(Reuters) – Qualcomm on Friday said it has terminated its bid to acquire Autotalks, an Israeli firm that makes communications chips to help prevent car crashes.
Qualcomm, which is best known for its mobile phone chips but has built an extensive automotive chip business, had said it would acquire the firm last year. The U.K.’s top antitrust regulator said in February it was opening a probe into the deal.
“Qualcomm has terminated the transaction to acquire Autotalks due to lack of regulatory approvals in a timely manner,” Qualcomm said in a statement. “Automotive is a very important vertical for Qualcomm and we remain fully committed to our product roadmap, our customers and our partners.”
(Reporting by Stephen Nellis in San Francisco)
