The Chinese government has tabled Qualcomm's $47 billion acquisition of NXP Semiconductors as the company lays off 1,500 employees as part of a $1 billion cost cutting initiative, according to Fortune.
Qualcomm is withdrawing and refiling its acquisition notice for NXP Semiconductors at the request of Chinese regulators. The move could be retaliation for President Donald Trump's March executive order blocking a $117 billion hostile takeover bid for Qualcomm by Broadcom, which cited national security concerns as the reason for withholding approval.
Qualcomm's layoffs will affect both full and part-time employees, according to company officials.
"We first evaluated non-headcount expense reductions, but we concluded that a workforce reduction is needed to support long-term growth and success, which will ultimately benefit all our stakeholders," a Qualcomm spokesperson said of the layoffs in a statement, according to Fortune.