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Avago to acquire Broadcom wireless chip maker for $37 Billion

2015-05-28 09:51 by
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Singapore-based chipmaker Avago Technologies announced today that it wants to acquire rival company Broadcom in a deal worth about $37 billion. Avago will pay $17 billion of cash and $20 billion in stock in the transaction, the companies said in a statement.

"Today's announcement marks the combination of the unparalleled engineering prowess of Broadcom with Avago's heritage of technology from HP, AT&T, and LSI Logic in a landmark transaction for the semiconductor industry," Hock Tan, president and CEO of Broadcom said in a statement issued with the deal announcement. "Together with Broadcom, we intend to bring the combined company to a level of profitability consistent with Avago's long-term target model."

"It's really economically difficult to be a small semiconductor maker now," Broadcom Chief Executive Scott McGregor said earlier this year. "The larger companies are going to look for consolidation."

The two companies are still in talks about the potential merger. If the deal becomes true, this will be the semiconductor industry biggest acquisition ever.

Read more -here-

 

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