Qualcomm Technologies Inc. has strengthened business ties with Lenovo, Oppo, Vivo, and Xiaomi, signing memorandums of understanding for sales of at least $2 billion over the next three years, Reuters reports.
The agreement remains non-binding and is due to undergo further amendments and discussions relating to RF Front-End components, Qualcomm said in a statement.
The move will assist Qualcomm in resisting an unsolicited buyout bid of $103 billion from industry leader Broadcom Ltd, which Qualcomm claims is an undervaluation. At the event in Beijing where the deal was announced, representatives of the Chinese companies said that an acquisition of Qualcomm by Broadcom could negatively affect investment in chip-technology.