British chip designer Alphawave is set to be acquired by U.S. semiconductor giant Qualcomm in a $2.4 billion deal, marking another major loss for the London Stock Exchange as tech firms continue shifting to U.S. markets in search of higher valuations.

British semiconductor company Alphawave has agreed to a $2.4 billion (£1.8 billion) takeover by U.S. tech giant Qualcomm, the latest high-profile technology exit from the London Stock Exchange. The Alphawave board has recommended the offer of 183p per share to shareholders, following months of negotiations.

The transaction is expected to close in the first quarter of 2026, pending shareholder approval. Alphawave specializes in high-speed connectivity solutions for datacentres and artificial intelligence systems, areas seen as crucial for future growth in the global chip industry.

Listed in 2021 at 410p per share, Alphawave has mostly traded below its IPO price. The company's acquisition follows a pattern of UK tech companies either being bought by US firms or relocating their listings across the Atlantic in pursuit of stronger liquidity and investor appetite.

Recent examples include food delivery firm Deliveroo’s £2.9 billion acquisition by DoorDash, cybersecurity firm Darktrace’s $5.3 billion deal with Thoma Bravo, and Wise’s announcement to shift its main listing to the U.S.

The trend has also extended beyond the tech sector, with companies such as Ashtead, Flutter Entertainment, CRH, and Indivior moving or planning to move their primary listings to U.S. exchanges.

This growing exodus underlines concerns over London’s appeal as a global hub for publicly listed technology firms, especially as U.S. markets continue to dominate with higher valuations and deeper pools of capital.

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