Today: June 23, 2025
June 10, 2025
3 mins read

Wall Street raids London

Qualcomm.

Three major UK companies – Alphawave, Oxford Ionics and Spectris – become the latest takeover targets as US buyers hunt undervalued assets on the London Stock Exchange.

A fresh wave of US-led takeovers is sweeping through the City of London, with three British firms – Alphawave, Oxford Ionics, and Spectris – attracting a combined £5 billion in acquisition offers in just a single day, media reprted.

The spree has intensified concerns over the vulnerability of UK-listed companies, especially in the technology sector, as persistently weak share prices make them ripe for foreign bids.

The semiconductor firm Alphawave, one of the UK’s few publicly listed chip companies, confirmed on Monday that it had accepted a $2.4 billion (£1.8 billion) offer from US tech giant Qualcomm, the The Guardian reported.

The semiconductor firm Alphawave, one of the UK’s few publicly listed chip companies, confirmed on Monday that it had accepted a $2.4 billion (£1.8 billion) offer from US tech giant Qualcomm.

The deal, valuing Alphawave at 183p per share, was unanimously recommended by its board following months of behind-the-scenes negotiations.

Founded in 2017, Alphawave designs high-speed connectivity systems for use in data centres and artificial intelligence (AI) applications. Though it listed at 410p per share in 2021, the stock has languished well below that level for most of its post-IPO life.

It surged by 20% to 177p on Monday following the deal announcement. CEO Tony Pialis called the acquisition “a chance to expand our product offerings, reach more customers, and build on our existing technology base.”

Meanwhile, according to the report, UK quantum computing start-up Oxford Ionics also found itself snapped up by American rival IonQ in a $1.1 billion deal. Founded in 2019 by Oxford University physicists Chris Ballance and Tom Harty, Oxford Ionics will now become part of IonQ, a New York-listed firm currently valued at $9.7 billion. Both founders are expected to stay on post-acquisition.

The move is seen as a significant blow to the UK’s ambition of becoming a global leader in quantum technologies.

In a third deal, London-based testing and measurement company Spectris revealed it had received a formal proposal from US private equity firm Advent International. The offer of £37.35 per share, plus a 28p dividend, values the business at £3.7 billion, it was reported.

Following the news, Spectris shares jumped as much as 69%, lifting its market value to around £3.4 billion. The board indicated it would likely recommend the deal if Advent proceeds with an official bid before the 7 July deadline.

These bids reflect a wider trend of British companies either being acquired by American firms or migrating their listings to US markets in pursuit of better valuations and deeper capital pools. Last week, fintech firm Wise announced plans to shift its main listing to New York.

Deliveroo recently agreed to a £2.9 billion takeover by US food delivery platform DoorDash, and last year, Darktrace was acquired by US-based private equity group Thoma Bravo for $5.3 billion.

Even beyond the tech sphere, firms are deserting London. Construction equipment rental firm Ashtead, gambling group Flutter Entertainment, and building materials supplier CRH have all moved primary listings to the US.

More recently, pharmaceutical company Indivior scrapped its secondary London listing altogether, and metals firm Cobalt Holdings abandoned a planned IPO in the UK.

Critics warn that such developments point to a crisis of confidence in London’s equity markets. While US exchanges have enjoyed tech-driven rallies, London has struggled to retain and grow high-growth companies.

Market watchers say unless reforms are enacted to make the UK more attractive for listings and investment, more firms could follow suit.

In Alphawave’s case, Qualcomm CEO Cristiano Amon described the acquisition as “a strategic alignment,” highlighting Alphawave’s advanced connectivity and compute solutions.

He added, “Together, our teams will accelerate next-level connected computing performance across a range of high-growth sectors, including AI and data centres.”

With three deals in a day and more expected to follow, the message from Wall Street is clear: British firms are in demand – but too often at a discount.

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