NXP to Repurchase $5 Bln Shares After Qualcomm Deal Falls Through

NXP Semiconductors NV, whose buyout deal with U.S. chipmaker Qualcomm Inc fell through due to lack of approval from China, said on Thursday it would buy back $5 billion worth of shares.

The company said Qualcomm has informed the company it would pay $2 billion breakup fee by 9 a.m., New York City time, on Thursday.

NXP also reported second-quarter revenue of $2.29 billion, a 4 percent increase from last year, missing the average analyst estimate of $2.36 billion, according to Thomson Reuters I/B/E/S. (Reporting by Supantha Mukherjee in Bengaluru)

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