US semiconductor firm Qualcomm will not attempt to restart its abandoned $44 billion acquisition of Dutch rival NXP despite Beijing signalling that it would be open to approving the deal if this were to happen, Reuters reports.
Qualcomm abandoned its attempted buyout of NXP in July after months of fruitless attempts to secure approval from Chinese regulators.
According to a White House statement released following the high-profile meeting between Presidents Donald Trump and Xi Jinping at the G20 summit in Buenos Aires, the Chinese side said they were “open to approving the previously unapproved” deal “should it again be presented.”
However, a spokesperson from Qualcomm told Reuters that the company was not considering a revival of the deal.
“While we were grateful to learn of President Trump and President Xi’s comments about Qualcomm’s previously proposed acquisition of NXP, the deadline for that transaction has expired, which terminated the contemplated deal,” the spokesperson said. “Qualcomm considers the matter closed.”