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.

In early trading Monday, Qualcomm shares were up 3.4%, while Alphawave stock surged by 21% in London. Alphawave, based in the U.K., is a leader in high-speed connectivity and cust

The companies announced the transaction today. It doesn’t come as a surprise: Qualcomm first disclosed plans to make a bid for Alphawave in early April. Its offer amounts to £1.83 per share, a 98% premium to the British chip designer’s last unaffected trading price.