Davis Polk advised the counterparties in connection with accelerated share repurchase transactions they entered into with Qualcomm Incorporated (“Qualcomm”), pursuant to which Qualcomm is repurchasing an aggregate of $5 billion of its common stock. Under the terms of the transactions, Qualcomm will receive an initial aggregate delivery of approximately 28.87 million shares of its common stock. The final number of shares to be repurchased under each transaction will be based on the average of the daily volume-weighted average prices of Qualcomm’s common stock during the term of such transaction, less an agreed-to discount. The final settlement of the transactions is expected to occur no later than the first quarter of 2016.  

Qualcomm provides the development and commercialization of a digital communication technology worldwide.   

The Davis Polk equity derivatives team that advised one of the two counterparties included partner James T. Rothwell and associate Yuki Shirato. The equity derivatives team that advised the other counterparty included partner Mark M. Mendez and associate Robert Stewart. All members of the Davis Polk teams are based in the New York office.   

 

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