Qualcomm buying CSR in $2.5 billion deal

SAN DIEGO (AP) — Qualcomm is buying British chip maker CSR in a deal worth approximately $2.5 billion as it pushes aggressively into technology that connects devices over the Internet.

Qualcomm said Wednesday that it will pay 9 pounds per CSR share.

CSR concentrates on the auto, consumer, and voice and music segments. It has 2,130 employees in 11 countries. The company's fiscal 2013 revenue totaled $960.7 million.

Qualcomm Inc., one of the biggest makers of chips used in mobile devices, expects the deal to add to its adjusted earnings per share in fiscal 2016.

The board of CSR Plc. unanimously approved the buyout, but it still requires the approval of CSR shareholders.

The deal is expected to close by the end of the summer of 2015.

Shares of Qualcomm, based in San Diego, rose slightly before the opening bell Wednesday.