Qualcomm dips as chipmaker nearing $300M deal for Cellwize: report
Qualcomm (NASDAQ:QCOM) shares dipped in early trading on Wednesday after it was reported that the San Diego-based chipmaker is looking into buying Israeli-based Cellwize for $300 million.




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According to Calcalist, Qualcomm (QCOM) is in "advanced negotiations" to buy the company, which has raised $56 million from a number of investors, including different venture capital firms.
Qualcomm (QCOM) has already invested in Cellwize via its own venture capital arm, Qualcomm Ventures.
San Diego-based Qualcomm (QCOM) declined to comment on the matter. 
Qualcomm (QCOM) shares fell more than 2% to $133.96 in premarket trading on Wednesday.
Cellwize has a cloud and artificial intelligence-driven platform known as CHIME that helps accelerate 5G network deployment, with telecoms such as Verizon (VZ), Telefonica (TEF) and Bell among its customers.
In addition to helping build out the 5G networks faster, Cellwize's CHIME platform also manages legacy networks, including 2G, 3G and 4G networks.
An acquisition of Cellwize would come just a few short weeks after Qualcomm (QCOM) closed on its deal to acquire Arriver to further the company's ambitions in the automotive space.
In a recent interview with Seeking Alpha, Qualcomm (QCOM) Chief Financial Officer Akash Palkhiwala said the company is "more and more becoming a processing company more than a communications company."