Avago to Buy Broadcom for $37 Billion
Avago Technologies today said it plans to acquire Broadcom for $37 billion. Avago is offering Broadcom's shareholders $17 billion in cash and $20 billion in Avago stock. Avago predicts the combined company will realize cost savings of $750 million per year and bring in $15 billion in annual revenue. Hock Tan, president and CEO of Avago, will become president and CEO of the combined company, which will be called Broadcom Limited. Avago and Broadcom expect the combined company to be a stronger competitor in the market, with a diversified product offering that will appeal to makers of mobile devices. The deal will be subject to regulatory approval. Avago expects the deal to close during the first quarter of 2016.
Avago Technologies May Buy Broadcom
Avago Technologies is in advanced talks to acquire Broadcom, reports the Wall Street Journal. Terms of the deal are not yet available, and the Journal's sources say the deal may not be signed.
Broadcom to Cut Up to 1,900 Jobs
Broadcom Limited said it plans to reduce its headcount by about 1,900 jobs. The cuts will be made across Broadcom's global facilities and the company expects to take a charge of $650 million to cover the cost of the cuts.
Qualcomm Says Two Big Buyers Likely to Bail Over Broadcom Tie-Up
Qualcomm warned investors that two of its most important customers have threatened to take their business elsewhere should Qualcomm be acquired by Broadcom. Qualcomm didn't name the customers, but said together they contribute a combined $1 billion in chip revenue.
Broadcom Takes Aim at Qualcomm with Unsolicited $130B Bid
Broadcom today made an unsolicited offer to buy Qualcomm for $70 per share, a deal valued at approximately $130 billion. According to Broadcom, the merged entity would be a diverse communications semiconductor company that would be able to accelerate innovation, deliver more advanced products, and create compelling financial savings/efficiencies.