Broadcom makes offer to acquire Qualcomm in record $105bn deal

Chipmaker Broadcom seeks to acquire Qualcomm

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

But President Donald Trump appeared with Broadcom's chief Mr Tan last week, saying the company will relocate its legal base to the United States - a move which is expected to free Brocade's bid from the CFI review.

According to sources Qualcomm is not aware of the details of Broadcom's bid and the company has yet to make any comment.

On Monday, Broadcom made an unsolicited offer to pay $70 per share to buy its rival.

The news sent Qualcomm's NASDAQ shares up 4.5% in early trading. According to CNBC, Broadcom brought the offer to Qualcomm privately more than a year ago but was rebuffed. The proposed transaction is valued at approximately $130 billion on a pro forma basis, including $25 billion of net debt, giving effect to Qualcomm's pending acquisition of NXP on its now disclosed terms.

"Broadcom's proposal is compelling for stockholders and stakeholders in both companies".

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"We would not make this offer if we were not confident that our common global customers would embrace the proposed combination", Tan said in a company release Monday.

Qualcomm is now trying to close its pending $38-billion acquisition of NXP Semiconductors, a leading supplier of chips for vehicles that is also expanding into self-driving technology, and it is believed that Broadcom is open to acquiring NXP.

Tan added that if Broadcom acquires Qualcomm which in turn has acquired NXP, the combined company's net debt could be in the range of US$90 billion.

Broadcom, Qualcomm and NXP together would have control over modems, Wi-Fi, GPS and near-field communications chips, a strong position that could concern customers such as Apple and Samsung Electronics Co Ltd because of the bargaining power such a combined company could have to raise prices.

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 USA assets.

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