In accordance with the terms of the purchase agreement, Qualcomm River Holdings will pay a termination fee of $2 billion to NXP on July 26, 2018. Further, Qualcomm River Holdings has also terminated its previously announced cash tender offer to acquire all of the outstanding shares of NXP.
Qualcomm also announced that its Board of Directors authorized a stock repurchase program of $30 billion, which replaces the Company's existing $10 billion stock repurchase authorization. Qualcomm expects to execute the majority of the stock repurchase program prior to the close of fiscal year 2019.
Steve Mollenkopf, Chief Executive Officer, Qualcomm Incorporated, commented, "Our core strategy of driving Qualcomm technologies into higher growth industries remains unchanged. We will continue to focus on our strong momentum in these growth industries with projected revenues of approximately $5 billion for fiscal year 2018, up greater than 70 percent from fiscal year 2016. We believe our technology leadership and disciplined execution will drive significant value creation for our stockholders."