Broadcom may offer more than $100 billion for Qualcomm

04 November, 2017, 00:55 | Author: Grady King
  • Broadcom Plans Unsolicited Bid for Qualcomm

Broadcom Ltd.is exploring a bid for San Diego-based Qualcomm Inc. according to news reports.

Bloomberg's Ed Hammond, Dinesh Nair and Ian King related that Broadcom is "speaking to advisers about the potential deal", citing multiple unnamed sources.

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According to Bloomberg, the offer would be roughly $70 a share in cash and stock that could top $100 billion - though a final decision on the whether to make the bid has not been made. Qualcomm's stock is down 16 percent this year, excluding the jump prompted by the Broadcom news today, and it suffered a staggering 90 percent drop in profit in its fourth quarter earnings released earlier this week. Broadcom's plan to move its home address to the US from Singapore would free its $5.5 billion deal for USA network provider Brocade Communications Systems from a review by the Committee on Foreign Investment in the United States. Qualcomm has a market cap of around $92 billion as of writing while Broadcom is worth almost $113 billion.

Broadcom keeps a presence in Irvine and a USA headquarters in San Jose.

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A Qualcomm representative declined comment. The Wall Street Journal quickly confirmed the news in its own report. Broadcom, created in 2016 when Avago Technologies Ltd. acquired then-Broadcom Corp. for $37 billion, has built itself from a former division of Hewlett Packard into one of the industry's largest chipmakers via a string of purchases.

Qualcomm shares are now up 12.62% to $61.76. Even though Qualcomm's component is considered to be the best, Apple is trying to get back at the company for various patent and legal issues. It has faced regulatory scrutiny in Europe, and some shareholders such as activist hedge fund Elliott Management Corp. have said the deal undervalues NXP, a large maker of automotive and other chips. Broadcom is also a major supplier to numerous same companies for Wi-Fi chips.

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