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GACA, Microsoft Sign MoU on Digital Transformation

GACA, Microsoft Sign MoU on Digital Transformation
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GACA, Microsoft Sign MoU on Digital Transformation

GACA, Microsoft Sign MoU on Digital Transformation

The General Authority of Civil Aviation (GACA) has signed a memorandum of understanding with Microsoft Arabia Ltd. on the sidelines of the International Technology Conference held at the Riyadh Front Expo.

The memorandum was signed on behalf of GACA by the Director General of Technology and Digital Transformation, Eng. Abdullah bin Fahd Al-Shaya, while it was signed on behalf of Microsoft by its general manager, Thamer Al-Harbi.

The MoU aims to enhance joint cooperation between the two sides in the areas of digital transformation, innovation and capacity building.

It comes within the objectives of the civil aviation sector strategy to enhance the scope of cooperation in the field of technology and digital transformation, which GACA is keen to activate with international institutions and companies specialized in advanced technical fields. This in order to keep pace with the latest developments in the field of digital transformation, and in line with the directions of the Kingdom’s Vision 2030.

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Qualcomm Strengthens AI Portfolio with $2.4 Billion Alphawave Deal

The Qualcomm logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. (Reuters)
The Qualcomm logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. (Reuters)
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20
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Qualcomm Strengthens AI Portfolio with $2.4 Billion Alphawave Deal

The Qualcomm logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. (Reuters)
The Qualcomm logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. (Reuters)

US chipmaker Qualcomm on Monday agreed to acquire British semiconductor company Alphawave for about $2.4 billion as part of efforts to strengthen its artificial intelligence technology.

Alphawave shareholders will receive 183 pence per share, a nearly 96% premium to the price immediately before Qualcomm disclosed its interest in the company. The shares jumped 22% in early London trade to just below the offer price.

US-based firms have been snapping up British assets, taking advantage of a market that is plagued by comparatively weaker valuations and stunted growth.

Alphawave, which designs and licenses semiconductor technology for data centers, networking and storage, had garnered takeover interest from Qualcomm and SoftBank-owned chip tech provider Arm in early April for its "serdes" technology.

The technology underpins the speed at which data is processed by chips - crucial for AI development - and serves as the foundation for Broadcom's and Marvell Technology's multibillion-dollar bespoke chip businesses.

Arm walked away after initial discussions with Alphawave, Reuters exclusively reported in April citing sources.

Qualcomm also tabled two alternative all-share offers to Alphawave's shareholders, after receiving multiple extensions from the UK's takeover panel to table a firm offer.

The British company said it considers the terms of the cash offer to be fair and reasonable and intends to unanimously recommend it to its shareholders.

Alphawave also completed the disposal of its stake in WiseWave, its joint venture with Chinese investment firm Wise Road Capital, to existing state shareholders on Monday.