Report: Qualcomm in talks to acquire NXP

Consolidation in the chip-making business is reportedly picking up where it left off last year.

According to The Wall Street Journal, Qualcomm is in talks to acquire NXP Semiconductors in a deal worth about $30 billion. If a deal is done, it would likely happen in the next two to three months, says the report. However, Qualcomm is also exploring other options.

Shares of NXP are up more than 14% in afternoon trading. Qualcomm stock is up more than 6%. Qualcomm declined comment. NXP could not be immediately reached for comment.

The potential deal is the latest in a string of recent acquisitions in the semiconductor business. Last year, Avago unveiled plans to acquire Broadcom for $37 billion. Meanwhile, Intel acquired chip maker Altera in 2015, while Freescale Semiconductor agreed to a takeover by NXP last year.

Altera purchase could signal start of acquisition wave

Qualcomm will report fourth quarter and fiscal year earnings on November 2.

Follow Brett Molina on Twitter: @brettmolina23.