SAN DIEGO, Sept. 13, 2018 /PRNewswire/ -- Qualcomm
Incorporated (NASDAQ: QCOM) today announced that it has entered
into accelerated share repurchase agreements (ASR Agreements) with
each of Bank of America, N.A., Citibank, N.A. and Morgan Stanley
& Co. LLC to repurchase an aggregate of $16 billion of Qualcomm's common stock, with an
initial delivery to Qualcomm of approximately 178 million shares in
the aggregate. The final number of shares to be repurchased will be
based on the volume-weighted average price of Qualcomm's common
stock during the term of the transaction, less a discount and
subject to adjustments pursuant to the terms and conditions of the
ASR Agreements. Qualcomm is funding the accelerated share
repurchase with existing cash resources.
"We are pleased to initiate this significant accelerated share
repurchase as we continue to execute on our previously announced
$30 billion stock repurchase
program," said Steve Mollenkopf, CEO
of Qualcomm Incorporated. "We remain on track to complete a large
majority of the announced program by the end of fiscal 2019. The
Board and the management team remain committed to returning capital
to stockholders while we also continue to invest to create longer
term stockholder value."
BNP Paribas Securities Corp. acted as structuring adviser to
Qualcomm on the transaction.
About Qualcomm
Qualcomm invents breakthrough
technologies that transform how the world connects, computes and
communicates. When we connected the phone to the Internet, the
mobile revolution was born. Today, our inventions are the
foundation for life-changing products, experiences, and industries.
As we lead the world to 5G, we envision this next big change in
cellular technology spurring a new era of intelligent, connected
devices and enabling new opportunities in connected cars, remote
delivery of health care services, and the IoT — including smart
cities, smart homes, and wearables. Qualcomm Incorporated includes
our licensing business, QTL, and the vast majority of our patent
portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm
Incorporated, operates, along with its subsidiaries, all of our
engineering, research and development functions, and all of our
products and services businesses, including, our QCT semiconductor
business. For more information, visit Qualcomm's website, OnQ blog,
Twitter and Facebook pages.
Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this document that are not historical
facts, including but not limited to statements regarding the
amount, timing or manner of anticipated stock repurchases under
Qualcomm's $30 billion stock
repurchase program, are forward-looking statements as defined in
the U.S. Private Securities Litigation Reform Act of 1995.
Additionally, statements regarding operating results for future
years, growth in operating results and the factors contributing to
future operating results; the resolution of licensing disputes and
the impact and timing thereof; expected market, industry,
geographic and organic growth and trends; future serviceable
addressable market size and growth; anticipated contributions from
and growth in new opportunities; benefits from planned cost
reductions; technology and product leadership and trends;
Qualcomm's positioning to benefit from any of the above; potential
benefits and upside to Qualcomm's stockholders related to any of
the above; and the regulatory process and regulatory uncertainty
are forward-looking statements. Words such as "anticipate,"
"believe," "estimate," "expect," "forecast," "intend," "may,"
"plan," "project," "predict," "should," "will" and similar
expressions are intended to identify such forward-looking
statements. These statements are based on Qualcomm's current
expectations or beliefs, and are subject to uncertainty and changes
in circumstances. Actual results may differ materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive, technological, strategic and/or
regulatory factors, and other factors affecting the operations of
Qualcomm. More detailed information about these factors may be
found in Qualcomm's filings with the SEC, including those discussed
in Qualcomm's most recent Annual Report on Form 10-K and in any
subsequent periodic reports on Form 10-Q and Form 8-K, each of
which is on file with the SEC and available at the SEC's website at
www.sec.gov. SEC filings for Qualcomm are also available in the
Investor Relations section of Qualcomm's website at
www.qualcomm.com. Qualcomm is not obligated to update these
forward-looking statements to reflect events or circumstances after
the date of this document. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of their dates.
Qualcomm Contacts:
Pete Lancia, Corporate
Communications
Phone: 1-858-845-5959
Email: corpcomm@qualcomm.com
John Sinnott, Investor
Relations
Phone: 1-858-658-4813
Email: ir@qualcomm.com
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SOURCE Qualcomm Incorporated