Qualcomm sells UK spectrum rights to Vodafone and CK Hutchison - Bloomberg
(Reuters) - Chipmaker Qualcomm Inc has sold its U.K. spectrum rights to Vodafone Group Plc and CK Hutchison Holdings Ltd for about 200 million pounds, Bloomberg reported, citing people familiar with the matter.
The deal, which is to be announced Wednesday, is subject to approval by communications regulator Ofcom, Bloomberg cited three people as saying.
Qualcomm in June announced that it was putting a chunk of spectrum up for sale in Britain, which could appeal to mobile operators grappling with demand for Internet access.
The San Diego-based chipmaker said in July it might break itself up as it delivered its third profit warning this year and said it planned to slash jobs and spending in a competitive environment.
Qualcomm, Vodafone and CK Hutchinson were not available for comment outside regular business hours.
Qualcomm's shares closed at $53.88 on Tuesday on the Nasdaq, and were down nearly 28 percent this year.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Leslie Adler)
