Qualcomm Inc. has agreed to acquire CSR plc, a British Bluetooth and GPS chipmaker, for 1.6 billion pounds, or $2.5 billion in cash, in a move to expand its technology in the “Internet of Everything.” The acquisition comes nearly two months after CSR rejected a bid from semiconductor company Microchip Technology Inc.

Qualcomm and CSR did not immediately respond to requests for comment.

“The addition of CSR’s technology leadership in Bluetooth, Bluetooth Smart1 and audio processing will strengthen Qualcomm’s position in providing critical solutions that drive the rapid growth of the Internet of Everything, including business areas such as portable audio, automotive and wearable devices,” Steve Mollenkopf, chief executive officer of Qualcomm, said in a press release.

San Diego, Calif.-based Qualcomm will pay 9 pence per share, and the cash offer has been unanimously recommended by the CSR board of directors. The transaction is expected to close by the end of summer 2015, subject to regulatory approvals.

Following the news, shares of CSR soared over 30 percent on Wednesday, to $856.50, on the London Stock Exchange. Qualcomm stock was flat and edged down 0.53 percent, to $71.48, on the Nasdaq.