Qualcomm Inc. scrapped its $44 billion purchase of Dutch chip maker NXP Semiconductors NV after a Wednesday deadline to gain approval in China passed, making the deal one of the most prominent victims of spiraling U.S.-China trade tensions and derailing a central part of the U.S. chip giant’s strategy.

China was the last of nine markets that needed to approve the deal, which would have been among the biggest ever between technology companies. The acquisition was announced in October 2016 and extended in April as the chip makers sought approval from China’s competition regulators.

Instead, the deal became mired in Beijing’s trade fight with Washington.

Qualcomm said Thursday it terminated the agreement with NXP after it expired late Wednesday. NXP is due to collect a $2 billion breakup and announced plans for a $5 billion share buyback.

Qualcomm’s decision to walk away follows a round of last-minute lobbying on the company’s behalf by senior U.S. officials including Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross, who tried to persuade their Chinese counterparts to separate the deal’s approval process from broader trade tensions, U.S. industry executives said.