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Avago buys Broadcom in $37bn deal
28 May 2015 15:03
Avago Technologies has agreed to buy fellow chipmaker Broadcom in a cash-and-stock deal valued at $37 billion to boost its mobile chip and data networking businesses.
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Avago, a maker of chips for the wireless and industrial markets, is offering Broadcom shareholders $17bn in cash and Avago shares valued at $20bn in one of the biggest deals ever in the chip industry.
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The deal represents a premium of about 28%, according to Reuters calculations based on Broadcom's market value of $28.85bn as of Tuesday's close, the day before the Wall Street Journal reported that the companies were in talks.
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Broadcom, based in Irvine, California, makes semiconductors for a variety of products, including set-top boxes, cellphones and network equipment.
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The company is best known for its connectivity chips, which integrate Wi-Fi and Bluetooth technology and are used widely in top-tier smartphones made by Apple and Samsung.
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Demand for cheaper chips and new products to power Internet-connected gadgets is driving consolidation in the industry.
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Until today, Avago's biggest deal was for chipmaker LSI Corp, which it agreed to buy for $6.6bn in May last year.
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The company struck a deal to buy networking company Emulex Corp for $606 million in February.
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