A sign is posted at a Qualcomm office on November 1 in San Jose California. – AFP
07 November, 2017, 01:35
One of many Qualcomm buildings is shown in San Diego on November 3, 2015.
Broadcom made an unsolicited, $103 billion offer for rival chipmaker Qualcomm, the technology industry's largest attempted takeover.
The offer came after Broadcom chief executive Hock Tan appeared with President Donald Trump last week and announced the company is likely to relocate its headquarters from Singapore to the US. It has pulled off a string of purchases over a decade. "We have a very strong desire to work with Qualcomm to reach a mutually beneficial deal".
It was not clear who Broadcom was referring to, but Apple is Qualcomm's biggest customer. It would raise the stakes for Intel Corp, which has been diversifying from its stronghold in computers into smartphone technology by supplying modem chips to Apple Inc. Including debt, Broadcom's bid values the transaction at $130 billion.
"It's a smart move that would make Broadcom into a tech juggernaut", said GBH Insights analyst Daniel Ives.
Shares of Qualcomm rose about 1 percent in early trading.
Any deal struck between the two companies would face intense regulatory scrutiny. Chinese ambitions to buy U.S. chipmakers have been thwarted by United States regulators.
Broadcom's bid comes as regulators continue to review Qualcomm's proposed acquisition of NXP Semiconductors for $38 billion (£29 billion). Broadcom already provides designs for Wi-Fi and Bluetooth chips, and by bringing in Qualcomm it will be able to encompass LTE and 5G capabilities.
"Now it's a game of high-stakes poker for both sides", he said.
"Based on what I've seen, it seems unlikely to me that there's a basis for a challenge (to stop the deal)", he said.
It is said that if Broadcom merges with Qualcomm, combination of Broadcom with Qualcomm will make Broadcom third largest Chip makers in the world.
A year ago, the company entered a $5.5 billion agreement to merge with USA network provider Brocade Communications Systems, but that has been delayed while it's scrutinized by the Committee on Foreign Investment in the United States. We think NXP would also fit in reasonably well under the Broadcom umbrella, but we're surprised that Qualcomm's cash hoard isn't a requirement to fund Broadcom's bid.
It has also offered to pick up $25 billion in debt.
Broadcom's proposal was unanimously approved by its Board of Directors.
Qualcomm said its board of directors is now reviewing the offer.
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