Qualcomm has abandoned its bid to acquire Israel-based automotive chipmaker Autotalks.

The company had agreed a deal in May 2023 worth an estimated $350 million, but regulatory roadblocks have now led Qualcomm to ditch the deal.

The European Commission in August said that the deal would require antitrust approval on the grounds that it would combine ​​the two largest V2X semiconductors in Europe, while the US Federal Trade Commission was also said to be looking into the transaction. The UK’s Competition and Markets Authority launched an investigation into the deal, in what looks to have been a killer blow for the merger.

In a statement, Qualcomm said: "Qualcomm has terminated the transaction to acquire Autotalks due to lack of regulatory approvals in a timely manner. Automotive is a very important vertical for Qualcomm and we remain fully committed to our product roadmap, our customers and our partners."

Autotalks added: "We thank Qualcomm for their intention to acquire Autotalks. We found a fellow believer in the potential of V2X to save thousands of lives every year. We are disappointed that the transaction couldn’t be completed."

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