05:28 PM EDT, 03/25/2024 (MT Newswires) -- (Updates with Qualcomm's ( QCOM ) response in the fifth paragraph.)

Qualcomm's ( QCOM ) decision to end its proposed acquisition of Autotalks "will preserve vigorous innovation and price competition" in the vehicle-to-everything chipset market, the Federal Trade Commission said Monday.

"This is a win for car buyers seeking quality, affordable cars with [vehicle-to-everything] communication capabilities that promise to make driving easier and safer," Bureau of Competition Director Henry Liu said.

FTC staff expressed concern that competition in markets for such chipsets and related products might be harmed by the transaction, according to the FTC statement.

Media outlets reported Saturday that Qualcomm ( QCOM ) terminated the deal it announced in May 2023 because of "lack of regulatory approvals in a timely manner."

"Qualcomm ( QCOM ) has terminated the transaction to acquire Autotalks due to lack of regulatory approvals in a timely manner," the company told MT Newswires.

Autotalks did not immediately respond to MT Newswires' request for comment.

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