Qualcomm Abandons NXP Deal Amid U.S.-China Tensions

Qualcomm Inc. scrapped its $44 billion purchase of Dutch chipmaker NXP Semiconductors NV after a Wednesday deadline to gain approval in China passed, making the deal one of the most prominent victims of spiraling U.S.-China trade tensions and derailing a central part of the U.S. chip giant’s strategy. China was the last of nine markets that needed to approve the deal, which would have been among the biggest ever between technology companies. The acquisition was announced in October 2016 and extended in April as the chip makers sought approval from China’s competition regulators. Read more here.