The purchase will help Qualcomm pair its processors with high-speed connectivity and compute technologies to support ever more sophisticated AI applications.

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.

Qualcomm Incorporated announced today its agreement to acquire UK-based Alphawave Semi, a leading provider of high-speed wired connectivity and compute technologies. The deal, valued at approximately $2.