Qualcomm sets new $10B buyback plan
Qualcomm sets new $10B buyback plan. Chipmaker Qualcomm said on Wednesday its board has approved a new $10B buyback program that replaces the previous $15B stock repurchase program announced in March 2015, which had $1.2B of repurchase authority remaining The new buyback plan is effective immediately.
The new stock repurchase authorization has no expiration date. The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Readmore here.
Qualcomm’s shares were up 1.56% in pre-market trading on Thursday morning.
“Consistent with our commitment to return capital to our stockholders, we are pleased that our board has approved a new stock repurchase authorization, which enables our continued anti-dilutive share repurchases and provides flexibility for potential additional repurchases, as we execute on our proposed acquisition of NXP," said Steve Mollenkopf, CEO of Qualcomm.
Qualcomm has been working on completing its $43 billion acquisition of Dutch automotive chipmaker NXP Semiconductors for over 18 months. Qualcomm wants to buy NXP to reduce its reliance on smartphones, but is still awaiting regulatory clearance from China’s Ministry of Commerce to complete the deal.
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