Qualcomm’s Interest in Intel Takeover Cools: Report
Qualcomm’s interest in pursuing an acquisition of Intel has cooled, according to people familiar with the matter, upending what would have likely been one of the largest technology deals of all time. It’s always possible Qualcomm looks at pieces of Intel instead or rekindles its interest later, they added. It came just weeks after Intel communicated a bruising earnings report where it delivered a disappointing revenue forecast and outlined a 15% reduction in headcount in an effort to “resize and refocus.” But the transaction faced numerous financial, regulatory and operational hurdles, including the assumption of Intel’s more than $50 billion in debt. The San Diego-headquartered firm’s chief executive officer, Cristiano Amon, said in a Bloomberg Television interview last week that, “right now, at this time, we have not identified any large acquisition that is necessary for us to execute on this $22 billion.” ‘Better Together’ Intel, which until relatively recently was among the largest chipmakers by value, is in the midst of trying to reinvent itself.
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