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Broadcom plans Qualcomm bid according to sources

07 November, 2017, 00:16 | Author: Abraham Jackson
  • Qualcomm declined to comment while Broadcom did not immediately respond to a request for comment

The proposed offer is the largest deal ever in the tech industry, The Associated Press reports.

Japanese telecoms firm SoftBank has already agreed a deal to buy British semiconductor firm Arm, while Intel bought Altera, and Qualcomm has agreed a deal for NXP. It seems that Broadcom have set its sights on Qualcomm, offering $130 billion to buy out the company and its assets. We refer investors to our November 3 note, written after Bloomberg and The Wall Street Journal surfaced rumors about the potential bid, but in short, we see a sound strategic rationale for such a deal, and the financial component is especially attractive for Broadcom because we value Qualcomm at $68 per share on a stand-alone basis. CEO Hock Tan last week, saying the company is likely to relocate its headquarters from Singapore to the United States.

President Donald Trump appeared with Broadcom Corp. Today's Broadcom is the product of a $37 billion combination in 2016 between Avago, a Singapore-based company that was once part of a former unit of pioneering PC maker Hewlett-Packard, and Broadcom, another company with origins in Southern California which made chips for tablets, smartphones and other telecom and cable applications. NXP is one of the largest makers of chips for vehicles and expanding into self-driving technology, and Broadcom also is open to acquiring NXP, according to one of the sources.

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And a premium of 33 per cent on Qualcomm's "unaffected 30-day volume-weighted average price".

Antitrust concerns over a Broadcom-Qualcomm deal also may be muted because the companies have few areas of overlap beyond Wi-Fi solutions for wireless routers, Bluetooth drivers and some RF semiconductors, said Rob Lineback, a research analyst at IC Insights. The statement said that there would be no further comment from the company until the assessment was completed.

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