Qualcomm's ex-chairman is trying to buy the company with help from investors at SoftBank
- Paul Jacobs, the recent chairman of Qualcomm is looking to buyout the company, according to the Financial Times.
- This news comes four days after President Trump blocked Qualcomm's acquisition by Broadcom on the grounds of national security. Broadcom officially withdrew its offer on Wednesday.
- Jacobs has spoken with several global investors about acquiring the company, including SoftBank.
- SoftBank, a Japanese holding company, is ramping up its investments in Silicon Valley, and already has major stakes in companies like Uber and WeWork.
The former chairman of Qualcomm is trying to buyout the company just days after President Donald Trump signed an executive order blocking a plan to acquire the company by chip rival Broadcom on the grounds of national security.
Paul Jacobs, whose father founded the $89 billion chip company in 1985, informed board members about his plan to buy the company, according to the Financial Times.
Jacobs has reached out to several global investors about supporting his bid, including SoftBank, according to the report.
SoftBank, a Japanese holding company, has major stakes in several Silicon Valley companies including Uber, WeWork, SoFi, and Slack, thanks to its $100 billion mega fund specifically for investing in the industry. It also owns Arm, the British semiconductor company whose chip design is at the heart of most smartphones today.
Broadcom, the Signapore-based chip company that tried to hostily take over the company earlier this year, officially pulled its $117 billion bid for Qualcomm on Wednesday.
Qualcomm shares were up nearly 7% in after hours trading on news of the potential deal.
Read more about what's going on at Qualcomm here:
- Trump blocks $117 billion Broadcom takeover of Qualcomm on national security grounds
- Qualcomm is sinking after Trump blocked its $117 billion takeover by Broadcom
- China has made no secret of the fact that it had ways of retaliating against the United States in the event of aggressive economic action