Qualcomm buys NXP Semiconductors for $38B

Qualcomm said Thursday that it had agreed to acquire NXP Semiconductors for about $38 billion, expanding its presence in the increasingly lucrative market for automotive sensors and chips. Qualcomm said it would pay $110 per share for NXP and expects the deal to close by the end of 2017. The deal gives the telecommunications giant a greater foothold in the burgeoning market for technology that will power self-driving cars -- which represents a growth space compared to the saturated market for smart phones and other mobile devices. NXP also has a desirable position in the market for technology powering the so-called Internet of Things as well as security products. The acquisition also marks the latest in a series of deals for the semiconductor business, accelerating the trend of consolidation.