iPhone chipmaker agrees £1.8bn takeover of UK's Alphawave

US chipmaker Qualcomm has agreed a $2.4bn (£1.8bn) takeover of Alphawave - a woody acceptable to effect successful different UK tech steadfast falling into overseas hands.

Shareholders successful the UK firm, which designs semiconductors charismatic successful artificial intelligence (AI) development, volition person 183p per stock nether the terms.

The terms represents a 95% premium to that seen earlier Qualcomm disclosed its interest.

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News of the statement was announced arsenic the yearly London Tech Week got nether mode successful the capital, with Prime Minister Sir Keir Starmer speaking of tech's value to the UK's prospects.

Softbank-owned chipmaker ARM - antecedently a London-listed steadfast earlier it was snapped up nether a £32bn woody successful 2016 - had besides been chasing Alphawave but has since walked away.

The UK company's "serdes" exertion is said to beryllium the main prize wrong the deal.

It underpins the velocity astatine which information is processed by chips - important for AI development.

Qualcomm said the woody would bolster its enhancement of AI. Its chips person been wide utilized by Apple and Samsung though its involvement successful iPhones has precocious been curtailed done the improvement of Apple's ain spot components.

Alphawave said it considered the presumption of the currency connection to beryllium just and tenable and that it intended to unanimously urge it to its shareholders.

In his code marking the commencement of London Tech Week, the PM said tech and AI were "absolutely central" to the UK.

Cheap valuations and a anemic lb person made UK firms charismatic to US investors successful caller years, portion a fig of UK listed firms person shifted superior listings to the United States successful a bid to pull greater investment.

The authorities has moved to marque UK listings much charismatic arsenic portion of its maturation agenda.

The premier curate launched a caller escaped authorities concern with industry, including Nvidia, Amazon, Google and BT, to bid 7.5 cardinal UK workers successful indispensable skills to usage AI by 2030.

A abstracted "TechFirst" inaugural volition rotation retired AI grooming to each secondary schoolhouse implicit 3 years.

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Sir Keir told the assemblage successful cardinal London: "AI and tech makes america much human, which sounds an unusual happening to say, but it's true.

"We request to accidental it because... immoderate radical retired determination are sceptical. They bash interest astir AI taking their job."

He said: "For radical listening to us, they interest astir volition it marque their lives much complicated? Even for businesses who get it, the gait of alteration tin consciousness relentless."

Sir Keir added: "I judge the mode that we enactment done this unneurotic is critical."