Broadcom bids $130 Billion to acquire Qualcomm

Chipmaker Broadcom seeks to acquire Qualcomm

Broadcom bids $130 Billion to acquire Qualcomm

We note that Broadcom's bid is independent of Qualcomm's success in closing its bid for NXP.

"This complementary transaction will position the combined company as a global communications leader with an impressive portfolio of technologies and products", Hock Tan, resident and chief executive officer of Broadcom, said in a statement Monday.

Shares of Qualcomm rose about 1 percent in early trading.

The move would combine two of the largest makers of wireless communications chips for mobile phones and could pose a significant competitive threat to Intel, which has been looking to diversify into smartphone technology. There has been regulatory scrutiny for that deal in Europe, as well as reported objections from NXP stakeholders.

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Qualcomm is more vulnerable to a takeover now because its shares have been held down by a patent dispute with Apple, as well as concerns it may have to raise its own $38 billion bid for NXP Semiconductors NV that it made past year. Broadcom primarily focusses on Wi-Fi and Bluetooth chips.

"Based on what I've seen, it seems unlikely to me that there's a basis for a challenge (to stop the deal)", he said.

Broadcom's own $5.5 billion (£4.2 billion) agreement to merge with US network provider Brocade Communications Systems past year has been delayed while it is scrutinised by the US Committee on Foreign Investment (CFI), which investigates proposed acquisitions of US companies by foreign buyers on national security and intellectual property grounds.

Any deal between Broadcom and Qualcomm would have to be approved by Antitrust officials, who are still considering Qualcomm's purchase of NXP.

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Broadcom had $5.25 billion in cash and cash equivalent as of July 30. Qualcomm recently agreed to buy NXP for a total of $47 billion in an all-cash deal.

Its entire 10-member board is up for re-election this spring, and Broadcom could seize on the December nomination deadline to put forward its own slate that would then help make negotiations.

"Qualcomm will have no further comment until its board of directors has completed its review", the company said. Analysts say that if Broadcom can salvage the Apple relationship, it would sharply increase potential returns from the takeover. "It would value Qualcomm's equity at roughly $103bn".

Broadcom plans to move its headquarters exclusively to the United States, which would allow it to avoid review by the Committee on Foreign Investment in the United States, which reviews foreign ownership of U.S. assets.

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