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Qualcomm (NASDAQ:QCOM) terminated its agreement to purchase Israeli tech firm Autotalks after a prolonged regulatory review of the deal.
San Diego-based Qualcomm (QCOM) agreed to acquire Autotalks last May for an undisclosed amount. Autotalks produces customized chips for use in vehicle-to-everything communications technology for human and autonomous automobiles to improve road safety.
The UK’s antitrust regulator, the Competition and Markets Authority, in February said it was opening an investigation into the transaction. The European Commission said in August that the deal needed its approval as 15 countries asked the agency to look into the deal, including Belgium, France, Italy and the Netherlands.
“Qualcomm has terminated the transaction to acquire Autotalks due to lack of regulatory approvals in a timely manner,” Qualcomm said in a statement to Reuters on Friday. “Automotive is a very important vertical for Qualcomm and we remain fully committed to our product roadmap, our customers and our partners.”