Qualcomm shares surge 13% on talk of $100 billion takeover by Broadcom

04 November, 2017, 00:53 | Author: Rolando Keller
  • Albert Gea  Reuters

Semiconductor giant Broadcom is exploring a possible acquisition of $80 billion Qualcomm, according to a Bloomberg News report citing people familiar with the matter.

The news, reported by Bloomberg today, would value Qualcomm shares at around $70, and investors immediately responded enthusiastically by sending Qualcomm stock up almost 14 percent in what Bloomberg says is the largest stock movement for the company in almost a decade.

The semiconductor firm has a long history in the industry and a tradition of not staying too attached to one particular name, and with Avago presumably adopting Broadcom's moniker due to the latter having a more established name, a potential tie-up with Qualcomm could also see Qualcomm's name live on. At present time, no final decisions have been made.

Share value in Qualcomm is up almost 14 percent on the news.

Broadcom, which is based in Singapore but has announced plans to return to the United States, could offer roughly $70 a share in cash and stock "in the coming days", according to a Bloomberg report Friday.

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That gave Qualcomm a current total market value of $91 billion.

Both Broadcom and Qualcomm have pending deals that could be affected by a merger. Broadcom itself was reborn in 2016 when Avago Technologies Ltd. acquired Broadcom Corp. for $37 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 USA office in San Jose, plans to move its corporate domicile to the United States. 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, based in San Diego, California, is also confronting headwinds in closing its $47 billion purchase of NXP Semiconductors NV. The two companies are already among the top 10 providers of chips in an industry that's consolidating rapidly.

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