Qualcomm has announced that its indirect, wholly-owned subsidiary, Qualcomm Global Trading has completed its acquisition of CSR, a leading fabless provider of end-to-end semiconductor and software solutions for the Internet of Everything (IoE) and automotive segments. The acquisition, which was completed at an enterprise value of approximately US$2.2bn ($2.4bn equity value), complements Qualcomm Technologies current offerings by adding a compelling portfolio of new products, sales channels and a large number of customers in the areas of IoE and automotive - both key growth priorities for Qualcomm Technologies.

Cambridge Silicon Radio is currently an indirect, wholly-owned subsidiary of CSR that operates, along with its affiliates, substantially all of CSR's engineering, research and development functions, along with substantially all of the CSR products and services businesses. Cambridge Silicon Radio will be renamed Qualcomm Technologies International, which will become a subsidiary of Qualcomm Technologies.

"As we strive to connect billions more devices, automobiles and people within the Internet of Everything, we are enthusiastic about the growth that this combination will foster," said Steve Mollenkopf, chief executive officer, Qualcomm. "CSR's complementary strengths in connectivity, audio technologies and systems-on-chips will help strengthen Qualcomm Technologies' position in the IoE and automotive industries, and add to a broad and highly advanced portfolio."

"We are pleased to join a recognised leader such as Qualcomm Technologies at an exciting time as customers race to satisfy the growing consumer desire for more and more seamlessly connected devices in their 'smart' homes, offices and cars," said Joep van Beurden, chief executive officer, CSR. "Our employees have a strong history of pioneering new products and collaborating with customers to deliver critical technology requirements such as interoperability, low power and connectivity. Together with Qualcomm Technologies, we are better positioned to meet our customers' needs today and into the future."

While the accounting for the transaction is not yet finalised, Qualcomm estimates that on a Non-GAAP basis the acquisition will be modestly accretive to earnings per share in fiscal 2016 consistent with prior guidance. In addition, based on preliminary estimates, Qualcomm expects the transaction to be modestly dilutive to GAAP earnings for fiscal 2016 driven primarily by acquisition-related items.