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Qualcomm To Appeal EU Decision; Expects No Impact On Ongoing Operations

Qualcomm Inc. (QCOM) stated that the company strongly disagrees with the European Commission decision regarding Modem Chip Agreement and will immediately appeal it to the General Court of the European Union. The company said the EC decision does not relate to its licensing business and has no impact on ongoing operations.

Qualcomm has received a decision from the European Commission relating to an expired agreement between the company and Apple Inc., which was in effect from 2011 through 2016, for the pricing of modem chips. The company was fined approximately $1.23 billion as certain provisions of the agreement were in violation of European Union competition law.

"We are confident this agreement did not violate EU competition rules or adversely affect market competition or European consumers," said Don Rosenberg, executive vice president and general counsel of Qualcomm.

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