RBC Sees Increasing Probability on NXPI/QCOM Approval

RBC Capital Amit Daryanani analyst sees an increasing probability of Qualcomm (NASDAQ: QCOM)/ NXP Semiconductors (NASDAQ: NXPI) deal approval after U.S. and ZTE reached a deal.

Daryanani cited 1) U.S. and ZTE have reached a deal, which should reduce a certain degree of geo-political uncertainty, 2) MOFCOM approved Toshiba's $18B memory sale to the Bain led consortium in May, and 3) MCHP/MSCC transaction cleared MOFCOM earlier.

"We think this logically opens the door for the QCOM/NXPI transaction which has been held up by MOFCOM for 15+ months," he commented. "NXPI deal getting approved would unlock sizable $1.50+ synergies for QCOM."

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