New Delhi, June 9 -- Qualcomm Inc. has reached a deal to acquire UK-listed semiconductor firm Alphawave IP Group Plc for approximately $2.4 billion in cash, aiming to strengthen its artificial intelligence technology capabilities.

According to Qualcomm's statement on Monday, the offer values Alphawave at around 183 pence per share. As an alternative, Alphawave shareholders can choose to receive 0.01662 Qualcomm shares for each Alphawave share they hold. The board of Alphawave has unanimously endorsed the acquisition.

Alphawave specializes in high-speed semiconductor and connectivity solutions used in data centers and AI systems-key growth segments in the chip market fueled by increasing demand from AI tools like OpenAI's ChatGPT. Despit...