U.S. chipmaker Qualcomm on Monday agreed to acquire British semiconductor company Alphawave for about $2.4 billion as part of efforts to strengthen its artificial intelligence technology. Alphawave shareholders will receive 183 pence per share,

Qualcomm Inc. has agreed to buy London-listed semiconductor company Alphawave IP Group Plc for about $2.4 billion in cash to expand its technology for artificial intelligence.

Qualcomm on Monday sealed a deal to acquire Britain’s Alphawave IP Group in what the company said was an effort to pair high-speed wired connectivity and compute technologies with its own processors for artificial intelligence.