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Qualcomm buys Summit Microelectronics
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SAN DIEGO (AP) — Mobile phone chipmaker Qualcomm Inc. has purchased programmable circuit developer Summit Microelectronics, which will broaden its product offerings.

Financial terms were not disclosed.

"This acquisition enhances the competitiveness of Qualcomm's chipset solutions and enables us to provide our customers with industry leading power management and charging performance," Steve Mollenkopf, Qualcomm's president and chief operating officer, said in a statement.

Qualcomm, which is based in San Diego, said Monday that all of Summit's employees have joined its CDMA Technologies unit.

Qualcomm shares finished at $56.50 per share on Friday. They are down 18 percent from $68.87 in late March.