NXP to repurchase $5 billion shares after Qualcomm deal falls through
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FILE PHOTO: A man works on a tent for NXP Semiconductors in preparation for the 2015 International Consumer Electronics Show (CES) at Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 4, 2015. REUTERS/Steve Marcus/File Photo
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(Reuters) - NXP Semiconductors NV (NASDAQ: NXPI), whose buyout deal with U.S. chipmaker Qualcomm Inc (NASDAQ: QCOM) fell through due to lack of approval from China, said on Thursday it would buy back $5 billion worth of shares.
The company said Qualcomm has informed the company it would pay $2 billion breakup fee by 9 a.m., New York City time, on Thursday.
NXP also reported second-quarter revenue of $2.29 billion, a 4 percent increase from last year, missing the average analyst estimate of $2.36 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Supantha Mukherjee in Bengaluru)
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