California-based Qualcomm wants to strengthen its AI capability with the deal during the rush the industry is in.
"The merged company has the goal of building advanced technology solutions ... within a broad spectrum of high-growth areas, including data center infrastructure", writes Qualcomm's CEO Cristiano Amon in a statement.
If authority reviews and shareholders give the green light, the deal is expected to be completed during the first quarter of next year.
Alphawave's share rose 18.9 percent on the London Stock Exchange on Monday after the news of the deal.
It would also mean that Alphawave becomes the latest in a row of British technology companies that leave London through acquisition or relocation of their operations across the Atlantic to become more investment-friendly.
Last week, the company Wise, which specializes in international money transactions, announced that it will leave the London Stock Exchange to enter the stock exchange in New York.
