USA sees security risk from Qualcomm deal

Citing security Republicans support CFIUS review of Broadcom bid for Qualcomm 0

That could be a big disappointment to investors that were hoping to see the takeover happen, but I think it offers an opportunity for Qualcomm to work at righting its ship and becoming the 5G powerhouse the U.S government already believes the company is.

In the letter, Treasury officials said many of its national security concerns surrounding the potential takeover are classified.

The U.S. Committee on Foreign Investments said Qualcomm's position in 5G technology was good for national security and expressed concern over the Singapore-based company's ties to foreign organizations. CFIUS also intends to investigate whether the deal would limit the supply of Qualcomm products or services to the U.S. government, or whether it would threaten the integrity of those products and services.

Over the weekend, the government asked Qualcomm, which is based in San Diego, to delay its annual shareholder meeting by 30 days as it conducts its review.

As expected, Broadcom didn't take the news lying down.

Before Broadcom disclosed its buyout offer for Qualcomm in November, Trump himself announced Broadcom's plan to shift its headquarters back to the United States after a White House meeting with CEO (chief executive officer) Hock Tan, a Malaysia-born businessman. Harm to Qualcomm's innovation would allow China to expand its influence in key wireless technology, the government said. The company said in a statement that it is cooperating with CFIUS and is committed to making the combined company a global leader in 5G and other technologies. The letter notes that Qualcomm typically ranks second among semiconductor companies in R&D spending, with Intel taking the number one spot.

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Reuters reported last week that CFIUS, overseen by the US Treasury Department, had begun looking at Broadcom's bid as pressure grew from politicians, including senior Republican Senator John Cornyn.

The US Treasury Department is anxious that Broadcom's plan to buy Qualcomm could pose a national security threat.

"It is critical that Qualcomm stockholders know that Qualcomm did not once mention submitting a voluntary notice to CFIUS in any of its interactions with Broadcom to date, including in the two meetings on February 14, 2018 and on February 23, 2018". "Broadcom's dismissive rhetoric notwithstanding, this is a very serious matter for both Qualcomm and Broadcom", Qualcomm said in a statement.

However, Broadcom is not a Chinese company.

CFIUS can approve or propose changes to deals, but only the president can block a transaction on national security grounds.



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