Qualcomm target of FTC over deal to acquire auto-safety chip maker: report

Qualcomm Inc.
QCOM,
-1.09%
reportedly faces scrutiny from the Federal Trade Commission over the proposed acquisition of a chip maker that specializes in auto safety products. According to a report late Tuesday from Politico, the FTC plans to open an in-depth probe of Qualcomm’s purchase of Israel-based Autotalks, according to two unnamed sources with direct knowledge of the matter. The deal, which the company announced in May without providing financial details, had an estimated value of $350 million to $400 million at the time. Qualcomm shares, which were up 0.2% after hours, finished Tuesday’s regular session down 1.1% at $109.47.