US semiconductor company Qualcomm has agreed to acquire British chip designer Alphawave for $2.4 billion.

The deal offers Alphawave shareholders 183 pence per share, representing a 96% premium over the company's pre-discussion stock price.

Alphawave specializes in high-speed wired connectivity and compute technologies, which Qualcomm plans to integrate with its AI-focused processors.

The acquisition is part of Qualcomm's strategy to strengthen its position in the AI and advanced connectivity sectors.