Saturday, 18 November, 2017

Broadcom may acquire Qualcomm amid existential legal battle with Apple

Qualcomm said in a lawsuit filed in California state court in San Diego that Apple used its leverage to demand unprecedented access to the chipmaker's highly confidential software Qualcomm stock jumps on reported Broadcom interest
Heather Davidson | 04 November, 2017, 00:55

In what would be the biggest-ever acquisition of a chip maker, Broadcom Ltd.is considering an unsolicited bid for mobile chip giant Qualcomm Inc., according to reports.

According to Bloomberg news, if the deal goes through then Broadcom might acquire Qualcomm for the price of $100 billion, which would value the latter's shares at $70.

Broadcom, formerly based in Irvine before it was bought by Avago Technologies, is speaking to advisers about the potential deal. At present time, no final decisions have been made.

Shares of Qualcomm surged roughly 15% on the news, while Broadcom's stock climbed more than 3%. Broadcom's stock also rose on the report, adding $14.13 or 5.45% to $273.63. Qualcomm is looking to complete a $40 billion acquisition of NXP Semiconductors, while Broadcom has a $5.5 billion offer for Brocade Communications that it is waiting to complete.

Broadcom, a major supplier of iPhone parts that counts Apple among its largest customers, said this week it will return its headquarters to the US from Singapore.

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A Qualcomm spokeswoman declined to comment. Broadcom itself was reborn in 2016 when Avago Technologies Ltd. acquired Broadcom Corp. for $37 billion. 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. However, Apple may ditch Qualcomm altogether and develop future iPhone and iPad units that rely only on Intel modems, which would drastically affect Qualcomm's bottom line.

Qualcomm shares are now up 12.62% to $61.76.

Qualcomm is now trying to buy Netherlands-based NXP Semiconductors NV for about $40 billion. The two companies are already among the top 10 providers of chips in an industry that's consolidating rapidly.

Qualcomm may soon be extended a way out courtesy of Broadcom, which itself supplies Apple with Wi-Fi and Bluetooth combo chips.

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