Invesco Ltd: Form 8.3 - Aqua Acquisition Sub LLC (an indirect wholly-owned subsidiary of Qualcomm Incorporated); Public dealing disclosure

Invesco filed a Form 8.3 under the UK Takeover Code disclosing a 3.14% holding (33,667,769 shares) in Aqua Acquisition Sub LLC (an indirect wholly‑owned subsidiary of Qualcomm) as of 15 December 2025 and noted it is also making disclosures in respect of Alphawave IP Group plc. The filing records modest on‑market activity that day — purchases of 35, 92, 7,458 and 172 shares at about $178.73–$180 and a sale of 2,244 shares at $179.26 — a net change of 181 shares since the last disclosure attributed to a transfer out of a discretionary holding, and states there are no cash‑ or stock‑settled derivatives, options, indemnities or other arrangements. By crossing the 1% threshold Invesco triggered public reporting requirements, but the submission indicates no declared voting or derivative arrangements that would suggest concerted action, so immediate market impact is likely limited absent further position changes.

Analysis

Invesco Ltd filed a Form 8.3 under the UK Takeover Code disclosing a 3.14% holding (33,667,769 shares) in Aqua Acquisition Sub LLC, an indirect wholly‑owned subsidiary of Qualcomm, with the position dated 15.12.2025 and the public disclosure dated 16.12.2025. The filing also notes that Invesco is making disclosures in respect of Alphawave IP Group plc, signalling parallel reporting obligations across related targets.

The disclosure records modest on‑market activity the same day: purchases of 35 shares at $178.73, 92 at $178.90, 7,458 at $179.26 and 172 at $180.00, and a sale of 2,244 at $179.26, with a net change of 181 shares since the prior disclosure attributed to a transfer out of a discretionary holding. The form states there are no cash‑ or stock‑settled derivatives, no options, indemnities or other arrangements and no Supplemental Form 8 (Open Positions) attached.

Crossing the 1% threshold obligated public reporting but the absence of derivative positions or agreements in the filing suggests a passive holding rather than coordinated or activist intent; market impact is likely limited unless Invesco increases its stake or files further disclosures that reveal voting intentions or derivatives. Investors should therefore treat this as a monitoring signal in any potential M&A context and watch for subsequent 8.3/8 filings that would change the strategic picture.

Key Decisions for Investors

• Monitor subsequent Form 8.3/8 filings for any increase in Invesco's stake, attachment of a Supplemental Form 8, or disclosure of derivatives or voting arrangements, as those would materially change the situation
• Avoid initiating sizable directional trades in Aqua/Qualcomm or Alphawave positions based solely on this passive 3.14% disclosure; use confirmed escalation in filings or public statements as triggers for position changes
• If you have meaningful exposure to Alphawave IP Group plc or the Aqua/Qualcomm deal pipeline, consider short‑term hedges or reducing net directional exposure until voting intentions or further position moves are clarified
• Set alerts for any >0.5 percentage‑point changes in reported holdings or for filings that disclose agreements/indemnities, and reassess risk and activism scenarios if Invesco files evidence of coordinated action