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NXP to repurchase $5 billion shares after Qualcomm deal falls through

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NXP to repurchase $5 billion shares after Qualcomm deal falls through

NXP to repurchase $5 billion shares after Qualcomm deal falls through
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China Stringer Network(Reuters)
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(Reuters) - NXP Semiconductors NV <NXPI.O>, whose buyout deal with U.S. chipmaker Qualcomm Inc <QCOM.O> fell through due to lack of approval from China, said on Thursday it would buy back $5 billion (£3.79 billion worth of shares.

The company said Qualcomm has informed the company it would pay $2 billion breakup fee by 9 a.m., New York City time, on Thursday.

NXP also reported second-quarter revenue of $2.29 billion, a 4 percent increase from last year, missing the average analyst estimate of $2.36 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Supantha Mukherjee in Bengaluru)

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