Avago to Buy Broadcom for $37 Billion
May 28, 2015, 7:09 AM by Eric M. Zeman
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.
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