Qualcomm Inc. has agreed to buy London-listed semiconductor company Alphawave IP Group Plc for about $2.4 billion in cash to expand its technology for artificial intelligence.

U.S. chipmaker Qualcomm on Monday agreed to acquire British semiconductor company Alphawave for about $2.4 billion as part of efforts to strengthen its artificial intelligence technology. Alphawave shareholders will receive 183 pence per share,

The deal for the U.K.-listed semiconductor company comes as Qualcomm seeks to boost its portfolio of technology for AI, data centers and storage.