U.S. chipmaker Qualcomm agreed to acquire Alphawave for about $2.4 billion on Monday, as part of efforts to strengthen its AI technology, sending shares of the British semiconductor company up by almost a quarter.

U.S. chipmaker Qualcomm on Monday agreed to acquire British semiconductor company Alphawave for about $2.4 billion. Alphawave shareholders will receive 183 pence per share under the deal, a nearly 96% premium to its closing price before Qualcomm disclosed its interest in the company.

The deal for the U.K.-listed semiconductor company comes as Qualcomm seeks to boost its portfolio of technology for AI, data centers and storage.