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Qualcomm Technologies, a subsidiary of Qualcomm Incorporated has announced that it has signed a deal of $12 billion with Chinese mobile handset.
The company has signed three non-binding memoranda of understanding (MoU) wherein Xiaomi, OPPO Mobile and Vivo to supply components, including processing chipsets over the next three years.
The MoUs were signed at a ceremony at the Great Hall of the People in Beijing led by President of the People's Republic of China Xi Jinping and President of the United States Donald Trump.
Qualcomm CEO Steve Mollenkopf was part of President Trump's Department of Commerce Trade Delegation to China, that included executives of leading American companies.
Xiaomi CEO Lei Jun, OPPO CEO Chen Mingyong, and Vivo CEO Shen Wei attended and signed for their respective companies.
"I'm honored to represent Qualcomm as part of this important Trade delegation, which showcases the importance of win-win business relationships between the US and China," said Steve Mollenkopf, Chief Executive Officer, Qualcomm Incorporated.
"Qualcomm has longstanding relationships with Xiaomi, OPPO, and Vivo and we are continuing our commitment to investing and helping advance China's mobile and semiconductor industries," Mollenkopf added.
Qualcomm Technologies has been supporting the Chinese mobile ecosystem for almost 25 years and continues to expand its investments and projects in China, establishing a number of branches, joint ventures and R&D centers in Guizhou, Shanghai, and Shenzhen, among others.
To recall, Broadcom Limited a leading semiconductor device supplier to the wired, wireless, enterprise storage, and industrial end markets, announced a proposal to acquire all of the outstanding shares of Qualcomm Incorporated for per share consideration of $70.00 in cash and stock.