Broadcom is reportedly interested in purchasing Qualcomm
Broadcom is reportedly interested in purchasing Qualcomm
Albert Gea Reuters
04 November, 2017, 00:56
Shares of wireless chip technology giant Qualcomm (QCOM), at $81 billion in market cap, are up $3.86, or nearly 7%, at $58.70, and were up 9% at one point, following a headline from Bloomberg that even bigger giant Broadcom (AVGO) is "exploring a possible takeover" of Qualcomm.
According to the Bloombergreport, Broadcom is in talks with financial advisers.
Bloomberg, which was the first to report the news, said Broadcom has yet to make a final decision on the move.
Share value in Qualcomm is up almost 14 percent on the news. 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.
That gave Qualcomm a current total market value of $91 billion.
The reports came one day after Tan held a news conference with President Trump to announce that Broadcom, now based in Singapore with a primary US office in San Jose, plans to move its corporate domicile to the United States.
A Qualcomm representative declined comment.
Broadcom, based in Irvine, was acquired in 2016 by Avago Technologies, a Singapore based semiconductor outfit that has been growing through acquisitions - including LSI Corp., PLX Technology, Emulex and others.
Its competitor Qualcomm finds itself in a weakened state. A subsequent report in the Wall Street Journal said the bid could come as early as this weekend. 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. Qualcomm's shares soared 12.71% on the rumor, or $6.97, to $61.81.
Qualcomm is now trying to buy Netherlands-based NXP Semiconductors NV for about $40 billion.
If it happens, it would be the largest takeover of a chip firm. The two companies are already among the top 10 providers of chips in an industry that's consolidating rapidly.
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