U.S. chipmaker Qualcomm agreed to acquire Alphawave for about $2.4 billion on Monday, as it expands into the booming AI data center market, sending shares of the British semiconductor company surging more than 22%.

US semiconductor group Qualcomm has agreed a $2.4bn deal to buy chip designer Alphawave, marking the latest tech company departure from the London market.

Qualcomm on Monday announced a deal to acquire British firm Alphawave Semi as the chipmaker looks to expand its push into the world of data centers.