Qualcomm will pay $2 billion to end failed acquisition of NXP

Qualcomm has finally given up on buying NXP Semiconductors, a Dutch company known for automotive and IoT chips, which it's been trying to acquire for nearly two years. The deal has long been held up by the Chinese government, and now, Qualcomm has said it will scrap the agreement altogether rather than continue the uncertain fight toward a completed acquisition. In doing so, it'll have to pay a breakup fee of $2 billion.

The two companies initially entered into a deal in October 2016, with Qualcomm agreeing to pay $47 billion for NXP. The deadline to close the deal has been extended many times since then, as the companies wait for China to approve or deny the merger; every other country reviewing the acquisition granted its approval.

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