Qualcomm agreed to buy U.K.-listed semiconductor company Alphawave IP Group for about $2.4 billion as it seeks to boost its portfolio of technology used for artificial intelligence, data centers and data storage.

The deal concludes two months of talks and will see the U.S. chip maker pay 183 pence a share for the company, a 96% premium to the company’s closing price of 93.50 pence on March 31, the day before Qualcomm announced its interest.