Business
Qualcomm to Acquire AI Software Firm Modular in $3.9 Billion Stock Deal
Qualcomm QCOM 4.02%increase; up pointing triangle agreed to acquire the AI software company Modular for about $3.9 billion, in a bid to make artificial intelligence faster and cheaper for its customers.
The semiconductor company said Wednesday that, as consideration for the acquisition, Qualcomm expects to issue up to 19.2 million shares of its common stock to equity owners of Modular. That values the deal at around $3.92 billion, based on Qualcomm’s closing price of $204.13 on Tuesday.
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