Alphawave IP Group PLC (LSE:AWE) shares rose 6% to 200.6p after the semiconductor group and Qualcomm confirmed that several major regulatory approvals for its £1.8 billion recommended takeover have now been secured, keeping the deal on track for completion before Christmas.
The acquisition is being carried out through a court-sanctioned scheme of arrangement. Alphawave said the US antitrust waiting period expired on 22 October, while Germany’s Federal Cartel Office issued a decision on 24 November confirming that the deal does not meet its prohibition criteria.
The Canadian competition waiting period also expired on 14 November, allowing the companies to move ahead under Canadian law. These milestones mean a number of regulatory conditions set out in the scheme document have now been satisfied.
The final outstanding approval relates to merger control in South Korea. Alphawave and Qualcomm said they expect this to be secured or waived, ahead of the sanction hearing, scheduled for 16 December at the Companies Court in London.
If cleared, the scheme is expected to become effective on 18 December. Deadlines for shareholders to elect alternative consideration options fall on 9 and 15 December, depending on the election type. Further updates will be issued if the timetable changes.