Tags: former | qualcomm | chairman | jacobs | chipmaker

FT: Former Qualcomm Chairman Jacobs Seeks Funds to Buy Chipmaker

FT: Former Qualcomm Chairman Jacobs Seeks Funds to Buy Chipmaker
(Mohamed Ahmed Soliman | Dreamstime)

Friday, 16 March 2018 08:51 AM

Former Qualcomm Inc. Chairman Paul Jacobs has approached several global investors to seek funding to buy the chipmaker, the Financial Times reported on Thursday, citing three people with direct knowledge of the matter.

Jacobs, who is still on Qualcomm's board after vacating the post of chairman last week, has informed other members of the board about his plan to launch a buyout, the FT said.

Qualcomm was not immediately available to comment on the report. 

Jacobs’ attempt to put together an offer comes just a few days after Qualcomm fended off a $117 billion hostile bid from Singapore-based rival Broadcom Ltd. thanks to an order by U.S. President Donald Trump prohibiting the deal due to national security concerns.

Qualcomm does not view Jacobs’ attempt to put together a buyout bid as credible, the sources said. Jacobs has held talks with several investment firms, including SoftBank Group Corp.’s Vision Fund, but has so far been unable to secure the necessary financing, three sources told Reuters.

Jacobs is attempting to put together the largest leveraged buyout of all time, three times as large as the $45 billion buyout of Texas power utility Energy Future Holdings, which ended in bankruptcy.

Even if SoftBank, a Japanese telecommunications group with technology investments around the world, wanted to join Jacobs’ bid, it could face conflicts given its ownership of British chip designer ARM Holdings Plc, the sources said. Adding to the potential conflicts, Qualcomm is an investor in the Vision Fund.

© 2019 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Economy
Former Qualcomm Inc Chairman Paul Jacobs has approached several global investors to seek funding to buy the chipmaker, the Financial Times reported on Thursday, citing three people with direct knowledge of the matter.
former, qualcomm, chairman, jacobs, chipmaker
245
2018-51-16
Friday, 16 March 2018 08:51 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved