U.S. chipmaker Qualcomm agreed to acquire Alphawave for about $2.4 billion on Monday, as part of efforts to strengthen its AI technology, sending shares of the British semiconductor company up by almost a quarter.

Qualcomm Inc. has agreed to buy London-listed semiconductor company Alphawave IP Group Plc for about $2.4 billion in cash to expand its technology for artificial intelligence. The offer equates to about 183 pence per share for Alphawave,

US semiconductor group Qualcomm has agreed a $2.4bn deal to buy chip designer Alphawave, marking the latest tech company departure from the London market.