Qualcomm to buy NXP Semiconductors for $47 billion

Qualcomm, the world’s largest maker of chips for cell phones, will buy NXP Semiconductors for $47 billion in cash. The huge deal enables Qualcomm to expand into other areas, such as electronics in cars, just as growth starts to slow in the smartphone market, reports Bloomberg. Investors seem happy with the move: “As a long-term investor, I would much rather have a more diverse company that has the potential to participate in new markets and probably grow significantly more than it would in a mobile-only world,” Sid Parakh, a fund manager at Becker Capital Management, tells Bloomberg.