Qualcomm picks up AMD's graphics assets

Qualcomm said Tuesday that it has acquired "certain graphics and multimedia technology assets" from AMD's handheld business.

The acquisition (statement) was only for $65 million so we're not talking a huge deal, but what used to constitute AMD's handheld business is off the chipmaker's books as it focuses on its core PC and graphics semiconductor markets.

Qualcomm says it will take AMD's graphic assets and intellectual property and integrate it with its system on a chip products. Qualcomm has offered jobs to the AMD design and development teams in the handheld business.

Qualcomm also added that the deal shave 2 cents a share off of its fiscal 2009 earnings and be accretive in the second calendar half of 2010.