Since the news first broke, there has been every possible sign that Qualcomm is going to go through with buying NXP Semiconductors. The two companies are a match made in heaven, the quoted price seems pretty legitimate, and with NXP not being in the exact same division of the silicon world as Qualcomm, antitrust regulators couldn't really say much about the pairing. All that was missing was official word from Qualcomm and NXP. We now have that, along with a correction on the price. Previous reports listed Qualcomm as ponying up something in the area of $38 billion, but Qualcomm's official press release reveals that they threw down $47 billion to get their hands on the mobile payment and semiconductor specialist.
With NXP being a leader in a number of semiconductor-based industries like secure identification and the automotive market, scooping them up puts Qualcomm in an ideal position to expand their horizons. The buyout happened through Qualcomm buying out all of the currently issued shares of NXP, since it was publicly traded. This means that the company stays mostly intact and will likely continue to conduct their regular business, but with significant input from Qualcomm, along with direction from them. Qualcomm will also doubtlessly be leveraging NXP's technology and talent in the industries where they already have a strong footing, such as the mobile industry.
Qualcomm confirmed as much in their statement, expressing an intent to begin a more cohesive approach to development, with integrated solutions in the mobile world and a branching out into other fields. They named automotive and the Internet of Things, with self-driving cars on the horizon and IoT being a hot topic, but there are quite a few other uses that a semiconductor company like NXP and a silicon wizard of a company like Qualcomm can accomplish together, given the proper initiative. Qualcomm expects the joint venture to boast coffers of about $30 billion by 2020, with $138 billion in "serviceable addressable markets", and they expect their new venture to seize the lead in a number of industries, including mobile, auto, IoT, security, RF, and networking. Only time will tell if this merger will meet Qualcomm's lofty projections, but we can now say with 100% certainty that it is happening.