Semiconductor firm Broadcom has bid to buy rival Qualcomm in a deal worth $130 billion, potentially one of the biggest tech mergers of all times in terms of value.
It's not a done deal, however.
Qualcomm is already preparing to fend off the unsolicited bid, arguing that it undervalues the company, according to people familiar with the matter.
Qualcomm and Broadcom have patent portfolios in wireless communications that are largely adjacent to each other, and antitrust concerns over any proposed deal could be muted because the companies have few areas of overlap beyond Wi-Fi solutions for wireless routers, Bluetooth drivers and some RF semiconductors.
Specifically Broadcom is offering to pay $70.00 per Qualcomm share, with $60.00 being in cash and $10.00 per share in Broadcom shares.
The acquisition would be the largest-ever in the technology industry. 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.
"Broadcom management comments about "confidence that our common global customers would embrace the proposed combination" could mean that the company has had discussions with large OEMs like Apple and Samsung".
Broadcom also said that it's offer stands regardless of whether the NXP deal goes through or is terminated.
In a statement about its proposal, Broadcom president and CEO Hock Tan flagged "greater scale and broader product diversification" as key strategic drivers for the offer. The combined company, now called Broadcom, is creating new headquarters in San Jose, California - a move it recently announced with Donald Trump.
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