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Qualcomm draws up $12B agreement with Chinese device makers

Qualcomm draws up $12B agreement with Chinese device makers

Qualcomm has signed non-binding MoUs to supply components to three Chinese smartphone manufacturers – Oppo, Vivo and Xiaomi.

China accounts for over half of the US-based vendor’s total revenue. The three Chinese vendors with which it has signed the memoranda have indicated that across the next three years they will acquire components valued at no less than $12 billion.

Qualcomm CEO Steve Mollenkopf noted that the component manufacturer had worked extensively with all three device manufacturers in the past, saying “we are continuing our commitment to investing and helping advance China’s mobile and semiconductor industries.”

The deal is part of a $250 billion suite of agreements between US and Chinese companies that have been announced during the US president’s first state visit to China.

Qualcomm has dismissed a $130 billion takeover bid from Broadcom on the grounds that it “dramatically undervalued” the company. The deal would have been most expensive ever acquisition of a technology company, and one of the largest business deals ever.

Broadcom has stated that it will press on in pursuing the deal despite Qualcomm’s initial rejection, and would go ahead with the buy whether or not Qualcomm’s pending purchase of NXP Semiconductors receives approval.

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