition will be conducted through Aqua Acquisition Sub LLC, a Qualcomm subsidiary, and requires approval from at least 75% of Alphawave shareholders.
