Qualcomm acquires Ni Zhip's case has been tossing for more than a year. From October 2016, the decisions announced that this decision has been until today, and things have not yet condited. According to the latest report, if it is on Wednesday 25, Qualcomm acquires Enjipo can't get approval from the China Ministry of Commerce, then the transactions of both parties will terminate. Previously, Qualcomm had repeatedly extended the acquisition date, which will no longer be extended.
Bumpy acquisition trip
Qualcomm is a US company, while Nijo's headquarters is located in the Netherlands of Europe. This acquisition plan is already public in October 2016, but no one will think that this acquisition is such a wave of three fold.
At first, the purchase price is $ 38 billion, and it is the largest acquisition project in the semiconductor industry. In general, countermonitance approval will become the main resistance. In order to let the regulatory agencies are relieved, Qualcomm is also an article, and adults can make a series of adjustments, such as commitment to continuing to authorize NXP's MIFARE technology in the next 8 years, and the authorization standard remains unchanged. Abandon the acquisition of NXP NFC standards and some non-standard necessary patents, these patents will be transferred to third parties, and the NXPed NXP is not necessary to provide free of charge for free. This move is also a sincerity, so the EU has ratified this transaction in January this year.
However, in fact, the first truly twists and turns comes from NXP's shareholders. After approve this in the EU, NXP's shareholders sent a lawsuit against the transaction. The reason is that they believe that Qualcomm underestimates the value of NXP, in fact, it is not difficult to understand, this acquisition is estimated in October 2016. During this year, NXP's business is well developed. Subsequently, Qualcomm adjustment offer, total estimates reached 44 billion US dollars,
Of course, there is still a reason for Qualcomm Company agreed to adjust the valuation. It is the end of last year, Bo Tong is 140 billion US dollars to acquire Qualcomm, and Boyong is even maliciously acquired, and Qualcomm is improving to swallowing Broadcom, you can add yourself. The difficulty of acquisition, avoiding Boyong to eat high pass. Of course, this program is eventually not enough to stop, the Trump government may threaten the national security as a reason to reject this acquisition in March this year.
But now, the US government's decision has also become the resistance of Qualcomm to acquire NXP.
So what is the biggest bottleneck of the Quepool? In fact, the anti-monopoly survey of the countries. At present, Qualcomm has received eight countries including the United States, the EU, Japan, Russia, South Korea and Regional approval, there is still an approved. Yes, China, the only thing that did not ratify Qualcomm to acquire NXP is the Chinese Ministry of Commerce. Previously, Qualcomm has repeatedly extended the time, hoping to obtain the release of the China Ministry of Commerce.
The Trump government also signed a memorandum in March this year, restricting Chinese companies M & A and investment in American companies. As the situation is gradually tension, China and the United States finally started the trade war. Qualcomm acquires whether NXP can be released by the Ministry of Commerce, and the situation is very unclear.
Why do I need to agree in China?
According to the provisions of the "Guiding Opinions on Operators" issued by China's current "anti-monopoly law" and the Ministry of Commerce, the operator only has more than 10 billion yuan in the global annual turnover, and at least two operators last. The annual turnover is more than 400 million yuan in China, then it should be declared to the China Ministry of Commerce to conduct anti-monopoly reviews.
The acquisition behavior is very typical model, Gaixong and NXP's global revenue and the business scale of China is far more than the standard. Qualcomm is the largest SOC supplier in China. NXP is also a giant of the semiconductor industry. These two companies will China is regarded as an important market. Therefore, this acquisition must pass the review of China's anti-monopoly agencies.
In fact, not only China has such a requirement, and all countries in the world have similar review programs and regulations. The United States has also rejected two European M & A, and vice versa. Of course, take this acquisition as an example, Qualcomm can also insist on the acquisition of NXP, and will not pass China's approval, but will be subject to the limitations of the Chinese market because of this kind of orphan, meaning that the two companies will lose this. A market, obviously and any reason not to take risks.
Take Qualcomm and NXP as an example, the Chinese market has many customers and potential customers for them. In the future they will rely on the Chinese market to expand business, and it is impossible to give up easily. Of course, in turn, from the perspective of ZTE, Chinese companies actually dependence on Qualcomm and NXPo these semiconductor companies. This is mainly relatively late in the domestic semiconductor industry, and there is a huge technical barrier. There is no way to do now. Form a competition in the high-end field.
NXP design is quite wide
Multiple delay can be acquired to see this last two days
According to the original plan, this acquisition will be completed on April 25, 2018, but due to the approval of the reason, it is postponed until May 25, but since the problem is not resolved, follow-up to July 20, then finally postponened 7 Month.
Qualcomm has confirmed that it will not continue to postpone the acquisition time, that is, will be the "last" to acquire NXP's "last" on July 25. It can be deducted to see these two days. Simple hand If China is approved in China, this acquisition is expected to complete, if there is no approval, this transaction is yellow.
Can this acquirement success? There are many rumors in the square. It has been reported that because the US government released the "ZTE" ZTE to report a paragraph, Qualcomm acquired NXP's project is also very likely to be approved, but with China and the United States The official beginning of the war, this acquisition result became confusing.
Now there is not much time to stay to Qualcomm. If you can't get approval from the China Ministry of Commerce for two days, then this acquisition will be canceled.
What changes will be changed in successful acquisition?
If the acquisition is successful, then it means that Qualcomm will rank among the top three semiconductor vendors in the world, second only to Samsung and Intel.
Although Qualcomm has a good performance in the SOC field, modem products have good market share, but mainly in the field of mobile communications. Although NXP is less than high, the area involved is very wide, including vehicle electronics, microcontrollers, sensors, radio frequency, power supplies, etc.
And we all know that many of whom have an impact on the IOT field and future smart families, smart families, smart cars, and smart cars, but also to make up for their own short boards, but also more active layouts. Market, this is also a major acquisition of Qualcomm and I am hoping for 19 months. It is necessary to know that Qualcomm is now too dependent on smartphone business, and smartphones have a total of today's "grand event" in today, once there is a better product replacement, then I am afraid that the speed will be very fast. Therefore, Qualcomm must find a way in advance to seek future.
In fact, Qualcomm has had a similar image, and it has launched a car ADAS, entertainment and communication chip. If you buy NXP, then you will integrate chip products in the automotive field, and it is possible to control the development of industry (currently driving automatic driving If you want to implement, it is difficult to get around the technology accumulation of Zhixu's technology). For Qualcomm, of course, it is good, but for the emerging industry, it is not necessarily a good thing. If you use the industry's monopoly status to charge high patent fees, and you will use other competitors, then the industry will restrict the development, long-term look is disadvantageous. . This is also concerned about all countries in the world and the whole industry.
The acquisition failed Qualcomm is also ready for the response method.
It should be noted that if the acquisition failure means that Qualcomm has 19 months preparations and efforts will become bubbles. At the same time, it is necessary to pay $ 2 billion in NXP, which is used as compensation for unsuccessful acquisition.
When the CEO Steve Mollenkopf was interviewed last week, if the acquisition of NXP's transaction eventually failed, then the most of the returned stocks of $ 40 billion advanced reserves, this program requires approximately 200-30 billion US dollars in cash. It is the purpose to boost stocks to attract high-pass stockholders.
Steve Mollenkopf said that it is very hoped that this transaction can succeed and has made this transaction through multi-party efforts. But at the same time, he emphasized that even if there is no NZ, Qualcomm is also very good.
Original address: https://www.eeboard.com/news/qualcomm-acquires-nxp/
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